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HMPS

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    HMPS HMPS Presentation Transcript

    • Home Mortgage Protection Services Welcome To Our Seminar “ Today’s Preparation Determines Tomorrow’s Achievement”
    • Home Mortgage Protection Services “ Today’s Preparation Determines Tomorrow’s Achievement”
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” AS A HOMEOWNER YOU ARE ENTITLED TO CERTAIN RIGHTS THAT YOU MAY NOT HAVE BEEN INFORMED ABOUT! PROTECT YOUR RIGHTS!
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • About one in eleven homeowners are facing loan or mortgage problems.
      • Mortgage foreclosure filings have increased 93% over the last year.
      • Projections call for 4 million more foreclosure filings in 2009.
      ACCORDING TO THE NEW YORK TIMES:
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • 2009 – More than 4 million Americans will lose their home this year due to a foreclosure.
      • Foreclosure does not discriminate. It could happen to anyone in any financial income bracket.
      • Foreclosure is non-forgiving.
      • However, foreclosure can be prevented if you act quickly!
      FACTS:
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • Your home has decreased in value.
      • Your mortgage interest rate is going up.
      • You owe more than your home is worth.
      • Your mortgage payment is more than you can afford.
      • You are 1, 2, 3 months or more behind in your mortgage payments.
      • You received a “Notice of Default” from your lender.
      • You are facing an eminent foreclosure and public sale
      “ YES” to any of these questions may qualify you for our Program! DO ANY OF THE FOLLOWING SOUND FAMILIAR?
    • “ Today’s Preparation Determines Tomorrow’s Achievement” This is not a refinance, short sale or loan modification. Home Mortgage Protection Services
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • When did you purchase your home?
      • We Perform a forensic analysis of your loan documents.
      • If you purchased your home prior to January 2007, more than likely key disclosures are missing.
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • HOW ARE YOU PROTECTED?
      • We identify missing disclosures, discrepancies and errors in your loan documents.
      • File a lawsuit against your lender (where appropriate).
      • Lawsuit is filed in you name (called “pro-per” in the courts).
      • A “Lis Pendens” action is filed at the appropriate time.
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • What is a Lis Pendens?
      • Means litigation is pending on your property. (lease pen-dense) n. Latin for "a suit pending," a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property.
      • Creates a “cloud” on title.
      • Gives you time.
      • Eventually receive a settlement that is satisfactory to you.
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • The loan interest rate may be decreased.
      • The interest rate can be changed from an adjustable to a fixed rate.
      • The period of time the borrower has to pay the loan back may be lengthened.
      • The loan balance may be reduced or cut in half.
      • Back Payments can be forgiven.
      • The type of loan can be changed altogether
      YOUR LENDER CAN SETTLE WITH YOU!
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • Processing Requirements
      • Submit Income Documentation
      • Write a hardship letter
      • Provide Utility Bills, Expense information to show cash flow
      • Loan Modification
      • Must submit proof of income, Pay Stubs, Tax returns, etc.
      • Hardship letter required to validate reason why Loan Mod should be approved
      • Need to submit Tax returns, Utility Bills, Expense Statements to show how income is allocated.
      HMPS No Income Documentation Required No Hardship letter required No Expense Statements required
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Submit Entire File to loan company for processing Settlement offer sent to borrower Rental properties submitted to loan company for processing Hi File Received and sent to lender for evaluation and approval Must Accept offer presented, no bargaining power. Rental Agreements do not qualify for a loan modification No Detailed file is necessary & No approval is required. When Settlement offer is finally made, borrower can accept or reject the offer. Settlement offers can be made on rental properties i Processing Requirements Loan Modification HMPS
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Real Estate Foreclosure News JP Morgan Chase which now owns Washington Mutual, and one of the nations biggest lenders, has embarked on one of the most ambitious efforts to lower mortgage payments and modify loans not only to include the mortgages the bank owns but also to include more than $1 trillion of loans sold to investors. Faced with political pressure and ballooning losses, the banks are racing to modify millions of loans by lowering mortgage payments, reducing mortgage balances and extending loan terms. Faced with mounting lawsuits, banks are trying to keep borrowers in their homes and limit their losses associated with foreclosures in formulating the plan. It is expected that once the plan is put into action, other banks and lending institutions will follow suit to modify their loans. Lawsuits prevent lenders from moving forward in modifying these loans. The bank said they want to work with borrowers and believes that it can legally modify a “vast majority” of investor owned mortgages. JP Morgan also stated that they would rather see banks overhaul the terms of their mortgages rather than see them slide into foreclosure or have a bankruptcy judge reverse the terms. Reprinted from the Investors Journal, January 2009
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” OPERATIONAL FLOW CHART Borrower completes Application, sends app and & loan docs to HMPS Lender Served Submits file to CRO for Evaluation Completed file sent to CRO to prepare lawsuit Lawsuit filed with County. Case Number Assigned Lawsuit sent to borrower for signature File Denied Money Refunded Lis Pendens
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • Judicial Foreclosure
      • Court Intervention
      • Court determines if complaint is valid
      • Judgment issued for full amount owed
      • Writ issued authorizing a sheriffs' sale
      • Non-Judicial Foreclosure
      • No court intervention
      • Requirements established by state statutes
      • NOD mailed to homeowner
      • Usually 90 days before public sale notice is filed
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • The Timeline of Events
      Last Payment Made NOD is recorded NOTS is Recorded Trustee sale by auction Late or Delinquent On monthly mortgage payments 90 to 120 days Since last mortgage payment was received by lender Notice of Default Minimum from recording date of NOD per State law Notice of Trustee sale Minimum from recording date of NOTS per State law (non Judicial) 90 days 21 days The Foreclosure Period This information is for reference purposes only and is not intended to represent any particular homeowner’s situation. The actual timeline of events will vary according to each homeowner’s circumstances, the objectives of the lender and the state they reside in.
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Here area few examples of some real loan settlements: Settlement#1 Notice of Default filed. Notice of foreclosure filed PMT $3800/mo 11.5 adjustable rate Delinquent amount: $13,500 Solution: Foreclosure canceled. Delinquent amount cancelled: New payment $2500/mo @ 7% Rate Settlement#2 Notice of default filed. PMT $2212/mo @ 9 % adjustable Delinquent amount: $30,941 Principal Balance: $295,000 Solution: Foreclosure cancelled. Delinquent amount reduced to $6000 New pmt $1500/mo @6.65% Rate New Principal Balance: $226,740 Settlement#3 Notice of default filed Pmt 2309/mo @ 8.5% Adjustable Principle Balance $323,925 Delinquent Amount: $13,426 Solution: Foreclosure cancelled, delinquent amount cancelled New pmt $2040/mo @ 7.95% fixed, New Principal Balance $266,125
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” WE STAY WITH YOU!
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Notice of Default
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Unlawful Detainer
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • Don ’ t try to “ go-it ” alone
      • We Know your rights as a homeowner
      • Bankruptcy is the last option and should be avoided if possible
      • Ongoing consultations, answers to questions, discussions about your case available throughout the process
      PROTECT YOUR RIGHTS! PROTECT YOUR HOME!
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” What about the cost? Researching Loan Documents for Errors and Omissions $350 Documenting Errors and discrepancies $425 Preparation of Lawsuit $1,300 Preparation of Lis Pendens $750 Court Costs / Filing / Case Number $475
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Identifying the Agent of Service $150 Retain Process Server $225 Unlimited Consultations with our Attorney @200.00/hr for 1 year (50 Hours) $10,000 Responses to your Lender @ $200.00/hr (40 Hours) $8,000 TOTAL $21,675
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Lawsuit Preparation and Lis Pendens Preparation $7,500 Filing Fees (Can vary per county. Price quoted is based on an average amount) $375-500 Monthly Maintenance Fee $0 ($1,000 after 6 months)
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      • “ Obstacles can't stop you. Problems can't stop you. Most of all other people can't stop you. Only you can stop you. ”
      • Jeffrey Gitomer