Trust EXPERIENCE!
Unfortunately over the past 90 days scores of bogus companies and inexperience Attorneys have started marketing for Loan Modifications because there are a lot of people that need help.
Unfortunately their lack of experience, ability to perform and in some rare cases just the fact that they're fraudulent only hurts those seeking help. With Premiere you don't have to take our word that we have over 10 years experience in the foreclosure industry you can simply listen to our client by CLICKING HERE.
For the help you and your family deserve right now Call us at
800-997-3437 or fill out the form below.
CLICK HERE TO LISTEN TO WHAT OUR CLIENTS HAVE TO SAY!
What is a Loan Modification?
How do I know if I qualify for a Loan Modification?
What are the criteria for the new Federal Assistance Program announced recently by the Federal Government?
How can I stop Foreclosure?
Does Bankruptcy stop foreclosure?
How much time do I have to do something?
My bank says they will Modify my loan at no charge. Why should I pay someone?
Is it ok if I try and modify my loan with my lender directly and then if I don't like the plan pay someone to help?
Several Companies have contacted me how do I know who to use?
How long does it take for you to complete a case once we fill out all the paperwork?
Do I have enough time to stop my foreclosure?
How much do you charge to stop my home foreclosure?
I'm currently in Bankruptcy can you still help?
My lender is contacting me why shouldn't I just work with them?
Should I file for bankruptcy to save my home?
Do I need to have a special type of mortgage to qualify for Loan Modification help?
What if I can no longer afford my home can you still help me?
What does Acceleration Clause mean?
What happens to the property if the lender goes through the entire foreclosure process and no one bids on the property?
What does Notice of Default Mean?
What does Notice of Trustee Sale Mean?
What does "Lis Pendens" mean?
Do I have to be delinquent to get a loan modification?
What is an acceptable Hardship situation?
Can my missed payments be added back into my new loan modification?
What is a Loan Modification?
What exactly is a loan modification? A loan modification is a permanent change in one or more terms of a borrower's home loan, allows the loan to be reinstated, and results in a payment the homeowner can afford
How do I know if I qualify for a Loan Modification?
Borrowers who are struggling to stay current on their mortgage payments may be eligible (even if they are not currently behind on payments!) if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default.
THIS IS EXTREMELY IMPORTANT if you are CURRENT YOU MUST BE ABLE to prove that you wont be such as with an adjustable rate mortgage whereby you cannot afford the increase monthly payments.
This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.
In general in order to qualify for a modification you must meet the following criteria:
1. The property must be a primary residence.
2. Your monthly mortgage payment is greater than 31% of your current monthly mortgage payments.
3. Your loan is not large enough to exceed Freddie Mac loan limits.
4. You have enough income to sustain a reasonable interest payment on your current debt load.
What are the requirements for the Federal Assistance Program Announced by the Federal Government?
Making Home Affordable Modification Program
The program provides very small incentives to lenders to modify loans and also provides incentive to homeowners to stay in their homes, including a reduction of the balance of their mortgage by up to $5,000. (YOU CANNOT OWE MORE than 105% of the value of the home)
The basic idea is to reduce monthly mortgage payments to 31% or less of the homeowners monthly income.
Here are some of the details of the program, from a government publication about the program:
- The mortgage to be modified must have been originated on or before Jan. 1, 2009.
- New borrowers will be accepted until Dec. 31, 2012. Program payments will be made for up to five years after the date of entry into the modification program. Monitoring will continue through the life of the program.
- The home must be an owner-occupied, single-family one- to four-unit property (including condominiums, cooperatives, and manufactured homes affixed to a foundation and treated as real property under state law).
- The home must be a primary residence.
- The home may not be investor-owned.
- The home may not be vacant or condemned.
- Borrowers in bankruptcy are not automatically eliminated from consideration.
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
Under the program, lenders would reduce the mortgage interest rate to no less than 2% and/or extend the payment terms to no more than 40 years to bring the monthly payment to no more than 31% of the homeowners monthly income. The interest rate would stay at that level for five years, and then increase each year by no more than 1% until it reaches a certain defined cap. Again in order to qualify you CANNOT owe more than 105% of the loan which unfortunately knocks out most of the high foreclosure states. Additionally the program is not available for jumbo loans.
How can I Stop Foreclosure?
There is a lot of mis information about being able to STOP foreclosure. In actuality most things will PAUSE the foreclosure process however short of having a signed Loan Modification Agreement, Sitting in an Escrow office and selling your property or Reinstating your loan with the full delinquent amount, nothing can stop a foreclosure.
In fact a lot of people think Bankruptcy can stop foreclosure however that's not necessarily true. In fact Bankruptcy laws have changed and in a lot of cases homeowners are shocked 60 days after they file Bankruptcy to find the lender was able to remove the home from Bankruptcy.
Of course this doesn't mean you can't get more time by PAUSING the foreclosure process some things we do to PAUSE your foreclosure are:
- Negotiating with your lender during the modification process.
- Negotiating Short Sales with your lender.
- Processing Bankruptcy.
- Disputing your auction using certain Senate Bills.
- Legal litigation regarding the findings of your Loan Audit.
- Legal Request regarding your loan docs.
Does Bankruptcy Stop Foreclosure?
The question will depend on your specific situation. Generally however the answer is NO Bankruptcy will not stop foreclosure it will only PAUSE foreclosure. The length of that pause will depend on too many factors to get into here however it can be as little as 60 days. If you're considering Bankruptcy contact our office immediately to see what our Bankruptcy Attorneys will have to say about your situation.
How much time do I have to do something?
Unfortunately if you are delinquent or know you're going to be delinquent that waiting is NOT the answer. Over 600,000 homes went to auction last year because people thought something would come or happen before their home was lost. It's always best to be proactive about your situation and get it out of the way immediately. If you are delinquent the time you have before your home goes to auction will depend on your state. For example in California the break down is below:
From the date you are 1st delinquent you will have 90 days before a Notice of Default if filed.
Once you receive the Notice of Default you will have 90 days before a Notice of Trustee Sale is filed.
Once you receive the Notice of Trustee Sale you have 21 days before your home will go to auction.
Though this may seem like a long time... it's really not considering it takes about 90 days just to process a modification. While the sale can be stopped during the modification process with some lenders it's automatically reset for 30 days. Don't be one of the many people that contact us when it's too late. Never hesitate when it's something as important as your home.
My bank says they will Modify my home at no charge. Why should I pay someone?
We liken that question to back taxes. The IRS will take your money if your delinquent in taxes so why are there so many Tax Attorneys that specialize in negotiating back taxes? Because the fact is your lender like the IRS is a debt collector. Make no mistake the bank will create a plan that will benefit them NOT YOU. In fact it's funny how some lenders are going to great lengths to try to get homeowners to work with them directly without using 3rd parties. The bottom line your lender doesn't want you knowing the truth about thing such as violations that HUD auditors themselves have said are on over 83% of all loans. These violations give homeowners extreme advantage when negotiating with the lender that you would never have access to dealing with the lender directly.
Is it ok if I try and modify my loan with my lender directly and then if I don't like the plan pay someone to help?
Unfortunately there are misleading commercials that say, "Even if you've been denied for a modification contact us." The reality is from the date you receive a plan or have been denied a plan that information is saved in your account for 6 months. So if you receive a plan you're not happy with and then try and contact someone for help they may take your money but you'll end up with the same plan as before but you might have to pay more money down for a larger "good faith" deposit as you would of incurred a larger delinquency. Additionally if you were denied for modification that denial will be in your file for 6 months because the lender requires that your financial situation change (with time) in order to consider your file again. That's why it's so important to not put your home at risk by not having property representation.
Several companies of contacted me recently offering to help. What's different about you?
1. The property must be a primary residence.
2. Your monthly mortgage payment is greater than 31% of your current monthly mortgage payments.
3. Your loan is not large enough to exceed Freddie Mac loan limits.
4. You have enough income to sustain a reasonable interest payment on your current debt load.
What are the requirements for the Federal Assistance Program Announced by the Federal Government?
Making Home Affordable Modification Program
The program provides very small incentives to lenders to modify loans and also provides incentive to homeowners to stay in their homes, including a reduction of the balance of their mortgage by up to $5,000. (YOU CANNOT OWE MORE than 105% of the value of the home)
The basic idea is to reduce monthly mortgage payments to 31% or less of the homeowners monthly income.
Here are some of the details of the program, from a government publication about the program:
- The mortgage to be modified must have been originated on or before Jan. 1, 2009.
- New borrowers will be accepted until Dec. 31, 2012. Program payments will be made for up to five years after the date of entry into the modification program. Monitoring will continue through the life of the program.
- The home must be an owner-occupied, single-family one- to four-unit property (including condominiums, cooperatives, and manufactured homes affixed to a foundation and treated as real property under state law).
- The home must be a primary residence.
- The home may not be investor-owned.
- The home may not be vacant or condemned.
- Borrowers in bankruptcy are not automatically eliminated from consideration.
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
Under the program, lenders would reduce the mortgage interest rate to no less than 2% and/or extend the payment terms to no more than 40 years to bring the monthly payment to no more than 31% of the homeowners monthly income. The interest rate would stay at that level for five years, and then increase each year by no more than 1% until it reaches a certain defined cap. Again in order to qualify you CANNOT owe more than 105% of the loan which unfortunately knocks out most of the high foreclosure states. Additionally the program is not available for jumbo loans.
How can I Stop Foreclosure?
There is a lot of mis information about being able to STOP foreclosure. In actuality most things will PAUSE the foreclosure process however short of having a signed Loan Modification Agreement, Sitting in an Escrow office and selling your property or Reinstating your loan with the full delinquent amount, nothing can stop a foreclosure.
In fact a lot of people think Bankruptcy can stop foreclosure however that's not necessarily true. In fact Bankruptcy laws have changed and in a lot of cases homeowners are shocked 60 days after they file Bankruptcy to find the lender was able to remove the home from Bankruptcy.
Of course this doesn't mean you can't get more time by PAUSING the foreclosure process some things we do to PAUSE your foreclosure are:
- Negotiating with your lender during the modification process.
- Negotiating Short Sales with your lender.
- Processing Bankruptcy.
- Disputing your auction using certain Senate Bills.
- Legal litigation regarding the findings of your Loan Audit.
- Legal Request regarding your loan docs.
Does Bankruptcy Stop Foreclosure?
The question will depend on your specific situation. Generally however the answer is NO Bankruptcy will not stop foreclosure it will only PAUSE foreclosure. The length of that pause will depend on too many factors to get into here however it can be as little as 60 days. If you're considering Bankruptcy contact our office immediately to see what our Bankruptcy Attorneys will have to say about your situation.
How much time do I have to do something?
Unfortunately if you are delinquent or know you're going to be delinquent that waiting is NOT the answer. Over 600,000 homes went to auction last year because people thought something would come or happen before their home was lost. It's always best to be proactive about your situation and get it out of the way immediately. If you are delinquent the time you have before your home goes to auction will depend on your state. For example in California the break down is below:
From the date you are 1st delinquent you will have 90 days before a Notice of Default if filed.
Once you receive the Notice of Default you will have 90 days before a Notice of Trustee Sale is filed.
Once you receive the Notice of Trustee Sale you have 21 days before your home will go to auction.
Though this may seem like a long time... it's really not considering it takes about 90 days just to process a modification. While the sale can be stopped during the modification process with some lenders it's automatically reset for 30 days. Don't be one of the many people that contact us when it's too late. Never hesitate when it's something as important as your home.
My bank says they will Modify my home at no charge. Why should I pay someone?
We liken that question to back taxes. The IRS will take your money if your delinquent in taxes so why are there so many Tax Attorneys that specialize in negotiating back taxes? Because the fact is your lender like the IRS is a debt collector. Make no mistake the bank will create a plan that will benefit them NOT YOU. In fact it's funny how some lenders are going to great lengths to try to get homeowners to work with them directly without using 3rd parties. The bottom line your lender doesn't want you knowing the truth about thing such as violations that HUD auditors themselves have said are on over 83% of all loans. These violations give homeowners extreme advantage when negotiating with the lender that you would never have access to dealing with the lender directly.
Is it ok if I try and modify my loan with my lender directly and then if I don't like the plan pay someone to help?
Unfortunately there are misleading commercials that say, "Even if you've been denied for a modification contact us." The reality is from the date you receive a plan or have been denied a plan that information is saved in your account for 6 months. So if you receive a plan you're not happy with and then try and contact someone for help they may take your money but you'll end up with the same plan as before but you might have to pay more money down for a larger "good faith" deposit as you would of incurred a larger delinquency. Additionally if you were denied for modification that denial will be in your file for 6 months because the lender requires that your financial situation change (with time) in order to consider your file again. That's why it's so important to not put your home at risk by not having property representation.
Several companies of contacted me recently offering to help. What's different about you?
The biggest difference is experience. There are a very small amount of people now still in operation that will outright just take your money and do nothing but those are dissapearing quickly. The problem is even the companies that really want to help you just don't know what they're doing. In fact a recent poll showed of the people that advertise the most on radio, tv, direction mail a whopping 80% of those companies had been in business less than 90 days. Which means you are risking your biggest asset to people that are on the job training. When you work with Premiere you will have the confidence of a company that works with Attorneys that have been in this industry for multiple years not a few months. Our biggest deal is to make sure you're protected and the nice thing is that Premiere unlike a lot of other companies you hear about has a clean record because we do what we say we're going to do.
How long does it take for you to complete the case once we fill out all of the paperwork?
Anywhere from 6 to 12 weeks depending on the speed of your lender, the legal issues against your loan and the level to which you want to proceed against the lender.
Do I have enough time to stop my foreclosure?
Technically we can stop a foreclosure auction all the way until the day prior. However is it company policy that we do not take files within 5 days of foreclosure auction it's really a lot of work to stop the sale and if it's within that time period you will have to pay a premium. So ideally we prefer to have a minimum of 30 days prior to a sale to start your file.
How much do you charge to stop home foreclosure?
Our fees are based on your mortgage payment amount, and the complexity and urgency of your situation. Our professional loss mitigation consultants will evaluate your case and explain the best options to save your home. We are confident that you will feel that our fees are a bargain compared to the cost of the alternatives. We offer a money back guarantee if we cannot get you a workable solution on your file.*
I'm currently in bankruptcy. Can you still help?
It's possible however 1 of 2 things will have to occur.
1. You will have to contact us so that we can walk you through how we can work your file while your home is in bankruptcy
2 Or your mortgage has been discharged or dismissed from the bankruptcy proceedings. Our professional loss mitigation consultants can still evaluate your case and explain the best options to save your home.
Also please note: sometimes after bankruptcy it is easier to make a mortgage payment because other debts have been discharged.
My lender is contacting me why shouldn't I just work with them?
Unfortunately despite what the lender tells you THEY ARE JUST A DEBT COLLECTOR as they're recordings remind you every time they contact you. There are 2 main reasons why you should have help. Number 1 independent companies know financially where you have to be to get the best plans. The lender WILL NOT offer you the best plan. They will ask you for your financials and if you qualify will put you in a plan that benefits them not you. An expert will assess your financials and structure it so that you will obtain the best possible plan for your family. The 2nd reason is that in our case we will audit your loan for federal violations which will give us leverage against your lender to demand the best possible scenario on your behalf. This is something you will NEVER get working directly with your lender.
Again depending on the violations exposed against your loan we may have an excellent opportunity to actually DICTATE terms to your lender rather than be at their mercy.
Should I file for bankruptcy to save my house?
Here is what's important for you to know The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up loosing their home to foreclosure anyway. Bankruptcy is very unlikely to help you save your home. If you declare bankruptcy you will likely end up with BOTH a bankruptcy and a foreclosure on your credit report. That being said, there certainly are times when bankruptcy is appropriate and we recommend you consult with our Bankruptcy attorneys should you think you need it.
Do I need to have a special type of mortgage loan for you to help me?
No. We specialize in all types of loan resolutions of government and non-government mortgage delinquencies or home foreclosure claims for homeowners. These can be FHA, Rural Administration, VA, Freddie Mac, Fannie Mae, or conventional loans which have become delinquent.
What if I can no longer afford my home? Can you still help me?
Yes. If you are certain that you cannot afford your home any longer and wish to sell, we can help you to secure a short sale payoff or a deed-in lieu of foreclosure agreement with your lender. Often times these agreements can be arranged at low or no cost to you.
What does "Acceleration Clause." Mean?
It means that once a borrower is in default, the lender can choose to demand payment of the entire balance of the mortgage in one lump sum.
What happens to the property if the lender goes through the entire foreclosure process and no one bids on the property?
If no sale occurs the lender will have to pay not only the advertising and notice fees but they will also be responsible for attorneys fees, trustee's fees, and title insurance. The lender will then be forced to possess the property which will require them to pay for repairs, maintenance, hazard insurance, and property taxes. Furthermore the lender will have to sell the property which will require them to pay not only real estate commissions but also closing costs.
What does a notice of default mean?
A Notice of Default (N.O.D.) means that the bank has contacted an attorney and the foreclosure process has begun. They have set a date at which your home will be auctioned off at a public auction to the highest bidder.
What does Notice of Trustee Sale Mean?
Once the borrower receives a Notice of Trustee sale they will have 21 days prior to the property will go to foreclosure auction;
What does "Lis Pendens" mean?
It is a Notice of a Pending Lawsuit and one of the initial a step the lender takes on the path to foreclosure.
Do I have to be delinquent to get a loan modification?
Most lenders are now accepting applications from homeowners who are not currently delinquent, but who are able to prove to their bank that due to imminent interest rate increases or some upcoming hardship, they will no longer be able to afford the loan payment under the terms of their loan.
What is an acceptable Hardship situation?
Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling hardship letter included in your application is a very important part of a successful application.
Can my missed payments be added back into my new loan modification?
Yes, the arrears can be added to the new loan balance and spread out over the term to allow the loan to be brought current.
