Friday, October 2, 2009
"The New Facts About Mortgage Principal Reduction"
It's damn near impossible to convince your mortgage lender to reduce the principal balance on what you owe. But a recent study of loan modifications and defaults suggests that maybe, just maybe, banks and lenders are starting to see the light.....
Questions about your personal situation? I can be reached at 866.378.5678 and andy@andylockwood.com
Wednesday, September 23, 2009
The "Flood" of Foreclosures
If you're behind on your mortgage but have not been served with foreclosure papers, watch this short video. A spike in foreclosures is coming, according to Bank of America and other lenders.
For more info, call 866.378.5678 ext. 201 or email: andy@andylockwood.com
For more info, call 866.378.5678 ext. 201 or email: andy@andylockwood.com
Thursday, September 10, 2009
Why loan mods die
Did you ever wonder why loan modifications fail? Watch this four minute video for some surprising news:
For workshop registration info, visit: LastChanceMortgageHelp.com!
For workshop registration info, visit: LastChanceMortgageHelp.com!
Monday, August 31, 2009
Loan Mod Tips from the Herald
Great piece in yesterday's Herald about tips to do your own loan modification. Here are some highlights....
For more info, email me at andy@andylockwood.com or call 866.378.5678 ext. 201 -Katherine.
For more info, email me at andy@andylockwood.com or call 866.378.5678 ext. 201 -Katherine.
Tuesday, August 25, 2009
Loan Mod Stats: The "Cure" Rate on Late Mortgages
A new report discloses that the "cure" rate for late mortgages; i.e. the percentage of delinquent mortgages that turn into current mortgages - has plummeted. This has to affect how loan modifications are processed. Watch this video, pass it along to a friend who needs it and call me if you want to grab one of my free consultation spots: 866.378.5678. That's toll free!
Friday, August 21, 2009
Foreclosure stats in da news
Here's the latest on foreclosure stats in Florida and nationwide.
Call me to discuss your options - no charge. If you're late on your mortgage, facing foreclosure, let's have a confidential discussion. I might be able to help with a loan modification or help with another remedy.
I've blocked off seven free consult spots - call Katherine at 866.378.5678 or email me at 'andy@andylockwood.com'
Call me to discuss your options - no charge. If you're late on your mortgage, facing foreclosure, let's have a confidential discussion. I might be able to help with a loan modification or help with another remedy.
I've blocked off seven free consult spots - call Katherine at 866.378.5678 or email me at 'andy@andylockwood.com'
Friday, July 10, 2009
Banks and Loan Mods: The Good, the Bad and the Ugly
In this blog I give you the scuttlebutt on how "loan mod friendly" these lenders are:
Citi
Washington Mutual
Chase
Aurora
Select Portfolio
Bank of America
Wells Fargo
Litton
Indymac
Countrywide
Wachovia
Ocwen
HomeEq
HSBC
Tuesday, July 7, 2009
Do you have to be late on your mortgage to qualify for a loan modification?
I get this question a lot, from both distressed homeowners who attend my loan modification workshops and other folks I consult:
"Do I need to be 'late' on my mortgage' to qualify for a mortgage modification?"
You do not.
The standard is that you are either late or you are in "imminent danger" of being late.
Example - a client of mine had a steady job, never missed a mortgage payment, but was told in no uncertain terms by his employer that he had three months left at his current job. He knew that without any solid job prospects, he'd be unable to keep current on his mortgage payment.
So this client qualifies under this lender test for a loan modification, even though he does not have any "mortgage lates" yet.
If you live in South Florida, you can get more information on how to re-negotiate your current mortgage rate and payment at one of my upcoming free community workshops.
Visit my website for more details:
www.LastChanceMortgageHelp.com.
Thursday, June 18, 2009
A HUUUUGE Myth
Will the bank reduce the principal owed on your mortgage? (Please note spelling of Principal - not "principle")? I get this question a lot at my workshops.
Here's a short, three minute-plus video that answers the question about how likely it is for your mortgage lender to reduce your principal.
Here's a short, three minute-plus video that answers the question about how likely it is for your mortgage lender to reduce your principal.
Wednesday, June 17, 2009
Sunday, June 7, 2009
Did Countrywide Commit Fraud?
The Securities and Exchange Commission leveled a
huge charge at the CEO of Countrywide and two other
higher-ups, relating to "riskier and riskier" loans.
The SEC charges revolve around Angelo Mozilla's,
the ex-CEO of Countrywide, alleged deceptive,
misleading behavior - failure to give their investors
important information - like that Countrywide was approving
a high percentage of risky loans while their guidelines because
increasingly lax.
Countrywide made "billions" on risky, "subprime"
loans, according to USA Today, but ultimately went
belly-up in our current financial meltdown.
What does this mean for you?
If you have a subprime, risky loan with Countrywide
or most other lenders, you might be able to do
something about it. Lenders and servicers are
picking up the pieces of these "toxic" loans.
In other words, they're cutting deals with mortgage
holders. Modifying the loans to help keep the
homeowners in their homes and prevent foreclosures.
No bank wants a foreclosure. They're too expensive -
supposedly $50,000-$60,000 in fees to the bank,
per foreclosure.
That's why millions of homeowners are turning to
the loan modification process to try to obtain relief
from high payments accompanying loans like
Countrywide wrote.
The same loans their ex-CEO is being sued over.
- Andy
P.S. I'm holding a free community workshop up
in Boynton later this month. Seats are filling
up but we still have plenty available as of
today.
www.LastChanceMortgageHelp.com/events
huge charge at the CEO of Countrywide and two other
higher-ups, relating to "riskier and riskier" loans.
The SEC charges revolve around Angelo Mozilla's,
the ex-CEO of Countrywide, alleged deceptive,
misleading behavior - failure to give their investors
important information - like that Countrywide was approving
a high percentage of risky loans while their guidelines because
increasingly lax.
Countrywide made "billions" on risky, "subprime"
loans, according to USA Today, but ultimately went
belly-up in our current financial meltdown.
What does this mean for you?
If you have a subprime, risky loan with Countrywide
or most other lenders, you might be able to do
something about it. Lenders and servicers are
picking up the pieces of these "toxic" loans.
In other words, they're cutting deals with mortgage
holders. Modifying the loans to help keep the
homeowners in their homes and prevent foreclosures.
No bank wants a foreclosure. They're too expensive -
supposedly $50,000-$60,000 in fees to the bank,
per foreclosure.
That's why millions of homeowners are turning to
the loan modification process to try to obtain relief
from high payments accompanying loans like
Countrywide wrote.
The same loans their ex-CEO is being sued over.
- Andy
P.S. I'm holding a free community workshop up
in Boynton later this month. Seats are filling
up but we still have plenty available as of
today.
www.LastChanceMortgageHelp.com/events
Monday, June 1, 2009
The Problem With Loan Modifications
Just came across a story about the effectiveness
of loan modifications.
A well-known analyst company, Fitch Ratings,
took a look at subprime, jumbo and "low-doc"
m.ortgage loans that were issued between 2006-
2007; i.e. before the bubble burst.
Fitch estimated that 55-65% of these loans may
end up 60 days delinquent...AFTER they're
modified!
Why so high?
Because the new terms of the modified loans,
while usually (but not always!) lower than
the old terms, may still not be affordable.
"More often than not, reducing the home
payments to an affordable level may not
be enough to rescue borrowers who are
overextended..." said a managing director
at Fitch.
What does this mean for you?
If you're thinking about pursuing a loan
modification, you need to be on your toes
as you negotiate with your lender. In other
words, you must do everything possible to
make sure you get the best deal they
can give you.
Sometimes, this can mean refusing the
first offer they throw at you. Other times,
with some lenders, this can mean
accepting the offer, but re-applying for a
loan modification within a two-three month
period.
I'll be holding an online version of my
workshop, "Dirty Little Secrets the Big,
Dumb, Greed Banks Don't Want You to
Know About How to Renegotiate Your
Mortgage Rate and Payment...Even if Your
Credit is In the Toilet!"
Keep an eye out for the date and time!
of loan modifications.
A well-known analyst company, Fitch Ratings,
took a look at subprime, jumbo and "low-doc"
m.ortgage loans that were issued between 2006-
2007; i.e. before the bubble burst.
Fitch estimated that 55-65% of these loans may
end up 60 days delinquent...AFTER they're
modified!
Why so high?
Because the new terms of the modified loans,
while usually (but not always!) lower than
the old terms, may still not be affordable.
"More often than not, reducing the home
payments to an affordable level may not
be enough to rescue borrowers who are
overextended..." said a managing director
at Fitch.
What does this mean for you?
If you're thinking about pursuing a loan
modification, you need to be on your toes
as you negotiate with your lender. In other
words, you must do everything possible to
make sure you get the best deal they
can give you.
Sometimes, this can mean refusing the
first offer they throw at you. Other times,
with some lenders, this can mean
accepting the offer, but re-applying for a
loan modification within a two-three month
period.
I'll be holding an online version of my
workshop, "Dirty Little Secrets the Big,
Dumb, Greed Banks Don't Want You to
Know About How to Renegotiate Your
Mortgage Rate and Payment...Even if Your
Credit is In the Toilet!"
Keep an eye out for the date and time!
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