Mortgage Plan
Filed under: Making Home Affordable Program, foreclosure crisis, foreclosure defense | Tags: mortgage plan, obama
Leave a Comment Register for Mortgage bailout help under the Obama Mortgage Plan.
The Obama administration introduced the Home Affordable Modification Program which allows up to 9 million homeowners to reduce their mortgage payments by modifying their loans.
See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.
Refined Process
Filed under: Making Home Affordable Program, legal articles | Tags: documents, eligible borrowers, loan modification, new process
Leave a Comment Excerpt taken from http://makinghomeaffordable.gov/pr_01282010.html
The Home Affordable Modification Program aims to help responsible American homeowners maintain a sustainable monthly mortgage payment through a pay-for-success framework that aligns incentives of borrowers, lenders and servicers. Over 900,000 Americans have begun trial modifications since the program’s inception and over 110,000 have been approved for permanent modifications as of December 31, 2009. The median monthly savings for individual homeowners is more than $500 per month. Over 100 servicers have signed up to participate in HAMP, covering more than 89% of mortgage debt outstanding in the country. For a free consult please email us at am@ioannoulaw.com
Today’s guidance refines the documentation process and makes it easier for eligible borrowers in trial modifications to get permanent modifications quickly. Under this guidance: A simple, standard package of documents will be required prior to the servicer’s evaluation of the borrower for a trial modification. This process will be required for all new HAMP modifications that became effective after June 1, although mortgage servicers may implement it sooner.
For more information call the law offices of Ioannou & Ioannou, LLP 866 910 7065.
Washington works toward permanent modifications
Filed under: Making Home Affordable Program, foreclosure defense |
Leave a Comment January 28, 2010
Press Release http://makinghomeaffordable.gov/pr_01282010.html
ADMINISTRATION UPDATES DOCUMENTATION COLLECTION PROCESS AND RELEASES GUIDANCE TO EXPEDITE PERMANENT MODIFICATIONS
WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.
“With more than 850,000 homeowners in trial and permanent modifications, we are providing immediate relief to struggling homeowners,” said Phyllis Caldwell, Chief of Treasury’s Homeownership Preservation Office. “Today’s guidance represents our commitment to more efficiently move qualified homeowners into permanent modifications.”
“Increasing the number of borrowers receiving permanent modifications under HAMP is critical to our efforts to preserve affordable and sustainable homeownership,” said HUD Senior Advisor for Housing Finance William Apgar. “While we continue to meet our goals to provide immediate assistance, the updates announced today should enable servicers to transition borrowers more quickly and easily from trial to permanent modification.”
On December 23, 2009, the Administration required most trial modifications to be placed in a temporary review period to ensure that all borrowers are being fairly evaluated for the program. During this temporary review period, servicers were not permitted to cancel an active HAMP trial modification for any reason other than failure to meet the HAMP property eligibility requirements. This allowed servicers to convert a significant number of trial modifications to permanent ones. In fact, the total number of conversions more than doubled in December. Guidance released today will help improve this conversion process for the future.
The updated process requires that key documents, including proof of income, be obtained from the borrower before a borrower evaluation can begin. This more robust requirement of upfront documentation will make it easier and quicker to convert trial modifications to permanent modifications and enable servicers to use their resources more effectively.
Call 866 910 7065 for more information.
Face-to-Face Opportunity
Filed under: Making Home Affordable Program, foreclosure crisis, foreclosure defense, lenders | Tags: couselor, face-to-face, housing advice, mortgage modification
Leave a Comment Don’t Miss This Opportunity to Meet With Your Lender Face-to-Face
It’s FREE!
- Opportunity to meet one-on-one with your lender or a HUD-approved housing couselor to discuss options to avoid foreclosure.
- Information and assistance on the Obama Administration’s Making Home Affordable Program.
For more information about the Making Home Affordable Program, call P. 866 910 7065 or email am@ioannoulaw.com
Wednesday, January 27, 2010
1:00 p.m. – 7:30 p.m.
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1375 Monroe Street
Fort Myers, FL 33901
Friday, January 29, 2010
1:00 p.m. – 7:30 p.m.
Coral Springs Marriott Hotel
Golf Club & Convention Center
11775 Heron Bay Boulevard
Coral Springs, Florida 33076
New Gov’t Report
Filed under: Making Home Affordable Program, foreclosure crisis, lenders | Tags: affordable, borrowers, govt, loan modifcation, report homeowners
Leave a Comment Making Homes Home Affordable – PRESS RELEASE
http://makinghomeaffordable.gov/pr_01192010.html
January 19, 2010
UPDATED: ADMINISTRATION RELEASES DECEMBER LOAN MODIFICATION REPORT, UPDATE ON CONVERSION DRIVE
More Than 850,000 Homeowners Now with Median Payment Reductions Exceeding $500; More Than 110,000 Permanent Modifications Approved to Date Aggressive Administration Campaign Significantly Accelerates Conversion Rate; December Push Doubles Number of Permanent Modifications Over Life of Program
*Updated to reflect permanent modification total.
WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released an update on the Administration’s aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications. As of December, more than 110,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and 46,000 awaiting only the borrow’s signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.
“Treasury is committed to working with servicers and borrowers to sustain this improved pace,” said Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell.
HUD Senior Advisor for Mortgage Finance William Apgar echoed this commitment: “HUD will continue to work with our Administration partners and utilize our broad network of housing counseling agencies to increase the number of borrowers receiving sustainable and affordable modifications under HAMP.”
The Administration has taken a number of steps to assist servicers in ramping up to give eligible homeowners the opportunity to participate in HAMP. Over the past month, Administration representatives were on-site in servicer offices to ensure that servicers increased efforts to deliver decisions to borrowers in trial modifications who have submitted all of their documents and to obtain any missing documents from borrowers. The Administration also implemented a temporary review period to ensure that all borrowers are being fairly evaluated for the program. The temporary review period extends until January 31, 2010.
HAMP was designed to offer through 2012 up to 3-4 million homeowners reduced monthly mortgage payments that are affordable and sustainable over the long-term. Currently, several million homeowners are estimated to be eligible for the program and more than 1 million have already received modification offers. At this pace, the program is on track to meet the goals that President Obama laid out in announcing the Homeowner Affordability and Stability Plan. This Plan included several housing initiatives beyond mortgage modifications, including broad support for Fannie Mae and Freddie Mac to keep interest rates low and facilitate mortgage affordability across the market, increased flexibilities for Fannie Mae and Freddie Mac in refinancing mortgages to provide homeowners with lower monthly payments, tax credits to support development of affordable housing, and support to state and local housing finance agencies. In just the first year, the Administration has launched all of these critical initiatives.
As part of an ongoing commitment to continuously provide greater transparency in all of the Administratio’s financial stability efforts, the December report includes several new measurements including a breakdown of permanent modification characteristics. These characteristics include predominant hardship reasons and monthly payment savings.
The December HAMP report can be found here: http://financialstability.gov/docs/report.pdf
To speak with an expert call 866 910 7065 or email am@ioannoulaw.com
Homeownwers Save $550 per Month
Filed under: Making Home Affordable Program, lenders | Tags: consultation, profressional consultants, relief, save
Leave a Comment OBAMA ADMINISTRATION RELEASES NEW DATA
Homeowners in modifications are saving an average of over $550 per month.
As of December 10th, 728,000 modifications are under way across the country, the program is on track to meet its goals over the next several years. Modifications are providing real benefits to homeowners.
“As this report illustrates, struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes,” said Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell. “Our focus now is on working with servicers, borrowers and organizations to get as many of those eligible homeowners as possible into permanent modifications.”
Article experts were taken from http://makinghomeaffordable.gov/pr_12102009.html
To speak with an expert consultant for FREE call 866 910 7065.
FREE Consultation
If you are a homeowner and are looking to take advantage of the government’s Home Affordable loan modification program Ioannou & Ioannou Law is here to help. The Attorneys at Ioannou & specialize in mortgage assistance and foreclosure prevention. The Florida law firm offers a thorough home loan modification service designed specifically for homeowners in need of mortgage help.
Ioannou & Ioannou offers each family their own personal consultant that begins each process with a free consultation. Ioannou & Ioannou assess the borrower’s situation and determines his or her financial needs. The first step is usually determining whether or not a mortgage loan modification is really the best choice, as some homeowners are better off with short sales or other forms of loss mitigation.
Call Ioannou & Ioannou today for a FREE consultation at (866) 910-7065.
Facing Foreclosure?
Filed under: Making Home Affordable Program, foreclosure crisis, foreclosure defense, legal articles, lenders | Tags: facing foreclosure, legal team, profressional consultants
Comments (2) Is your loan payment higher than you can afford? Have you fallen on hard times and face foreclosure? Are you beginning to fall behind on your mortgage payments? Is your home worth less than what you owe on the mortgage? Foreclosure Can Happen To Anyone, but it doesn’t have to. The truth is we can help!
Many situations can affect a homeowner’s ability to make timely mortgage payments, including:
- Medical Problems
- Divorce
- Job Loss
- Interest Rates
While things may seem stressful and overwhelming there is assistance available. Our professional consultants and legal team can negotiate with your lender to stop the foreclosure process. To speak with a loan professional call 866 910 7065 or email us at am@ioannoulaw.com
Stabilize the Housing Market
Filed under: Making Home Affordable Program, foreclosure crisis, foreclosure defense | Tags: avoid, eligible, foreclosure, housing, loan, market, modification, releif, relief, stabilize, stablize
Leave a Comment HAMP is an important part of the Obama administration’s efforts to provide mortgage relief and stabilize the housing market.
At the law firm of Ioannou & Ioannou, LLP they are working hard at helping everyone understand that Home Affordable Modifications are only a part of the total picture of what can be done to help homeowners. Many Americans need help, and their trusted legal team plans to accelerate the government’s program while continuing to do other modifications and help customers avoid foreclosure. In fact, Ioannou & Ioannou, LLP, has dedicated an experienced team of counselors to help those of you facing financial difficulties and explain all of your legal options.
At Ioannou & Ioannou, LLP their goal review all of your options with a loan modification expert and qualify all eligible customers. Then they will work with you to finalize all of the required documents and ensure that you are able to stay in your home.
Under the HAMP guidelines, once a homeowner is approved for a HAMP modification, they’re required to make three on-time monthly payments before the modification becomes permanent.
Ioannou & Ioannou, LLP
11125 NW 124th Street
Medley, Florida 33178-3173
Phone: 866 910 7065
am@ioannoulaw.com
Helping Families Save Their Homes
Filed under: Making Home Affordable Program, foreclosure crisis, lenders | Tags: borrowers, fha, guidelines, legal counsel, loan modification, obama, us dept of housing
Leave a Comment The U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced the Federal Housing Administration (FHA) has implemented changes to its loan modification program to ensure consistency with the Obama Administration’s Home Affordable Modification Program.
The Helping Families Save Their Homes Act of 2009, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their mortgage payment by modifying the mortgage through FHA-HAMP. The FHA program’s implementation guidelines are available online. However, we suggest talking with expert legal counsel today, if you are looking to take immediate action.
Please email am@ioannoulaw.com or call 866 910 7065.
