Why is New hope Mortgage Solutions so successful? That’s a great question.. The homeowner that try’s to attempt a loan modification by them selves, is not aware of what a true loan modification entails.

First you ask what Loss Mitigation is really. How does it all “really” work? Why do I need a reputable company to help me, and why can’t I do this myself…. Ok let’s address the “what is” Loss Mitigation AKA= Loan Modification question first…..

What is Loss Mitigation?

A Mortgage modification is simply a modification to an existing loan made by the current lender in response to a borrower’s long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term on the loan, a different type of loan or any combination of the three.

Some consumers confuse a loan modification with a forbearance agreement. These are two separate types of agreements. A loan modification is a long term permanent solution for borrowers that show an inability to repay the existing loan, where as, a forbearance agreement is short term relief for those suffering a temporary financial problem.

There are six top reasons that a loan modification will work for you. If any of these apply to your current situation than you are a definite candidate for a mortgage modification. The seven top reasons are as follows;

1. Inability to refinance due to loss of equity, owing more than your home is worth
2. Inability to refinance due to lack of positive credit or late mortgage payments
3. Rate currently adjusting or going to adjust
4. Do you have a “Pick-A-Pay” or Minimum Payment Interest only Loan
5. Suffered a Financial hardship (job loss, pay reduction, medical bills, divorce, etc)
6. Currently Facing Foreclosure
7. Inability to be able to afford your current financial situation.

If any of the above reasons apply to your current situation than you need to attempt a loan modification. You can try it on your own, but I must caution you, only 10% of homeowner submitted loan modifications are successful. This is mostly due to homeowners submitting incomplete loan modification packages.

Another reason for this lack of success is that the homeowner must spend several hours navigating through the phone tree, re-telling their story over and over again. This can be very discouraging on top of the fact that the homeowner must call during normal business hours, usually 9am-6pm. Plus, it doesn’t get done with one phone call. There is constant follow up involved and more than likely you’ll have to send in information that you have already sent over and over again.

Company’s like New Hope Mortgage Solutions LLC are able to navigate through this intricate system of phone trees and incompetent phone jockeys without emotion and get right to the decision maker with speed and efficiency. And when the clock is ticking, that is exactly what is needed. They realize that when dealing with these complicated and frustrating financial matters, some homeowners may be looking for a more economical solution towards solving this problem. There are many forms of Loss Mitigation or types of Loan Modifications. The meaning of Loss Mitigation is a legal third party representation. The representation should be done by an attorney in the homeowner’s behalf.

The homeowner usually has no idea what the lender/banks guidelines and ratios are for qualifying for a full term, (change the note) Loan Modification. Normally the homeowner thinks the lender is in his/her favor, and they somehow believe the lender is just going to help them because they are their lender. This is absolutely untrue, and incorrect. The truth is the bank is an investor, and your rate and payment is the investment. Unfortunately you are nothing more than a loan number.

The banks start out awarding any relief in the lowest most frugal manner they can. Everyone is calling for loan modifications, everyone. Lenders just do change the terms of someone’s actual mortgage (”NOTE”(what your rate and payments are for the life of the loan), without knowing you are able to handle the payment they modify the new loan too. If everyone qualified for a full term loan modification, then we all would be getting one, just like that. The new programs being offered by the government “Keeping America in their homes” is all based on your income minus your expenses. These numbers are calculated your housing ratios, as well as your debt to income ratios. This is the pitfall of the program because people do not know this going in. If they did they would have gotten a Loss Mitigation company to help them reach those ratios if possible. What the media and the “Hope Now” programs being offered for free are not telling everyone is…….your numbers have to work, and you must be a darn good negotiator to fight for the lowest payment and rate. The banks first offer to a homeowner is the famous Forbearance Program also known as the repayment plan. This is the least relief a lender can give. This is applied to the homeowner who is late on their payments. The lender adds up all the payments that haven’t been paid, with the late fees as well as any legal fees. The divide this number by six or twelve. Then they add that number to the homeowner’s already unaffordable mortgage payment. If this were a success, this particular program would not have turned out to be a “Flop” for the banks thus far. For the homeowner who is not late on mortgage payments the lender is offering a temporary solution. This means they will offer the homeowner a lower rate and payment, but only for a short amount of time. The “Mortgage Note” does not change during this process. Reaching a full term Loan Modification is what New Hope Mortgage Solutions Attorneys do.

Now I don’t know about you, but I do not want to do my own taxes prepared without a professional guiding me through my options. Empowering the homeowner before negotiations begin with a company like New Hope Mortgage Solutions, and the network of attorneys they work for is the smartest move a homeowner can defend themselves with. They conduct a 100% free evaluation of every single homeowner before the attorney’s retainer is obtained. The attorney also calls each bank with the homeowner’s authorization to see if the lender/bank will allow a third party representation as a part of the pre- qualifying consultation. If any loan modification company wants to take your money before checking these ratios………run….run far away. Ask to speak to the actual attorney before paying the retainer fee. If they say the attorney is not there, or can’t take your call………..run….run far away. It is unethical for any company to take a homeowners money without doing a complete check of your income v/s your expenses….period…no exceptions. There should not be a fee to check these ratios either…why take someone’s money that is already hurting to tell them you can not help them…..To me that’s getting off to a rocky start.

At New Hope Mortgage Solutions you will receive a complete evaluation before moving forward with the Loss Mitigation Case. You will also receive a personnel attorney that handles your case from start to finish. You will be updated regularly with report on your case. New Hope Mortgage Solutions has helped all of our clients reach the ultimate loan modification for their situation. As I said New Hope Mortgage Solutions is the flagship of Loss Mitigation Companies. Call today for an evaluation 1-866-611-7725

Everyone needs a Loan Modification…but who can really get them done the right way? Of course you would not want a temporary fix, you would want a fixed. After all that’s what got most people in this to begin with.

Can you do it alone? Statistics say you have about a 2% chance. The banks are not helping people as they should. There are a ton of people on You Tube and bloggers chatting about their horrible experiences as we speak. Or read…

Can the government programs that offer free help get a loan modification done? The reports on the HOPE NOW program, the only free program offered ….Well the program was offered two years ago, and designed to help 1,500,000 homeowners. As of July 30th, the program has only helped 125 of those homeowners. And please check those numbers out on Google for yourself. The program is a flop.

Let’s face it….The programs that have been offered by the government have not been successful because after paying all that money to the banks to bail them out, where would Obama get the money?

So who do you turn to for help? The answer is very simple it will take experienced, knowledgeable attorneys that have worked for years negotiating with banks lenders, and servicers to help these homeowners. New Hope Mortgage Solutions works for a network of these attorneys. New Hope Mortgage Solutions and the attorneys they work for have saved hundreds of homes since just January 2009. The attorney’s that employ New Hope Mortgage Solutions have at least six or more year’s minimum experience. This is what you need to achieve a real Loan Modification. The first thing that happens when a homeowner becomes ninety days late on their mortgage is, they receive a letter from an attorney. This attorney is employed by your lender. Don’t you feel as if your home is worth having an attorney and a company that has serious experience in this field represent you? Below are some articles really worth reading and watching…before you make your decision. It’s a tough world out there in the banking industry. Now let’s see what the experts have to say…

Click on the links I have provided below, and take a look for yourself. Having an attorney is vital in the loss mitigation process. It also prevents from getting involved with scamming loan mod companies. As you are actually retaining an Attorney with New Hope Mortgage Solutions

http://www.consumerwarningnetwork.com/2009/08/31/home-loan-modification-run-around-continues/

http://www.consumerwarningnetwork.com/2009/08/27/why-banks-make-it-so-tough-to-get-a-loan-modification/

http://blogs.trb.com/business/columnists/brackey/blog/2009/08/loan_modifications_not_happeni_1.html

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYdgQkXu9eBg

Everyone but government deleveraging

First it was Wall Street. Now it’s households that are paying down their debts and starting to save a little. In the meantime, the government is still borrowing like there’s no tomorrow, hoping to ease credit-contraction pains. WSJ’s David Wessel discusses.

The composite ratio, which tracks eight closed-end installment loan categories, also hit a high at 3.35% of all outstanding accounts, seasonally adjusted, compared with the first quarter’s 3.23%. This is the sixth straight quarter that delinquencies have risen.

The culprit is the snowballing result of the longest and deepest recession since the Great Depression, according to ABA Chief Economist James Chessen.

“The problems now are the cumulative effect of the economy and job losses,” he said. “Every single month there are jobs being lost and when income falls it makes it very difficult for consumers to meet debt obligations.”

Unemployment is at 9.7%, the highest since June 1983. The government is scheduled to release September employment numbers on Friday.

“Six consecutive quarters of job losses have taken their toll,” Chessen added. “It’s stunning what’s happened. There’s a lot of pain out there as people try to make ends meet.”

“The picture won’t change until the labor market improves and the economy picks up steam,” he added. “That’s going to take time.”

If you feel you are having problems with your current financial situation, call New Hope Mortgage Solutions www.newhopemortgagesolutions or email Angella at angella@newhopemortgagesolutions.com to get a free evaluation of what can be done for your current situation. Angella will also take a free application (with a scheduled appointment) to see if you have the ratios the lenders are looking for. “The Making Homes Affordable Program”, has been very successful for us says Angella. Our attorneys have unmatched experience in the industry, and that is what counts”. “We really take our time with the homeowners, its a tough spot to be in and we want to ensure we are making this as easy as we can”. The banks are just not budging without legal representation, and that’s the truth. The banks are much more willing to speak to someone that understands the process, and has a case that is ready to go into Mitigation. Most clients have no idea of the amount of documentation and work that actually goes into actually completing a Loan Modification. With all the homeowners now not being able to qualify for a refinance or have enough equity to sell their properties, hopes for a loan modification is all they have left. Our only wish is that the homeowners are realizing the banks and the government is not just qualifying people. You must have an attorney who knows the process, and a company that works for the attorneys to walk through everything with the homeowners.