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The Mortgage Note Mod Company believes if there is a will then there is a way to stop the foreclosure process. Our team will help accomplish your goals whether it’s to keep or sell your home property.

Affordable Repayment Plan
Mortgage Loan Modification
Pros and Cons of Loan Modification Agreements
Restructured Mortgage
Mortgage Refinance
Forbearance Agreement
Deed-in-Lieu of Foreclosure
Reinstatement Plan
Foreclosure Lawyers



Mortgage Rate Reduction
Loan Modification
Lien Stripping
 
 
Foreclosure is something most homeowners thought could never happen to them. The unfortunate reality is that hundreds of thousands of homeowners have experienced a foreclosure in the last two years. Now with many lenders and banks in jeopardy of bankruptcy, loan modifications are becoming more frequent much earlier in the process.



Forbearance
Deed-in-Lieu of Foreclosure
Bankruptcy Protection
 
 
The Mortgage Note Mod Company can help you maintain your homeownership by negotiating on your behalf directly with the bank that services your loan.



Bankruptcy vs. Modification
Negotiating with Loss and Mitigation
Short Sale Considerations
Foreclosure Laws
 
 
Our legal and negotiating expertise can help save your house while reducing financial stress burdens.
Predatory Lending Lawyers
Truth in Lending Law
Stopping a Foreclosure with a Loan Modification



Consumer Protection Advocates
Mortgage Resources
FHA Mortgage Lenders
Loan Blogs
Hope Organization
 

How The Economy is Being Affected by Mortgage Loan Modifications

 

Foreclosures have spiked on a national level during the first six months of the year, and they continue to climb as we near the close of 2008. With employment figures showing continued job losses and shrinking salaries, foreclosures and late payments are going to continue to go up in the months ahead, this trend is anticipated to continue through 2009. With inflation being what it is with reduced wages, it's no wonder borrowers can't afford their mortgages.

Through today, IndyMac has mailed more than 7,400 modification proposals to borrowers and has called many thousands more in continuing efforts to help avoid unnecessary foreclosures. But, unfortunately, this doesn't help borrowers who don't have IndyMac loans.

Countrywide Financial Corp.'s decision to help 52,000 borrowers by restructuring $16 billion worth of adjustable rate mortgages is "welcome news but rather insignificant in macro terms," says Zoltan Pozsar of Moody's Economy.com.

It's hard to tell how loan modifications have affected the economy.
Consistent mortgage loan modification reporting will help better determine the effect of loan modifications on the economy. Right now, it's hard to tell what impact it's having. The Federal Reserve Board encouraged the institutions it supervises to report on their loan modification efforts in a consistent way and to consider using the HOPE NOW alliance's loan modification reporting standards for their serviced loans.

"We strongly support efforts to improve the collection of data on loan-modification activities. We encourage the institutions we supervise that service subprime mortgage loans to report on their progress in a consistent way. This will make it easier for regulators, the mortgage industry, lawmakers, and homeowners to assess the effectiveness of these efforts," said Federal Reserve Board Governor Randall S. Kroszner.

Lenders also need to be more responsive to borrowers contacting them about loan modifications. While loan modifications create a loss of income for lenders, the loss of liquidity with foreclosures is worse. Mortgage rates are increasing instead of lowering. A loan modification negotiation that will lower mortgage rates and put mortgage arrearages alone may not enough. Home values have plummeted and many homeowners are now upside down on their loans. These homeowners need a reduction in principal balance or foreclosures will continue to rise.

State governments, like the federal government, recognize that loan modifications are probably the only way to stabilize home prices, which is why they are passing stricter laws. It will take some time, but once more lenders get on board and help borrowers out with more affordable mortgages, home prices will probably stabilize.

You can imagine that if some of these mortgages are retooled, and especially if some are eventually given a Federal Housing Authority wrapper, they will rise in value," says Joe Patire, head of fixed income trading and managing director at YieldQuest.

Are you having problems negotiating a loan modification with your lender?
The Loan Modification Outlet has assembled a team of Christian lawyers and mortgage modifiers who have experience negotiating with lenders in an effort to offer homeowners a lower monthly payment. Our team strives to help people retain their homeownership by modifying their mortgage with affordable monthly payments. Fill out the form below, and we'll get back with you.

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