Do you think you’re a victim of a wrongful foreclosure? You have the right to challenge an improper foreclosure – banks cannot illegally foreclosure on your home. Utilize your right to fight and keep your home! If you are unsure on where to begin, contact our foreclosure experts from The Manning Law Office. Call us for a free consultation: 949-200-8755 – we’ll review your situation and guide you in the right direction to find the best solution. Our Orange County lender litigation attorneys can help you save your home!

Here’s a list of the common eligibility issues people face under the HAMP guidelines

-          Documented hardship – always have documented hardship available as proof you could not afford your mortgage payments

-          Negative NPV result – make sure your NPV is calculated accurately

-          Monthly Housing Expense Ratio – this ratio should be greater than 31%

-          You have had a previous HAMP modification

-          Excessive forbearance – this issue arises when it is not possible to create an affordable mortgage payment plan that is 31% of your monthly gross income, within the limits of the program.

-          Ineligible property – the home must be your primary residence and be occupied, it must have no more than 4 dwelling units (this will change in May of 2012 according to the Administration)

-          Income discrepancy – income should always be stated accurately and be verifiable

-          Default during trial – when you are approved for a loan modification under the HAMP, you are actually placed into a trial period where you must prove you can make your new payments, BEFORE a obtaining a permanent modification. Always keep proof of your payments during this trial period.

If you were denied a HAMP modification or would like to try to reapply or even apply for a traditional loan modification, contact our Orange County foreclosure attorneys today for your free consultation at 949-200-8755. We have helped many people just like you, save their homes from foreclosure.

-          Understand your specific lender’s guidelines

-          Keep record of all important documents that can prove your financial hardship. This can include tax returns, pay stubs, death certificates, medical bills, etc.

-          Keep a record of all documents required by your lender and keep them together to avoid misplacing

-          Keep track of all documents, mail, emails and phone calls regarding your loan modification application. Remember the names of who you spoke with and what was said during your conversations.

-          State everything as accurate as possible and ensure that it is verifiable (i.e. income and debts)

-          Write a thorough and convincing loan modification hardship letter

If you are considering a loan modification and want to seek professional help, contact our Orange County foreclosure attorneys today. We can help you apply for a loan modification under your specific lender’s guidelines or even through the HAMP. Contact our loan modification attorneys at 949-200-8755 for your free consultation. Do not wait to save your home.

Loan modification – do I qualify for a loan modification?               

-          You must have suffered some kind of financial hardship that made it difficult for you to pay your mortgage. This can include that your mortgage payments have increased, your income has decreased or you have suffered a major illness. Make sure to have financial documents available to verify this.

-          Your debt-to-income ratio must fall between a certain percentage range (this depends on the lender and/or investor). This ratio will help determine whether your current mortgage is too high for you to afford in the eyes of your lender and also helps determine what rate will be appropriate if you were to modify your loan. It is calculated by taking your total housing expenses and dividing it by your gross monthly income.

-          You intend to keep your home

-          Your home is your primary residence (it is more likely you can modify a primary residence but in some cases second homes can be modified)

-          You are not currently in bankruptcy

-          Evidence that you will be able to pay your mortgage if the loan is modified

The Obama administration has also created a program called the HAMP (Home Affordable Modification Program) – learn more about the HAMP and its requirements.

If you are seeking mortgage relief and want to know if you qualify for a loan modification or a modification through the HAMP, contact our law offices at 949-200-8755. Our Orange County loan modification attorneys can help you see if you qualify and see what kind options you have. Save your home from a possible foreclosure – call us today!

The loan modification attorneys at The Manning Law Office have broad experience with different lenders (with HAMP and “in house” loan modificaitons) to help you determine your eligibility. After you have scheduled your free consultation with us and come into our office, we’ll ask you some questions and evaluate your specific situation. Avoiding foreclosure does not have to be scary or overwhelming when you have a professional and experienced loan modification attorney at hand to assist you. Give our Orange County loan modification attorneys a call at 949-200-8755 so we can discuss your situation.

Simply put, if you cannot pay your mortgage and you want to avoid foreclosure, then a loan modification may be your best option. So who qualifies? To qualify for a loan modification you must have suffered a hardship which disabled you from being able to pay your mortgage loan. You must also have an acceptable debt ratio, which is just as, if not more important than the hardship you suffered. This debt ratio will help determine whether your current mortgage is too high for you to afford and also helps determine what will be appropriate (i.e. the interest rate) if you were to modify your loan. It is calculated by taking your total housing expenses (monthly payment, property tax, HOA dues, insurance) and dividing it by your gross monthly income.

If you need assistance on how to start with a loan modification, or simply have some questions, contact our Orange County loan modification attorneys for your free consultation. We can see what option will fit you best (the government’s HAMP modification program or a traditional loan modification) and help save your home from foreclosure. Call us at 949-200-8755.

Are you going through a foreclosure? Is the possibility of losing your home placing added stress on your life?  Have you heard about HAMP? 

If you answered the first two questions yes, and you haven’t heard about HAMP this article is especially for you.  Why, you may be thinking, because HAMP may be able to save your home.

President Obama enacted the Home Affordable Modification Program (“HAMP”), which is a part of President Obama’s larger initiative for making homes affordable again in the United States.  While HAMP is a small step in what seems to be a gigantic problem sweeping across the U.S., it could allow you to keep your home from foreclosure.

Ok so what is HAMP really?

HAMP is a program that has been instituted by the federal government, underneath President Obama, which makes approximately $75 billion in funding available to help approximate 3-4 million homeowners who are at risk of foreclosure stay in their homes.  How does HAMP allow homeowners to stay in their homes?  HAMP allows eligible mortgagees to lower their monthly payments to 31% or lower of their pre-tax income by entering into a loan modification program.  The catch is that modifying the home loan must equal net more value than foreclosing on the home would.

If the home qualifies for the loan modification under HAMP, the new terms of the agreement are started as a temporary plan.  After the homeowner has made three payments on time, the loan modification becomes permanent.  Meaning this could be a permanent solution to your foreclosure problems.

Too Good to Be True?

All of this sounds great for the homeowners, but not for the lenders.  Why would your lender even consider doing this?  The answer is simple.  The Obama administration is offering thousands of dollars in incentives payments not only to the lenders but to the homeowners and mortgage investors as well.  Homeowners who pay their modified loan payments on time for five years may be eligible for a $5000 credit applied to reduce principal debt on their first mortgage.

So, Do you qualify for a HAMP loan modification?

In order to qualify, you must:

1. Occupy your home as a primary residence;
2. have a monthly mortgage payment that is greater than 31% of pre-tax monthly income;
3. have a loan amount that is not greater than $729,750–the current Fannie Mae and Freddie Mac loan limits; and
4. be unable to afford your current payment.

I meet those requirements, what is next?

If you’re ready to get the process started, gather up your financial papers.  Call the Manning Law Office today! Our law firm is experienced in dealing with HAMP loan modifications.  We can assure you that we will do everything in our power to get you the best possible outcome for you situation.  Avoid foreclosure and other loan modification schemes. Call our Orange County foreclosure attorneys today at 949-200-8755!

These assessments had revealed that last year, both banks were struggling to hire and retain enough qualified and skilled people to handle the foreclosure complaints. Common complaints included missing deadlines, paperwork and even down to “broken promises” which led many to lose their homes. Further, assessments have found “unsafe and unsound processes” at many other institutions.

As a result, JPMorgan has implemented a new training program. A number of other mortgage-services that were also ranked poorly are also planning to make changes to their foreclosure processing programs. For more information, please read this article.

Do you think you were a victim of a wrongful foreclosure based on the improper handling of your case from an unqualified foreclosure representative from your mortgage-servicer? Contact our loan modification attorney in Orange County. Our foreclosure attorneys may be able to launch an investigation and save your home.

If someone asked me years ago what the term “loan modification” was I do not think I could have properly given an answer, simply because loan modifications did not exist.  There were no attorneys who were practicing in the area of loan modifications.  But today, loan modifications are everywhere, and this is a growing specialty for attorneys nationwide.  It seems as though loan modifications have become common place in today’s struggling economic society.  Almost everyone knows someone, or has themselves, been a victim of the unfortunate scheme brought about by the banking industry.  As a result, an epidemic has spread across the nation, costing millions of people their homes.

If you are one of these individuals, or know someone who is danger of losing their home, act now, there are options available to you.  If you are in danger of losing your home to foreclosure let our office help save your home.

While the term “loan modification” has become second nature to many, most still don’t fully understand what it means.  A loan modification is generally where the lender (usually a bank) and the borrower (you) agree to terms that are outside the original agreed upon contract (usually a mortgage).  Simply put, this means when you can no longer pay your mortgage, you have a right to discuss with the bank any possible remedies or changes that could be made to your mortgage to help you save your home.

So, what can a loan modification do for you? 

Typically, a loan modification can result in a lower monthly mortgage payment.  The most common way that this is accomplished is by permanently lowering the interest rate on your home mortgage.  In some case the loan modification may actually reduce the principal amount that is owed.  Other possibilities include a reduction in late fees and/or other penalties that have been imposed, lengthening the term of the loan, and/or capping the monthly payment to a percentage of the household income.  Any one of these options are available by entering into a loan modification program with your lender.  To effectively accomplish a loan modification and get the best outcome it is imperative to contact an attorney for the negotiation process.  Our law office is extremely qualified in dealing with the lenders and coming to satisfactory resolutions for all parties involved.

Why Do You Need An Attorney?

California law requires that your lender discuss the possibility of a loan modification and options with you prior to foreclosure.  If you have called your lender to try to discuss possible alternatives to foreclosure, you know all too well why you need an attorney.  Many homeowners have attempted to obtain a loan modification without the assistance of an attorney but have only gotten the run-around from the lenders.  Simply put, our office does not let the lenders push us around or ignore our calls.  They may ignore you, but they will not ignore us!  It’s our job to fight for your home!

While independent loan modification companies exist, many of these companies are simply in existence to take advantage of the current situation.  Many of these companies are charging high fees and obtain less than satisfactory results, if any result at all.  The Manning Law Firm saves homes.  We believe in finding an alternative to foreclosure.  Our office saves families during this troubling time.  Don’t risk your home in a loan modification company that might disappear in months.  Our foreclosure attorneys will review your mortgage documents and look at all possible alternatives to foreclosure.

Contact our Orange County loan modification attorneys and let us help you save your home with a loan modification.  Don’t wait for a lender to call you back; you could be waiting while they foreclose on your home.  Let us do the work for you! Our Orange County foreclosure attorneys will aggressively and competently negotiate with your lender to get you the best loan modification possible for your circumstances.  In some cases, we may even be able to file a lawsuit to assert your rights if the lenders fails to negotiate a loan modification.

Let our office help! Call us today at (949) 200-8755

Sometimes, homeowners are denied a HAMP modification due to a negative NPV result. If you have been denied a HAMP modification or are considering one, use this NPV calculator at https://checkmynpv.com/ for an estimate of a mortgage servicer’s NPV.

Are you confused about the factors that resulted in your negative NPV and denial of a HAMP modification? The NPV test is JUST ONE of the HAMP eligibility requirements to be met if you want to modify your loan. If you need professional assistance from an Orange County foreclosure attorney to sift through the maze and details of the HAMP program, contact our office today. We’ve helped many homeowners just like you, stop the foreclosure process and save their homes.