Michigan Today — Home And Health Care

Real Hope and Change

Archive for the ‘Principal Reduction’ Category

Where To Get Foreclosure Help 800.826.1929

Tuesday, March 13th, 2012

Michigan  State Housing Development

Authority (MSHDA) has so far received

3 Federal awards of nearly a half billion

dollars to help MI homeowners hardest hit

by this economy.   It is estimated by 2013

that about 49,000 homeowners in Michigan

with help from nonprofit organizations and

lenders will be able to avoid foreclosure through

3 Step Forward Programs:

1.  The Unemployment Mortgage Subsidy
Program
2. The Mortgage Loan Rescue Program
3. The Principal Curtailment Program

To learn more about these programs we

encourage distressed homeowners to call

their local realtor to investigate all programs,

options and alternatives to foreclosure.

Michigan Association of Realtors (MARS) and

MSHDA have collaborated in numerous regional

educational foreclosure prevention seminars. 

Your realtor can help refer you to one of the

above programs; or the homeowner who is

unemployed, has fallen behind in mortgage payments

or taxes due to an involuntary hardship, or can

no longer afford to make payments due to reduced

income can apply directly at MSHDA’s Web site

at www.stepforwardmichigan.org for any of the

above programs.  If you have any further questions

regarding foreclosure feel free to call Foreclosure

Prevention Institute, LLC at 1.800.826.1929 or call

Depot Realty Inc. at (800) 881-3089. Talk to Dave,

Janet or Ron.  Also, visit our

websites at ForeclosurePreventionInstitute.com

and DepotRealty.com.

http://ForeclosurePreventionInstitute.com

Saving America!

Hot Line:  800.826.1929

Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
800.826.1929

Depot Realty Inc.
956 Innes St NE
Grand Rapids, MI 49503
800 881-3089

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Posted in Cash For Keys, Deed in Lieu, Foreclosure, Foreclosure Prevention, Loan Modification, Loss Mitigation, Mortgage Lenders, Mortgages, Principal Reduction, Short Sales | No Comments »

Bank Foreclosure Settlement Pending

Monday, March 12th, 2012

The big banks such as Citi, Chase, Wells Fargo,

and Bank of America may finally have an agreement

with the US government and States  to resolve the alleged abuses

involving bank foreclosures.   The banks will be paying some

fines as well as gaining credits for helping homeowners facing

foreclosures.   Investors backing the loans may also be required

to take a hit by settling for less or may benefit if banks turn

nonperforming loans back into performing loans.  Five percent

or about 500,000 homeowners may benefit from this 25 billion

dollar settlement.   Three billion dollars will be made available to

help with Principal Balance Reductions.   Until now banks have been

dragging their feet regarding reducing mortgages for homes that 

have had significant drops in market value.  So both servicing companies

and banks will be having to consider principal balance reductions for homes

underwater as well as short sales and deed-in-lieus in place of foreclosures.

 The loan modifications will help homeowners obtain affordable and

reasonable new mortgage payments.  Homeowners foreclosed

upon will also not readily receive deficiency judgements from banks.

Overall, this settlement looks fairly good for resolving the issue and

could help to improve the stability of the real estate industry.

 

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Posted in Deed in Lieu, Foreclosure, Loan Modification, Loss Mitigation, Mortgage Refinance, Mortgages, Principal Reduction, Short Sales | No Comments »

No Help? Homeowners Turning To Strategic Default!

Tuesday, January 10th, 2012

Isn’t it about time homeowners got some help or,
if not, start making some wise strategic business
decisions on their own regarding whether or not to keep
their homes?   Afterall at the expense of taxpayers,
homeowners, Wallstreet, and investors, banks within the
last couple of years have received several bailouts to
ensure their doors are kept open.

The government has been protecting most large banks from
bankruptcy or failing from the housing bubble by printing
and distributing money like “mad” to the major banks. One
could say the government is responsible for causing this
mess due to their liberal policies and legislation.  Banks
were forced to lend to almost anyone who had some income.
Home loans too should never have been securitized on Wall Street,
but since banks are now too big to fail, the government is
supporting the securitization of loans on Wallstreet.

So what is a homeowner supposed to do? Years ago, homeowners
had a relationship with a local bank so both sides could sit
down and talk and perhaps renegotiate a forebearance or loan
modification. Not today, because not only is there no
relationship, but it is almost impossible to negotiate because
the deeds are either lost or have been sold piecemealed. No
one really knows who owns the deeds or who can make a decision.

Bank regulations are also a major stumbling block. A massive
amount of loans are nonperforming or are underwater due to the
great recession. The banks are required to have a certain amount
of money in reserve to cover the bad loans. If banks actually
showed a 30% drop in loan to value, most banks would have to
shut their doors. Thus they can’t negotiate loan modifications.
Their books would be way too far in the red.

How do I know this? A major bank called up a friend of
mine who is an appraisor. He was asked to do appraisals on
commercial property that he did 6-8 years ago. The catch
though was that for him to get paid, the values he finds
must be the same as previously done. Another bank executive
who I know who did in-house appraisals, just found out he’s
been demoted. His numbers were far too conservative for the
president of the bank. Banks are simply unwilling to face
reality. They simply cannot withstand a hit. Home and
commercial values have dropped over 30%, but banks continue to
refuse to accept this fact. If they did, they would have to
close up shop.

Banks are worried though, because more and more homeowners
are giving up and thinking strategically just like banks.
Sure homeowners should honor their loan commitments, but many
have to move due to job loss, need to upgrade or downgrade,
or are not wanting to throw good money away since their homes
are completely underwater. Homeowners took a risk when
buying, but so did the banks. Many loans were predatory or
have simply lost value.

Banks make business decisions everyday, and homeowners
should too. Like banks, nothing personal just financial –
it’s protecting one’s money and family. Furthermore, there
is no moral clause in a mortgage packet, just numbers,
interest, and procedures to follow should a homeowner
default.

If you are thinking about strategically defaulting on
your home loan seek legal advice by contacting an
attorney to protect your credit, and to limit any
financial ramifications. Banks can go after the loss,
but not as likely if it is a primary residence and
if one has tried to work-out the problem. However, banks
don’t have to cooperate. Heck, I have seen banks
foreclose on homeowners who simply didn’t make a late fee
payment, were two weeks late on their mortgage, or forgot
to add 80 cents into their payment. Banks at times
make no sense, so two can play this game. If Washington
can’t solve the problem, the current administration and
the banks are going to find out that many homeowners won’t
pay or make “cents” either!

Have a question about strategic defaults or foreclosures?
Call 1.800.826.1929
ForeclosurePreventionInstitute, LLC
271 Viking Dr
Battle Creek, MI 49017
http://ForeclosurePreventionInstitute.com

Disclosure:  We are not attorneys.

 

 

Stopping Foreclosure

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Posted in Foreclosure, Foreclosure Prevention, Loan Modification, Loss Mitigation, Mortgages, Principal Reduction | No Comments »

In Foreclosure? You’re Not Alone

Monday, January 2nd, 2012

Are you wanting to save your home, but your lender
won’t accept anymore payments? You are not alone.
I just finished helping a homeowner save their home
by doing an “accidental” strategic default. The bank
wouldn’t cooperate AT ALL, so we had to take it into
our own hands, and come back through the back door.

Read their story here:

Merchant Circle on Strategic Defaults

Then read the next story regarding Wells Fargo.

How Could You Do This To A Mother of Four?

See you are not alone.

Need help:
Call 800.826.1929 Ask for Dave Brigle

Foreclosure Prevention Institute
271 Viking Dr
Battle Creek, MI 4901

We have been specializing in Foreclosures for years!
Can’t hurt to give us a call.

Stopping Foreclosure

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Posted in Foreclosure, Foreclosure Prevention, Loan Modification, Loss Mitigation, Mortgages, Principal Reduction | No Comments »

MERS Settlement On The Horizon

Wednesday, June 8th, 2011

Several States are readying to settle the
lawsuit involving MERS and the fraudently
robo-signing of documents that enabled them
to foreclose on people’s homes without
proper recording of documents. Banks will
need certain terms before they sign-off since
it is a 20 billion dollar problem.

It looks like some people who are involved in
the lawsuits or who may want a principal
balance reduction in future circumstances might
be able to obtain a principal reduction at the
Federal level; and others settlements by
State Attorney Generals may get more money
to help homeowners loss mitigate future foreclosures
through “Hope” organizations. Foreclosure hotlines
may also be set-up to help struggling homeowners.

Also ran across an interesting article involving Michigan
foreclosure mills involving Orlans Associates and possibly
Trott & Trott law firm practices. Evidently someone is/was
investigating a possible conflict of interest in Title
companies used by these law firms to allegedly help
speed-up the foreclosure process. In general, the saga
continues regarding the whole foreclosure mess.

Homeowners who have been fighting foreclosure through
legal channels might fare well, but my overall feeling is
that in the long run banks will be protected. Maybe a few
more homeowners will be able to save their homes through
loan modifications or forebearance agreements, but the
the pace of foreclosures although slowed will continue to
steadily rise in this bleak economy.

Foreclosure Prevention Institute, LLC

Dave Brigle, Managing Member
Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
800.826.1929

Tags: ,
Posted in Conservatism, Foreclosure, Foreclosure Prevention, Loss Mitigation, Politics and News, Principal Reduction | 3 Comments »

Why No More Principal Reductions

Thursday, April 28th, 2011

Today, a hard money lender called
from California to find out how he
could help 60 homeowners facing
foreclosure. The homeowners want
to keep their homes, but are underwater
(owe more than their homes are worth).
He needs principal reductions for his
clients, but cannot find any lending
institution or bank willing to cooperate.

Last year, principal reductions were
feasible with the use of stimulus
money. Banks would sell their
toxic loans for 40 cents on the dollar
to hedge funds newly created
through the use of TARP funds.
The hedge funds bought the banks’
discounted paper in bundles, and
created new 30 year fixed-rate
mortgages at the current market
value. Principal Reduction companies
stepped-in as third parties to put the
deals together for the struggling
homeowners. Hedgefunds worked at
arms length of the individual home-
owners. Understand, at this time,
banks were fearful that homeowners
would walk away from their contractual
obligations.

Unfortunately since the beginning of
this year, government policies forbid
private third parties from doing principal
reductions. Today, banks are not
worried about homeowners walking
away and for whatever reason are
wanting foreclosed homes. I suspect
they are willing to hold onto the houses
until the market turns around in 10 years
or more. Consequently, no more
principal balance reductions or
short sales with today’s market and
financial policies.

In a broader pespective, Banks are
30 trillion dollars in debt. The government
is 14 trillion dollars in debt and growing.
The government and banks are in bed
together. The government wants money
to continue their social programs by buying
votes, and they need the banks to launder
the money from the taxpayer to the banks
to the democrats to finance their elections.
The banks make money because they are
able to borrow money from the government
at zero percent interest.

Right now, Treasury Secretary Timothy
Geithner is putting into play the confiscation
of federal employees’ pension funds. This
is just a prelude to the confiscation of everyone’s
401K, 403B, IRAs and pensions in general.
They are promising that this money will be rolled
into your social security check. It will be a
treasury note with a 2% interest rate.
Czechoslovakia Republic recently did just this
to their citzenry.

In the meantime, the government is having
to prop up the banks, because the government
in the end needs money to spread the
wealth to whomever they see fit. In
effect, both the government and the
banks are stealing money and wealth
from average hard-working Americans
with Qe1 and Qe2 which means quantitative
easing. It is nothing more than Keynesian
economics to fuel inflation. The government
thinks they can actually stimulate economic
growth by inflating the money supply. In
reality, they are destroying the US dollar.

In the end, the banks will be made whole,
and the government will be able to
redistribute the wealth to other third
world countries and to individuals,
companies, or groups of people who they
deem deserving. It is power, control,
and the socialistic way.

Tags: ,
Posted in Foreclosure, Foreclosure Prevention, Loan Modification, Loss Mitigation, Mortgages, Politics and News, Principal Reduction, Short Sales | No Comments »

How Lenders Structure Loan Modifications

Tuesday, February 1st, 2011

Have you ever wondered how exactly
lenders structure loan modifications? As
a person who helps homeowners obtain
loan modifications, I am always interested
in how banks determine:

A. Who qualifies for a loan modification
in regards to their gross income,

B. New Interest Rates,

C. New Mortgage Payments,

D. How taxes and hazard insurance
is figured with regards to escrow
payments,

E. and Why some people have
principal mortgage balances reduced
and others do not.

The servicing companies/lenders do use
mathematical formulas when modifying a
loan. In fact, the HAMP* program although
controversial in terms of its success in lowering
the foreclosure rate within the United States
has helped to set a standard for figuring
mortgage payments and interest rates.

    The standard is as follows:

First, many banks multiply one’s gross income
by 31% and then subtract monthly homeowner’s
taxes and insurance from the given amount. This
is considered the targetted monthly mortgage
payment. This makes sense because one shouldn’t
pay over one third of one’s pay to any
mortgage. (This is a conservative “rule of thumb.”)
People really get into trouble when their
mortgage and rent payments are above 50 percent.

Next to calculate a new interest rate, the lender adds
to the loan balance any back payments that are owed
and interest or escrow advances owed. The interest
rate is then lowered in small increments (.125) until
the target monthly rate is reached or all the way down
to a 2% rate. If the target monthly rate cannot be
reached then the mortgage loan may be extended for
40 years.

Another possibility to reach the target monthly rate
without having to extend the length of the loan is by
reducing the principal balance of the original loan.
HAMP does have guidelines to follow for reducing the
principal balance. Guidelines could include hardship,
assessed value (how far “underwater”), investors’
instructions whom back the loan, the number of months
in default, gross income, debt to income ratios, and other
mathematical formulas. Only 10% of the people who
have thus far received a loan modification have had
their principal reduced. So, the guidelines for a principal
balance reduction are quite stringent.

At Foreclosure Prevention Institute, we do use forensic
audits to force the issue for a loan modification from
the lender. The interest rates and terms are usually
significant compared to homeowners who negotiate on
their own. We also encourage homeowners to use
an attorney to grab the lender’s attention. Time and
again we see homeowners losing their homes to banks
who negotiated in “bad faith.” Homeowners don’t
know their rights or how to begin to “fight” back to
save their home from foreclosure. It has even been
hard for us since T.A.R.P. money has been stripped
away for principal reductions in many states.

Stopping foreclosure is difficult and has a definitive
legal timeline, so requires professional help for
successful outcomes. If you have a question(s) about
foreclosure or need a referral to an attorney, please
call Foreclosure Prevention Institute, LLC. Foreclosure
Prevention Institute’s hotline is 1.800.826.1929. Ask
for Dave Brigle, Managing Member. He has 35 years
experience in the foreclosure market and real estate
industry. He’s also a retired state appraisor, mortgage
company owner, and passed licensed real estate
salesperson. He freely provides information
regarding his experience with foreclosures and
evictions for those who call and ask. He cannot help
you unless you call him at 1.800.826.929.
Dave Brigle, Managing Member

Foreclosure Prevention Institute, LLC

271 Viking Dr
Battle Creek, Michigan 49017

1.800.826.1929

brigle@appraisaloffice.biz

http://ForeclosurePreventionInstitute.com

*HAMP = Home Affordable Modification Program

Forensic Audits & Loan Mods

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Principal Balance Reduction For A Fresh Start

Friday, November 5th, 2010

Saving the American Dream 800.826.1929

    Why A Principal Balance Reduction Is Needed                     

       Today, many homes and businesses are
currently underwater in that homeowners or
investors owe more than their homes
or commercial properties are worth. 
In a general sense, either the lendee entered into a
loan that he/she could not afford; or due to drop
in property values caused by the poor economy,
the homeowner/investor is wanting to just walk
away from their toxic loan.   It’s a national problem
and is growing.  Analysts predict that the real estate
market will not turn around for 15 years or more.

      People are struggling to pay their mortgages and from a business
stance don’t want to throw their hard earned dollars on bad loans especially
when the loan to value ratios are way out of kilter.   It used to be that one
could refinance or sell a property to help correct a financial problem.  However,
it is next to impossible when one owes more than what the property is worth, and
also when credit and money are so tight.

    What A Principal Balance Reduction Is

      A Principal Balance Mortgage Reduction can help solve the above
stated problems.  Furthermore, it will somewhat alleviate debt to help prevent
foreclosure and provides an opportunity for a ”Fresh Start.”  It is similar
to a refinance, but the loan is sold short.  Hedgefunds (Investors with millions
of dollars) are willing to buy back poor performing loans as a “bundle” from
the bank at huge discounts (50 cents on the dollar).  The residential/commercial
loans purchased by the hedgefunds are restructured into 30 year fixed-rate loans
for the homeowners/investors but at current market values.

     Thus, a Principal Balance Reduction is better than a Loan Modification
because the loan to value ratios are now in sinc.  The interest rates are
also very reasonable (around 5.5% to 8%).  One can have good or bad credit,
but of course the better the credit the better the interest rate.

     The exciting part of the Principal Balance Reduction Program is that
all players benefit.  The lender/bank gets the bad loans off their books to
free up their money (TARP money is used to reimburse the banks), the
investor makes a profit (spread between the negotiated price and current
market value), and the homeowner/businessman can keep their property,
stop foreclosure, save thousands of dollars over the life of their loan
(lower balance and mortgage payment), and get out of debt.   
It’s a win, win & win situation.

     There are only a few requirements to qualify for a principal
balance reduction:

  •   The property needs to be 20% or more underwater,
  •   The owner needs to have income to support the new loan,
  •   The owner’s debt to income ratio needs to be 50% or below,
  •   The owner cannot currently be in bankruptcy.
  •   And if in foreclosure, the property normally needs to be near
      the beginning of the redemption period

     Process Involved & How Long?

     It takes time (usually 3 to 6 months) to complete a Principal Balance Reduction.
Time is needed to gather documents, complete application, obtain an appraisal,
do a forensic audit if needed to strengthen negotiation posture, negotiate
individually the principal balance reductions with the various bank attorneys
and if necessary get investors’ approval who backed the original loans, obtain
homeowners’ signatures and acceptance, and then final bundling and selling
of the restructured loans to the Hedgefund(s). Once accomplished the
homeowner has a new modified loan at fair current market value.

     The Principal Balance Reduction Program cannot be guaranteed throughout
the whole process as described above. There can be many stumbling parts.
Situations change and banks do not have to grant Principal Reductions.
It is sometimes easier, though, to obtain a Principal Reduction from the big banks
versus local banks and credit unions due to the number factor…easier to
negotiate and bundle. The cost for a Pincipal Balance Reduction Program is about
five thousand to eight thousand dollars, but only paid if accepted into the
Principal Balance Reduction Program. This is not a lot of money considering
the huge savings involved.

Call 1.800.826.1929 For More Information

     If you would like more information regarding Principal Balance Reductions or are
interested in getting a Fresh Start, then call 1.800.826.1929 and talk to Dave Brigle
(Managing Member) at Foreclosure Prevention Institute, LLC. 
Foreclosure Prevention Institute, LLC is a conduit and is involved in the best
National Principal Balance Reduction Program available today.  TARP money is
being used, and so it is not known how long this unique Federally Approved Program
will be around. It has been a real business endeavor to coordinate and assemble this
New Principal Balance Reduction Program.   Foreclosure Prevention Institute, LLC
interest has always been to reach-out and help residential and commercial property
owners save their homes and businesses, get out of debt, and regain financial
prosperity. Foreclosure Prevention Institute, LLC has 30 plus years in foreclosures
and the real estate market.  Dave will answer your biggest nagging question(s)
regarding foreclosure and help find the best home solution for you. Call our
Hotline at 1.800.826.1929.   Get started today!!!

Dave Brigle, Managing Member
Foreclosure Prevention Institute, LLC271 Viking Dr
Battle Creek, MI 49017
800.826.1929
http://www.ForeclosurePreventionInstitute, LLC
brigle@appraisaloffice.biz
Nationwide and Especially Serving Western Michigan

Save America by Stopping Foreclosure 1.800.826-1929

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Posted in Bad Credit, Credit, Foreclosure, Foreclosure Prevention, Forensic Mortgage Audit, Loan Modification, Loss Mitigation, Mortgages, Principal Reduction, Private Money | 6 Comments »

Foreclosure Fraud And Rescue 800.826.1929

Thursday, October 21st, 2010

Save America by Stopping Foreclosure 1.800.826-1929

Get a Principal Balance Reduction to stop foreclosure and get out of debt. If
your home is 20% underwater call Dave today at 1.800.826.1929.

David Brigle
Managing Member
Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
800.826.1929
brigle@appraisaloffice.biz

     The foreclosure fiasco initially started when the government
demanded that banks create mortgages for people who had no business buying
a home . As a consequence, years later we are in a complete mess. The mortgage
industry grew and became unmanageable. Anyone with a heart beat could get a loan
whether they could afford it or not. Then greed set-in, and the government (Congress)
blindly looked the other way. Speculation was high and the economy seemed strong.

     As demand grew, the secondary mortgage banks hastily packaged the risky mortgage
notes and sold them off piece-meal and sometimes fraudently to foreign investors and to pension
funds across the nation. Then the market shifted into a bear market. The real estate bubble and
economy blew-up. Homeowners defaulted on their loans for any number of reasons, and to manage
the rate of foreclosures and to hide problems in the chain of title and nonrecording of notes, some
banks and servicing companies did not follow due diligence and fraudently began signing affadavits
to cover-up their errors.

     Investors and homeowners screamed foul to no avail, but finally some attorneys representing
them gained the attention of attorney generals in various states. Foreclosures came to a halt
in late Septemeber and early October as banks reassessed their practices and the damage done.
The banks are now beginning to restart the foreclosure process with little change. The government
will probably have to legislate to protect the banks’ procedures, and to streamline into the 21st
Century. Another bail-out may also be in the works. Ultimately, the government has given the
major banks a license to steal private citizens properties, savings and wealth.

     This is all part of the grand design. The elite want to control the working man and in addition
want to retain their power. The scheme is to spread the wealth around, and establish a socialistic
U.S. government…and a new world order. Capitalism is dead under the O’bama régime, and it may be
too late to be revived.

     Max Keiser’s video does a better technical job in explaining how bank’s have and are fraudently
robbing the average American’s and our Nation’s wealth. He suggests that most mainstream
Americans are just sitting quietly around and comtemplating — wondering why there are few jobs,
why our jobs pay so little, why there are no more pensions, why our IRA’s are not growing, why we
are losing our savings, and our freedoms?

     Fortunately, in America we can express our discontent at the ballot box. The economy is
also too large that even the Federal Reserve cannot artifically control the market forever, nor will
it actually be able to stabilize the dollar. Eventually, we will be forced back to the gold standard,
but then Max warns that war ships may be at our shores. All is not well!

Hotline:  800.826.1929  STOP FORECLOSURE TODAY!!!

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Posted in Conservatism, Foreclosure, Foreclosure Prevention, Mortgages, Politics and News, Principal Reduction | 6 Comments »

Major Nationwide Foreclosure Investigation

Thursday, October 14th, 2010

This nationwide foreclosure investigation is a reprieval gift

for homeowners who are facing foreclosure to modify their mortgages

with a Principal Balance Reduction.  A Principal Reduction restructures

the note and provides reasonable terms and rates while also lowering the mortgage

principal balance to current market rates.  If you are 25% or more

underwater and have had a hardship, call Foreclosure Prevention Institute, LLC

today at 1.800.826.1929.  We have private investors who will negotiate with

your bank to buy your mortgage note at a discount and then turn around and

provide you with a new note at current market value — similar to a refinance.

You then have an affordable mortgage and can keep your home and regain

financial peace of mind.

Dave Brigle
Managing Member
Foreclosure Prevention Institute
271 Viking Dr
Battle Creek, MI 49017
Hotline: 800.826.1929
brigle@appraisaloffice.biz

http://ForeclosurePreventionInstitute.com

P.S. We will evaluate your home situation for free, and answer
your nagging foreclosure questions as best we can.

Tags: , ,
Posted in Foreclosure, Mortgages, Politics and News, Principal Reduction | 5 Comments »

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