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Home Mortgage Protection
 

Home Mortgage Protection

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Home Mortgage Protection

Home Mortgage Protection

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    Home Mortgage Protection Home Mortgage Protection 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”
      ACCORDING TO THE NEW YORK TIMES:
      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.
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      FACTS:
      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!
    • Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement”
      DO ANY OF THE FOLLOWING SOUND FAMILIAR?
      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!
    • “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?
      • If you purchased your home prior to January 2007, more than likely key disclosures are missing.
      • We Perform a forensic analysis of your loan documents.
    • 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”
      YOUR LENDER CAN SETTLE WITH YOU!
      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
    • 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
      HMPS
      No Income Documentation Required
      No Hardship letter required
      No Expense Statements required
      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.
    • Home Mortgage Protection Services“Today’s Preparation Determines Tomorrow’s Achievement”
      Processing Requirements
      Loan Modification
      HMPS
      Hi
      Submit Entire File to loan company for processing
      Settlement offer sent to borrower
      Rental properties submitted to loan company for processing
      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 propertiesi
      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
    • 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
      File Denied
      Money Refunded
      Lender
      Served
      Borrower completes
      Application, sends app and
      & loan docs to HMPS
      Lawsuit sent to borrower for signature
      Submits file to
      CRO for Evaluation
      Lawsuit filed with County.
      Case Number Assigned
      Completed file sent
      to CRO to prepare
      lawsuit
      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
      The Foreclosure Period
      Late or Delinquent
      On monthly mortgage payments
      Notice of Default
      Notice of Trustee sale
      90 to 120 days
      90 days
      21 days
      Trustee sale by auction
      Last Payment Made
      NOD is recorded
      NOTS is Recorded
      Minimum from recording date of NOTS per State law
      (non Judicial)
      Minimum from recording date of NOD per State law
      Since last mortgage payment was received by lender
      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