Expert Foreclosure Help

Should You Stop Making Your Mortgage Payment to Get a Loan Modification?

Up until a few months ago, lenders were not modifying loans for home owners that were on time with their payments. So if you have been considering to miss a few mortgage payments to encourage your lender to modify your loan, you may want to re-consider.

Normally lenders would only grant loan modifications to home owners that were three or more months behind and the reason for this is because these delinquencies proved that the home owners were in need of a loan modification. But lenders now understand the importance of keeping a performing loan performing or keeping a home owner making timely payments by means of a loan modification, instead of making the home owner become delinquent, is not a good idea for home owner or lender.

If you check your lenders websites you will now see that majority of them now imply that being late on your mortgage payment is no longer a requirement to get a loan modification approved. I want to encourage all home owners that they should not wait until they have missed a payment, but if they foresee a problem to contact their lender immediately to possibly avoid a delinquency.

The new Obama Plan or Making Home Affordable Plan is now dictating the direction that many lenders are tailoring their policies in reference to loan modifications. This new government loan modification program were designed for home owners that are currently on time, as well as home owners that have missed a few payments. Its also states on the main Making Home Affordable Plan website that “”responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default.”

Now what does “risk of imminent default mean? This means that a home owner that has a mortgage where the rate has recently adjusted and the payments are no longer affordable or a significantly loss o Read the rest of this entry »

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Foreclosure Cleaning Jobs - Which Type of Clients Can Make You the Most Money

Foreclosure cleaning jobs can come from a number of places. And, how much you make from each job will depend — sometimes heavily — on the type of client behind the job. Discussed here are two different types of clients who may give you foreclosure clean up work.

New Homeowners: They are usually enterprising new homeowners who have bought a foreclosed home and need someone to do the work to get it in back in habitable shape (eg, clear trash out, haul away debris, take care of minor repairs, etc.).

Most of the time, these types of clients come from realtors who have either worked with you in the past and/or know about your company. Or, they may have received a mailer from you and hung on to it. And, when a client asks if they know of anyone who does “foreclosure cleaning work,” they’ll give them your information.

These are very lucrative clients in that you can make top dollar on these jobs. Why? Because there are no restrictions (eg, gov’t guidelines) on what you can be paid for your services, like with the next group.

Foreclosure Realtors: Most foreclosure business owners jump for joy when they get a call from a foreclosure realtor because they know that there’s the opportunity for bulk work. While you will tend to make less on these jobs (some lenders cap what they’ll pay for certain services), you make up for it with bulk foreclosure clean up jobs.

One Thing to Remember When Pricing Jobs that Come from Foreclosure Realtors

The Potential for Ongoing Work: This is the biggest factor to keep in mind when pricing foreclosure cleaning jobs from this type of client. If there’s the potential there for ongoing work, it behooves you to lower your rate because “a bird in the hand is worth two in the bush,” so to speak. Be sure to get whatever agreement you make in writing.

Pricing Read the rest of this entry »