Can Mortgage Loans Be Written Off?

CAN HOME LOANS BE WRITTEN OFF

The question we have been asked in the industry is can Mortgage Loans be written off and what does that mean?

Have you stopped receiving calls from the lender? Are you receiving calls from a different lender? Did you receive a notice from a management company? Chances are your current lender/servicer has changed and/or changed the company that handles your loan.

If you receive a letter or do a credit pull and your past lender/servicer (which you think is still the servicer/lender) information on file says "CHARGED OFF" that means your loan amount has been transferred. So what NOW???

Do you have to pay? Who do you pay? Don't know who the lender is? We are responding to questions we have received in the office numerous times so I hope this helps.

•   Do you have to pay?   The debt is still valid so yes, BUT sometimes the amount and or  
•   payment  is reduced.

•  Who  you pay is usually provided from the past lender.  Normally, they will inform you of
• the  transfer, the new lender name and address, after this the new servicing company/lender usually contacts via phone, e-mail, or visit to home to inform you to contact them regarding the loan. 

*** IF you have been denied a modification REMEMBER your loan has been "Charged Off" despite your frustrations this time the new servicer maybe willing to modify the payment terms so this may be GREAT NEWS!  Take the time to send in ALL requested information****

For those who have no idea who the lender is and they have not made contact SAVE YOUR CASH.   Some benefits of a "Charged Off"  Mortgage sometimes you are allowed a discounted loan reduction for numerous reasons  or a reinstatement fee and a loan amount that you can afford.

 I will not give guidelines since there are multiple and specific to the individual's that now owns the loan.   There ARE NO STANDARD cookie cutter solutions.  Due to numerous funding guidelines within the banking industry and other things behind the scene 10 different accounts with the same lender could  offer 6-8 totally different options to keep you in your home.  

For foreclosure prevention help and possible loan reduction contact us at 888-879-3207 or locally at 904-437-4819.

 

Have a Happy Safe Memorial Day. 

 

Countrywide Financial Corporation Settlement $335M

COUNTRYWIDE FINANCIAL CORPORATION SETTLEMENT

Countrywide Financial Corporation Settlement is in response to United States vs Countrywide Financial Corporation discrimination settlement being handled by Rust Consulting Inc. payment amount is $335 Million this is NOT the same or including the billion dollar settlement.

BE AWARE!!! Some homeowners are being contacted requesting money for participation in the settlement!!!

The settlement is a U.S. District Court of Central California approved settlement being handled by the administrator Rust Consulting as the contact and distributor of compensation payments to homeowners. Rust Consulting activities are governed by the Department of Justice. This ONLY addresses Department of Justice December 2011, $335 Million settlement and is NOT affiliated with any other settlement including Well's Fargo Lending discrimination settlement.

ALLEGATIONS

Allegations are Countrywide Financial Corporation and its subsidiaries practiced discrimination to over 200,000 Hispanic and African American borrowers across the country who received loans 2004-2008. In addition, discrimination case is based on the basis encouragement of non-applicant spouses. Countrywide Financial Corporation and it's subsidiaries encouraged signing away of rights to joint applicants applying for loans.

HOW TO APPLY/DEADLINE

Victims were identified (we do not have the criteria for how this process was initiated or determined) and letters began being sent on November 16, 2012 to those whom the United States identified as entitled.

March 29, 2013 is the DEADLINE to have all letters signed and response forms completed and mailed.

COMPENSATION

Mid 2013 the exact payment amount will be released.

Please note: MAILING HAS BEGAN FOR "ELIGIBLE HOMEOWNERS" from the Paying Agent Rusting Consulting Inc. The notice will read: "You are eligible for compensation pursuant to orders issued by Federal Banking Regulation". This is a small perforated edge card KEEP IT! If you want additional information click COUNTRYWIDE SETTLEMENT.

You can also CALL 1-888-952-9105 assistance is available in over 200 languages.

FORECLOSURE HELP

If you need help to save your home CLICK: WE HELP FAMILIES for Nationwide Help or call 888-879-3207.

IF you have not attempted a modification call your lender programs change regularly. Our consultants are waiting to help you ALWAYS confidential call or opt-in form consult.

Always home retention solutions to save your home and keep you in it! CALL 888-879-3207 or fill out this quick form click FORECLOSURE HELP. We are waiting to hear from you Nationwide!

Homeowners In Foreclosure in 2009-2010 Maybe Eligible for Compensation or other Remedy

If your PRIMARY residence was involved in foreclosure process between January 1, 2009 through December 31, 2010 you may qualify for compensation or other remedies.

If you disregarded a notice or didn't receive one there is still time to apply for a FREE analysis that could stop foreclosure and keep you in your home. The results could be compensation or other remedy to keep you in your home.

If you ask why these years it is because of errors and/or other problems during the foreclosure process during January 1, 2009 - December 31, 2010 DEADLINE TO APPLY IS DECEMBER 31, 2012 Submit the quick form on-line. See the list of servicing companies below (mortgage lenders)

Don't let them take your home! Remember compensation or other solutions to save your home maybe available it's worth your time.

IT DOES NOT MATTER WHEN OR IF the foreclosure was completed.

LENDERS:

America’s Servicing Co.
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome Mortgage Company
Financial Freedom
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia
Washington Mutual
Wells Fargo
Wilshire Credit Corporation

The deadline is midnight so hurry take time to view and complete. Remember be AWARE OF scams. Click here: FREE FORECLOSURE REVIEW For additional information on foreclosure help or shortsales contact Helping Families LLC call 888-879-3207 or send us a quick e-mail at ways2save@helpingfamiliesllc.com or visit our website by clicking here: FORECLOSURE HELP JOIN OUR BLOG FOR UPDATES AND E-MAIL'S on Important Information.

Foreclosure Prevention and Modifications Scams!

Homeowner CAUTION:

Foreclosure Prevention and Modifications Scams seem to be common among some attorneys proceed WITH CAUTION. I have heard of homeowners paying thousands to attorney's that were a member of the BBB with an "A" rating and later gone out of business, another client paid over $4,000 without a response in 2 years. One homeowner went for assistance for "free" loan modification services, but were referred to the "private attorney" that works faster and needless to say they paid over $2,000 and the practice closed down no modification and no refunds terrible foreclosure scams.

What you should know ask:

What specific service is the attorney offering?

What is the timeline for response?

How often is follow-up?

Get it in writing!

Is there an e-mail address for follow-up?

Be aware of signing over your deed!

No one should ask for your monthly mortgage payments!

Did you know it's illegal to charge for modification up-front?

Apply free at 1-888-995-HOPE (4673)
Visit http://www.usa.gov/Citizen/Topics/Family/Homeowners/Foreclosure.shtml IF your modification is denied we offer a variety of solutions to save your home or help you walk away with cash! Stop foreclosure and make a fresh start! Click the word Fresh start for help

Foreclosure Prevention Specialist Questions

Questions

#1- What is your request?
#2- Are you behind in payments?
#3-Is your home value down?
#4-What have you done to date to help save your home?   (modification etc. attempt)
#5- Did you have a change in income, inherit a home, experience health related issues, or have death in the family?
Visit the website below or e-mail ways2save@helpingfamiliesllc.com with your response.
http://helpingfamiliesllc.com/