Stop the foreclosure process today with a loan modification!
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FREE, Easy to use "self-help" loan modification system.
With eModifyMyLoan you can create a complete loan modification package for your lender in less than 30 minutes and it's absolutely FREE.
- - NO Software to install!
- - NO "free consultation" appointment.
- - eModifyMyLoan will generate all the required paperwork for you to print and mail or fax to your lender.
- - Includes: Expense Summary, Hardship Letter, Debt-to-Income Ratio and Process Log Documents.
Success Story
29 days after faxing her eModifyMyLoan package, Bank of America lowered Lisa's payment from $2883 to $1350-saving her $1533 every month.
Why Choose Us?
If you are looking for a way to lower your monthly mortgage payments or avoid foreclosure through a loan modification or short sale negotiation, you have three basic options:
- Pay a professional.
- Research and submit the information yourself.
- Use eModifyMyLoan or eShortSaleMyHome to guide you through the process.
Click Here to Sign Up Now or fill out the form below for more information.
Which Solution is Right for You?
Some consumers turn to attorneys or loan modification companies to help them through the process.
On average, you can expect a $3000 fee to process your paperwork, which will include creating the documents and
representing you with the lender. There is no guarantee of success and many lenders do not treat the paperwork submitted by
these organizations with any more priority than they do the documents submitted by individual homeowners. more >>
“eModifyMyLoan is super easy to use. In less than an hour it walked me through creating a complete loan modification request package that I submitted to my Lender.”
- Stacey, Phoenix AZ
Recent Headlines
Foreclosure notices hit record 8,800
November 11th, 2009, 1:00 am - posted by Mathew Padilla
ForeclosureRadar.com reports that outstanding foreclosure auction notices in Orange County rose to 8,895 at the end of September, the highest in this housing downturn and probably the highest ever.
September's total was up 5% from August and 90% from a year ago. The chart (click for larger image) shows outstanding auction notices going back to January 2007. Auction notices, also known as notices of trustee's sale, are a warning that a property will be offered for sale, usually at a local courthouse.
ForeclosureRadar calculates outstanding auction notices by adding up notices issued and subtracting those that have been canceled or have completed foreclosure. Auction notices are usually good for up to a year.
Sean O'Toole, president and founder of ForeclosureRadar, said in past downturns auction notices did not stack up nearly as much.
But this time around lenders face intense political pressure not to foreclose. O'Toole said If foreclosures do rise again, politicians will stop them, possibly granting bankruptcy judges the power to slash outstanding debt on properties to current market value.
Lenders know this and are responding by keeping a lid on foreclosures, he said. (I'll add that readers of this blog have argued lenders are intentionally delaying foreclosure to avoid flooding markets or recognizing losses on their balance sheets.)
So lenders are using foreclosure filings as a threat to get borrowers to either start paying again or complete their loan workout paperwork in a timely manner, O'Toole said.
O'Toole also expects to see more alternatives to foreclosure, such as short sales, or when a bank agrees to accept less than debt owed.
“With the lack of inventory and REOs, Realtors will work harder to find inventory,“ O&Toole said. “I think short sales will be a big part of the 2010 story.“
With all the government tinkering, including keeping interest rates low and giving homebuyers a tax credit O'Toole anticipates a modest market rebound. But he says it will be artificial with another correction right behind.
“I don't know that blowing a little (housing) bubble right now is in the public's best interest,“ O'Toole.
ForeclosureRadar isn't the only one noting a backlog of delinquent loans.
Its incredible that while so many mortgages are delinquent, banks are only holding 0.26% of first mortgages as REOs.
By these measures, there's clearly a big backlog of bad loans to deal with.
Update: I should also mention that the Obama administration's loan modification program is likely adding to the backlog of delinquent loans. It takes time for banks to see if people qualify. And borrowers start the program in a “trial“ period, getting at least a temporary modification to the terms of their loan but still being classified as delinquent. Reuters reports that more than 650,000 modifications are active now but it is unclear how many are permanent. As of Sept. 1, there were only 1,711 permanent loan modifications.
And I'll add that a reader notes some people are probably missing payments just to see if they can get a loan deal. That is what Sean O'Toole was referring to when he said banks are using foreclosure filings as a way to pressure people to start paying again.
Common Misconceptions About Loan Modification
You must be late on a payment to apply and/or qualify for a loan modification
FALSE Although a loan servicer may tell a homeowner they must be late, this is not necessarily the case. Often times the loan servicer will try to dissuade homeowners from applying for a modification in order to filter out those who in fact can afford to continue to make their payments. A homeowner does not need to be late on payments to qualify or apply for a loan modification. If you are facing financial hardship and are barely able to afford your payment(s) each month, now is the time to consider a loan modification in an effort to avoid foreclosure.
Because you are unemployed, you have a better chance of qualifying for a loan modification
FALSE To qualify for a loan modification, the homeowner must have a source of income that proves to the lender that, even though there is difficulty in making the current mortgage payments, there is the ability to make payments moving forward if the monthly amount is reduced. If you are unemployed, you may want to consider the short sale option. For more information on short sales please fill out the above form.
If you lack equity in your property and are unable to make your mortgage payments, you should walk away from your home and relinquish the property by mailing your keys to the original mortgage lender.
FALSE Sending 'jingle mail' can negatively impact your credit history for ten years and will prevent you from securing a new home loan for at least three years. A lender may consider a short sale offer if they believe it will be less costly to them than completing a foreclosure. A short sale may still adversely affect your credit history, but not nearly as much as a foreclosure or deed-in-lieu. There is also a shorter wait period for securing a new home loan (within two years) following a short sale.
