Published on January 15, 2009
Slide 1: Elite Mortgage Solutions Inc & The Law Office of Rhonda K. Walker PRESENTS: = Are you or someone you know: : Are you or someone you know: Behind on a mortgage? Having trouble refinancing? Looking to lower payments? Looking to prevent foreclosure? Going through a financial hardship? Looking at bankruptcy as your last option? Being told you have no equity in your home? Stuck with a rising adjustable (ARM) interest rate? Finding out you owe more than your house is worth? What is a Loan Modification? : What is a Loan Modification? A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan. Lower rates Lower payments Stop Foreclosure Longer Fixed terms Bring the Loan up to date Lower principal balance owed Or a combination of all the above Why Loan Modification? : Why Loan Modification? Clients last chance Can’t refinance at all Refinancing is very difficult Emotional trauma on clients Incentives for banks are high Lenders are becoming practical Who Can Qualify? : Who Can Qualify? The key word is “change”. HARDSHIP Sudden “change” in Loan Payments Sudden “change” in Debt Illness or Job Sudden “change” in Monthly Expenses Sudden “change” in Household income Loss Loan Fraud (undisclosed terms) Reckless or Predatory Lending Practices Ideal Candidates : Ideal Candidates Borrowers with no equity. Fixed income borrowers. Self employed borrowers. Stated income borrowers. Households with loss of income. Borrowers that are currently in adjustable rate mortgages. Borrowers that are in negative amortization loans. Borrowers with zero or bad credit. Qualifying for one of our programs is not a problem! : Qualifying for one of our programs is not a problem! Just show some type of hardship! Some financial hardships include: Recent mortgage late payment Rate adjustment and payment increased Job change or loss of work because of market conditions Home values has decreased and now you owe more than the home is worth Unexpected expense has caused major financial trouble -Illness of borrowers family members More Hardships: : More Hardships: Job relocation Failed business Reduced income Property problem Death to borrower Inability to sell property Inability to rent property Abandonment of property Mortgage servicing problems Transfer of ownership delays Death to spouse or co-borrower More Hardships: : More Hardships: Divorce Bad Credit Bankruptcy Military Duty Medical bills Incarceration Negative Equity Marital separation Illness of Borrower Death in the family Damage to property Who Are We? : Who Are We? We are a member of the BBB. We are registered with DRE- CA Department of Real Estate. We will carefully listen to your needs and exceed your expectations. We know what it takes to work with your Mortgage lender effectively. We have been doing Loss Mitigation and Loan Modifications for over 10 Years. The Law Office Of Rhonda K. Walker is a registered member of the ABA- American Bar Association. We are a licensed and insured California Corporation. Elite Mortgage Solutions Inc, consists of trained Real Estate Attorneys, and real people just like you. Our Service : Our Service The key to our success is constructing a financial plan that you and your lender can approve and, most importantly, that you are able to perform. We only accept cases we believe we can win on your behalf. You will be a priority in our organization What We Do : What We Do Representation on your behalf in dealings with your Lender Full Time, one-on-one customer service for your Status Updates Unlimited Negotiations with your existing lender and/or their attorneys. Loan Forensic Audit- Checking your loan documents for RESPA and Truth In Lending Violations. Unfair Lending and Predatory Practices Loan Restructuring Proposal – Elite Mortgage Solutions Inc, requests specific terms for your new loan. Our request is carefully discussed with you so that you are happy with your new loan. Financial Prospectus Workout – Detailed to include all income, assets, and all payments you make, down to every cost, including Gas! This allows a realistic view of your financial abilities to be sure you can continue to make your home payments for years to come once your loan is restructured. COMMON QUESTIONS : COMMON QUESTIONS If I am in foreclosure can I still get a loan modification? The answer is yes, if you can clearly show a sensible plan to the lender. You can still get a modification of terms. Do I have to be behind in payments to get a loan modification? The answer is no, just the opposite is preferred work towards a modification before you miss a payment. COMMON QUESTIONS : COMMON QUESTIONS Will the lender perform an interior inspection of the property if they have concerns about property condition? The answer is yes, the lender may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact your continued ability to support the modified mortgage payment. Once the modification is completed, will I be current on my mortgage? The answer is YES COMMON QUESTIONS : COMMON QUESTIONS Can I get a loan modification if I have a first and a second mortgage on my home? The answer is yes, it is possible to combine both the first and the second mortgage or the lender may waive the second. Can I include late charges in the Loan Modification? The answer is, accrued late charges should be waived by the lender at the time of the Loan Modification. COMMON QUESTIONS : COMMON QUESTIONS If I don’t qualify for a loan modification. What options do I have? Will you help me? Short Sale Forbearance Deed In Lieu of Foreclosure Yes, we are experts in all the above options! Homeowner’s Mistake : Homeowner’s Mistake Unfortunately homeowners that try to work directly with their lender have a failure rate of over 80%. Homeowner may accomplish a poor modification. May have to pay again. Lose Home The Modification Process : The Modification Process Meet with a EMS Consultant Gather paperwork Send package to the Law Office of Rhonda Walker Develop the game plan Finally have Peace of Mind Accomplish goals & Get back on track Enjoy Life again! Paperwork to Collect : Paperwork to Collect Self employed: Profit & Loss YTD Employed: Most recent 30 day pay stub Most recent Federal taxes, all schedules and W-2’s Copy of extension if taxes not filed Bank statements, most recent 2 months Proof of any other income Proof of taxes paid, if not in escrow Explanation (Hardship Letter) Simple Budget filled out, form provided Copy of insurance or tax bill if mortgage payment does not include these payments Which Road Do I Take? : Which Road Do I Take? Do I send the file to an attorney? Do I process the modification myself? Do it Myself : Do it Myself PROS Avoid paying the fee I trust myself No rush Learn total process CONS Time involved Don’t know what I am doing Get worse deal Hire a Loan Modification Specialist : Hire a Loan Modification Specialist PROS Experts Make you save more $$$$$$$$ Will take less time We know what we are doing Keep your home CONS Loss of home Uncomfortable trusting some one besides myself Takes more time Where to find answers: : Where to find answers: U.S. Department of Housing and Urban Development 451 7th Street S.W., Washington, DC 20410 Telephone: (202) 708-1112 TTY: (202) 708-1455 Website: www.hud.gov Information is provided from the above resource. Elite Mortgage Solutions Inc. 556 South Fair Oaks Avenue Suite 207 Pasadena Ca 91105 Telephone: 310-308-6834 Fax: 888-855-9621 Website: www.Eliteloanmodifications.com
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