We, at Seattleshortsaleblog, endorse HUD counseling services and believe it is an essential part of acquiring help pre or post delinquent payments. If you are struggling to make payments, we recommend contacting a housing counselor who not only is 100% free to you but is unbiased and has no hidden agendas or incentives other than to help you. Rob McKenna, WA state’s attorney general, has provided hundreds of thousands of dollars directly funding non-profit HUD counselors for Washington residents. It is pivotal for you to take advantage of this free service.

Who Exactly Are These HUD Housing Counselors?

The U.S. Department of Housing And Urban Development (HUD) support the approved housing counseling agencies as they promote objective and much needed professional counseling for existing homeowners who are struggling to make payments. The credentials of these professional counselors lie within the National Industry Standards for Homeownership Education and Counseling  – Specializing in Foreclosures.

What Do These Housing Counselors Do? *Resource from Federation

1. Interview the client confidentially to learn basic information about the client and his or her housing need or problem.
2. Identify resources (within the counseling agency, the client’s community, or HUD) that might help meet the need or resolve the problem.
3. Design a counseling plan for the client.
4. Explain the plan to the client and obtain the client’s consent for the counselor to carry out the plan, including the actions the client must take.
5. Refer the client to other resources within the community and assist the client in making appointments.
6. Recommend additional private or group counseling sessions conducted by the agency or other community resources.
7. Monitor the client’s progress toward meeting the need or resolving the problem.

One very important part a HUD counselor plays is they protect you from any scammers who will inevitably, if you are in pre-foreclosure or foreclosure, contact you in various ways (mail, phone, and etc.) with a promise of “relief” which typically comes in the form of a loan modification.

How do I get in contact with a HUD counselor in my area?

HUD.GOV – HUD approved counseling agencies all around the nation. Find one in your state.

Other Recommendations:

Contact us – Our team has Certified Distressed Property Experts, Short Sale Agents with years of experience and hundreds of successful closings, short sale negotiators, Realtors, and more. Through the Seattleshortsaleblog, you have access to a free consultation with our experts who will contact you within 24-48hrs via phone and/or email once submitting contact info under the short sale tab.

Hope Hotline – The Homeownership Preservation Foundation is another excellent and legitimate resource for counseling.

Safety is in a multitude of counselors.

Hope this helps friends

Peter

Federal aid has offered various programs via Making Home Affordable (MHA) to help American citizens all across our nation who are struggling through the recession. Although it has been helpful, foreclosures are still increasing leaving many in difficult situations. Acknowledging this widespread dilemma, several state governments have implemented a “Foreclosure Mediation” program that allows homeowners to speak directly with their lender to formulate an agreement on the issue of their delinquent mortgage payments. Is this a remedy option worth pursuing? Studies in Washington State have shown improvement in halted foreclosures.

This bill that the Washington State Legislature passed is called the Foreclosure Fairness Act of 2011. Seeing the staggering statistics of foreclosures in Washington which was over 132,000 foreclosed homes between 2009 and 2012, Washington decided to aid its citizens by funding HUD counselors to help distressed homeowners all throughout Washington. Through the HUD counselor or an attorney, the homeowner is able to request a foreclosure mediation where they are able to speak directly with their lender, with a mediator’s assistance (HUD counselor or attorney), to reach a “fair, voluntary, and negotiated agreement.”

Who qualifies for this program?

*For Washington Residence

Homeowners are covered if they are in owner-occupied properties and have either: (1) received a Notice of Default on or before the effective date of the Act and their house has not yet been sold at foreclosure sale; or (2) after the effective date, have not yet received the Notice of Trustee’s Sale. Any lender or servicer who did 250 or more foreclosure sales in Washington during the previous year is covered. The Act is effective on July 22, 201 1. The Department of Commerce will administer the Mediation Program.

Benefits to the Mediation Program

The main benefit of this program is reaching a consensus between the homeowner and the lender. The possible outcome may grant the homeowner:

• A loan modification which will reduce the interest rate and extend the mortgage period.
• An agreement to conduct a Short Sale which is selling the property for less than what the homeowner owes.
• A Deed-in-Lieu of foreclosure which is a voluntary transference of the deed to the mortgage company that has the homeowner’s loan.
• Cash for keys program which may provide monetary incentives for homeowners to vacate the home.

The other important benefit of this mediation program is if the lender agrees to participate, the homeowner is able to obtain an extra 45-60 days after the 15 days for the meeting to be approved and scheduled once requested. This act gives homeowners more time to figure out what the best move is to make when in danger of foreclosure.

How do I utilize the foreclosure mediation program?

The cost of using the mediation program is $200. If the homeowner qualifies, it can be obtained by speaking with a HUD approved counselor or an attorney who will send a request for mediation to the lender.

Will the foreclosure mediation program ACTUALLY be beneficial for me?

Click here to see if your state is participating in the foreclosure mediation program.

This mediation program has the potential to be beneficial. Lenders typically try to forgo the foreclosure process and are willing to work out a solution with homeowners. However, the results have been variable from state to state. Some states such as Florida have brought dismal results bringing only 4% of the referrals to the program ending in an agreement. The State of Washington have had better results having halted over 600 foreclosures in just 3 months after the program started in July.

If anything, the real incentive to use this program is the delay of the foreclosure process. It gives the homeowner more time to plan and make an informative decision for their home rather than being foreclosed on and evicted which could be emotionally and financially detrimental.

If you are in a position where you received a notice of default or are already in foreclosure, this may be an extremely helpful tool for you. I suggest you call a HUD counselor in your area immediately, even if you aren’t in default but struggling to keep up with your mortgage payments. If you live in Washington, I highly suggest you contact our short sale specialists to learn more about the process and consult with our certified distressed property experts as a short sale is in most cases, the best option for homeowners. Submit your information here and I will have our experts contact you within 24-48 hours.

Hope this helps

Peter

Stop trying to simply increase your income to solve your financial problems. Rather, focus your efforts more on stabilizing your financial situation with the income you are already receiving. We recommend Dave Ramsey’s Babysteps program as we have found Dave Ramsey has been one of the best financial advisors having helped millions of individuals achieve financial freedom. He helps individuals get out of the system of perpetual debt, learn how to budget, save, invest, build wealth, give, and much more.

When should I purchase another home?

We do not recommend purchasing another home until you are financially ready. During this financial rebuilding, there will be the temptation where right after you save enough money for the down payment, you’ll want to buy another home immediately. Although you may enjoy the purchase of the new home momentarily, you will be right back where you were and possibly worse depending on the situation. Make sure you get financial wisdom prior to purchasing your next home and make it a goal to get a 15-year fixed mortgage or do a 100% cash down on your next home.

What is your goal? If it is to purchase another beautiful home, then there needs to be planning or expect to rent for life. Now that you have freed yourself from the costs of homeownership, use that money to work on eliminating your debt, building your assets and savings, and living in a beautiful home financially free. If you haven’t done a short sale yet but are struggling with your mortgage payments, we highly recommend you talk to HUD approved counselors and find out all the options for your home. If short sales are a viable choice for you, submit your information in the short sale tab above and we will provide you with a free consultation with one of our experts.

Hope this helps

Peter

If you are looking into short sales and/or other options, your home may be underwater, meaning you owe more than your home may sell for. You know your balance owed on your mortgage(s) from bills and other sources. However, do you know how much your home is worth? The difference between the remaining balance on your mortgage(s) and the home’s eventual sales price determines whether your home is underwater and affects how much you may owe your lender post short sale.

Although hiring a professional assessor produces a more accurate estimate, there are resources online that may give you a ballpark of what you are looking at so you may be better informed in your decision whether to short sale or not.

Here are some resources to calculate your current home value:

*Instructions – Just type in your property address in the blank form.
How much is your property worth?

• Zillow.com “Zestimates”   http://www.zillow.com/
• Homes.com http://www.homes.com/Home-Prices/
• Trulia.com http://www.trulia.com/

These websites may give you a ballpark of how much your home may be worth. Suppose you find the value of your home is worth $250,000 and you owe a total of $320,000 on mortgage(s). You are underwater about $70,000.

Underwater is also known as “negative equity.” Hence, a short sale is a highly popular choice for many homeowners where they can walk away from the property with a small promissory note or your deficient amount completely waived.

Once you find the estimated deficiency balance, I highly suggest talking to a legitimate short sale specialist in your area who can advise you on whether a short sale is or isn’t right for you and will give you a truthful depiction of how your short sale will turn out. One thing about our agents is they give a real scenario based on your deficient amount, your home value, your lender/servicer and other factors rather than giving an ideal sequence of events of what your sale will look like due to their hunger for business. Our agents have hundreds of liens currently in process and they will only approve a short sale file if they believe it will end on great terms.

Contact me with a brief description of your home value and balance owed to your lender via Peter@seattleshortsaleblog.com or simply submit your information in the short sale tab above to receive a free consultation from our experts. Hope this helps

Peter

There is wisdom in a multitude of counselors. Dealing with your mortgage(s) should not be done alone as it is an extremely complicated process which naturally causes high stress and will most likely produce unwise decisions. I always recommend finding HUD approved counselors to help you based on your specific situation but whether it is a Foreclosure, Loan modification, Short sale, or filing for Bankruptcy, consulting with an attorney is just as important to safeguard your future. Key point: Find the right attorney to counsel you.

How would an attorney help me?
In America, it is wise to have an attorney on hand. We deal with legal matters more often than we realize even for the little things including overcharges for repairs, speeding tickets, returning defective products, and so on. An attorney will be in your best financial interest if you know when and how to utilize their services.

What about the more serious situations such as dealing with mortgages and deficiencies? Whether you are letting go of your property via foreclosure, deed-in-lieu of foreclosure, a short sale or pursuing a refinance/loan modification, sale/leaseback, or filing for chapter 7 or 13 bankruptcy, any decisions without an attorney can be a detriment to you and your family.

An attorney will be able to guide you to the right decision for your home and whatever route you take, their counsel will be a safeguard for your path. Some examples of the need for an attorney are:
*All laws vary from state to state.

• Foreclosure – Knowing your state foreclosure laws/processes and your rights as a homeowner is very important. Even if you live in an anti-deficiency state and your home is foreclosed on, having a subordinate lienholder will put you at risk of a deficiency judgment. You also need to know exactly what the tax and credit implications are after a foreclosure.
• Short Sale – In a real estate transaction, there are a number of documents you must review and sign. In short sales, you must be very careful in reviewing all the documents especially when you are dealing with the deficiency agreement on the approval letter. If your lender requests you sign a promissory note when closing the sale, you must understand the terms of agreement.
• Bankruptcy – Many homeowner’s have false notions on what all a BK can do for them. In a chapter 7 bankruptcy, you liquidate your non-exempt assets and can discharge unsecured debts. However, this does not eliminate liens as it does not discharge secured debts. Your lender is a secured creditor meaning the debt owed to them is secured by the lien on your property.
  If you have some income, you may file for a chapter 13 BK where you keep assets but rather than discharging your debts (some are dischargeable i.e. fraud judgments), you reorganize them to pay off overtime (3-5 yrs.) according to a repayment plan set by the court. You must still make payments to your lender according to the repayment plan. If you miss any payments under your plan, your case will be dismissed by the court
  Be sure you know exactly what pursuing a Bankruptcy entails and if you even qualify. Your attorney will be able to explain that to you and help you determine whether BK would be in your best interest based on your situation.
• Loan Modifications – Although I do not endorse pursuing a loan modification yourself, your attorney can give you consultation through the process and go through the documents with you.It is a no brainer, if you are in pre-foreclosure status, find yourself an attorney.

What if I don’t have the finances to hire an attorney?
Qualified attorney’s typically charge an hourly rate of $200-300 for legal consultation. With the difficult process of dealing with mortgages, you can easily accrue a staggering amount of expenses that would be difficult to pay especially when you were struggling financially in the first place.

Fortunately, Seattle Short Sale Blog found the solution. We understand the need of an attorney when in pre-foreclosure status but finding a legitimate attorney at an economical rate is nearly impossible to find. We’ve discovered that rather than paying an attorney $200-300 for consultation (which should really be spent for legal representation), we endorse Legal Shield services.

Legal Shield allows unlimited access to multiple attorneys with AV ratings on the LexisNexis Martindale-Hubbell. These attorneys are experts in specific fields such as foreclosures, loan modifications, short sales, bankruptcy and more but only charge at a standard rate of $17 a month. It is on a membership basis rather than an hourly basis which has proven to be an extremely viable choice being in a recession. Click here and find your attorney.

Hope this helps

Peter

Being in a recession, everyone is struggling. There is no shame in adjusting your practices for the betterment of your future. In fact, it is very wise to downgrade your standard of living temporarily until you establish financial security for you and your family. Remember, it is just a season. The quicker you resolve your housing issue, the better the outcome will be for your future. Below are tips and steps to avoiding foreclosure.

Instructions to avoid Foreclosure
1. Do not ignore your lender. The Foreclosure process is inevitable and ignoring your lender will make it more likely for you to lose your home to Foreclosure.
2. Contact your lender if you have or think you will have a problem. Understand that in most cases, your lender doesn’t want your home to go to Foreclosure. They give options to homeowner’s with financial difficulties.
3. Open and respond to any and all mail from your lender. The initial documents they provide you will have good information on foreclosure prevention options. Subsequent mail will have even more important information such as notices of pending legal action.
4. Know your mortgage rights. Find your loan documents and know what your lender can do legally if you cannot make payments. Learn about foreclosure laws in your state.

5. Contact a HUD approved counselor.
Search for a HUD-approved housing counselor, or
Call toll free (800) 569-4287 to find a housing counselor near you, or
Call the Homeowners Hope Hotline at (888) 995-HOPE.

6. Read through www.seattleshortsaleblog.com to understand Short Sales which is a much better alternative to Foreclosure.

Make a decision on whether to keep your home or let go of your property.
This will be a difficult decision to make but it is an important one. After speaking with multiple counselors, sit down with your family and discuss the reality of the situation in order to plan accordingly.

Keeping Your Home
If keeping your home is priority after considering all aspects of your financial situation, establish a budgeting plan.

• Budgeting: Go through your bills and cut out all optional expenses such as cable TV, data and phone plans, memberships, every day spending and others.
• Utilize your current assets: A second car (sell or downgrade), jewelry, life insurance policy, or anything else you can sell to help reinstate your loan. Even though you may not receive much from these actions, your efforts will show your lender that you are willing to make sacrifices to keep your home.
• Additional income: Can anyone in your household bring additional income by taking an extra job? Any contribution would help keep your home.

Letting go of Property
If you believe letting go of your property is in your best interest, speak with trustworthy experts in your area. Most homeowner’s are struggling to afford mortgage payments and in most cases, the current mortgage(s) is not right for them. Rather than making large sacrifices to keep your home, you have the option of walking away from your property via short sale with minimal repercussions. This way, you will be able to save and purchase a new home with a better interest rate and have a stable financial situation.

Be extremely careful on the agents you choose to conduct your short sale and avoid the many scammers out there who target distressed homeowners. Finding a legitimate expert in your area is difficult but here are some resources on how to choose the right one.
How to find the best short sale agent in your area
A key factor for a good short sale agent
Ten things to ask a Real estate agent

If you are in Washington State, I have personally handpicked my team of agents and negotiators who have a high success rate and hundreds of closings under their belt. If you would like a free consultation based on your situation, fill out the contact form under the short sale tab above and our experts will get in touch with you within 24-48 hours. For all other questions, feel free to email me at Peter@seattleshortsaleblog.com

Hope this helps,

Peter

The Obama Administration has received its share of criticism over the past few years for a number of issues such as the national deficit, tax cuts, health care and more.  When the Subprime Mortgage Crisis took momentum in 2006, recovery became increasingly difficult though commendable efforts were made to aid struggling homeowner’s. Thus far, the results have not been ideal.

Homeowner’s are constantly seeking help from various programs set by Federal Agencies and Government Sponsored Enterprises(GSE). There are many programs available for those who are seeking but the execution of these programs are not as streamlined as homeowner’s would expect and on numerous occasions, have left homeowner’s in a worse position. Utilizing these government programs even though it takes considerable time and effort may produce great results. However, many homeowner’s are now developing a negative disposition to these government programs.

In response to the Subprime Mortgage Crisis, a number of acts and programs have been implemented: The Housing and Economic Recovery Act of 2008 (aka HERA), Emergency Economic Stabilization Act (EESA) & Troubled Asset Relief Program (TARP), Homeowner Affordability and Stability Plan, Mortgage Forgiveness Debt Relief Act and many more. The primary outlet of the Obama Administration’s efforts to avoid foreclosures and stabilize the housing market is through the Making Home Affordable (MHA) Program. Below is a list of the various options that you may be eligible for:

For those seeking modifications or refinance for your current loan(s)

• Home Affordable Modification Program(HAMP): HAMP, if eligible, helps homeowner’s lower their monthly mortgage payments. Based on recent statistics, there are currently 690,969 active permanent modifications.
• Principal Reduction Alternative(PRA): PRA, if eligible, helps homeowner’s reduce their loan amount by working with their servicers and investors if the home values are significantly less than what they owe. Based on recent statistics, there are currently 10,544 active modifications.
• Second Lien Loan Modification Program(2MP): If your first mortgage was modified by HAMP and you have a second mortgage on the same property, you may be eligible for a modification or a principal reduction on your second mortgage under 2MP. Based on recent statistics, there are currently 35,031 active second lien modifications.
• Home Affordable Refinance Program(HARP): For those who are current on their mortgage payments and have attempted a traditional refinance but was declined due to the reduction in value of your home, you may still be eligible to refinance through HARP.
  
• Treasury/FHA Second Lien Program(FHA2LP): If you have a second mortgage and the mortgage servicer of your first mortgage agrees to participate in FHA Short Refinance, you may qualify to have your second mortgage on the same home reduced or eliminated through FHA2LP.
• Home Affordable Unemployment Program(UP): If you are unemployed and are struggling to make mortgage payments, eligible homeowner’s may be able to receive a temporary reduction or suspension of mortgage payments for at least twelve months while seeking re-employment. Based on recent statistics, there are 11,364 UP forbearance plans with some payment required and 2,629 UP forbearance plans with no payment required.
  
• The Emergency Homeowners’ Loan Program (EHLP): This program can provide eligible homeowners with a 0% interest, forgivable loan that pays past-due mortgage payments (principal, interest, taxes, insurance, attorney fees), as well as a portion of the homeowner’s monthly mortgage payment for 12 to 24 consecutive months, or up to $50,000, whichever comes first, and provided that certain eligibility requirements are maintained.
  Applications to qualify for this program are officially closed as of September 15, 2011. Based on a phone call to their referral center, reinstatement of this program is TBD.  Out of an estimated 100,000 applicants, it is expected that only 10,000 to 15,000 people will qualify for this program due to strict eligibility and mortgage delinquency policies.
• FHA Forbearance for Unemployed Homeowners: Federal Housing Administration (FHA) requirements now require servicers to extend the forbearance period for unemployed homeowners to 12 months. The changes to FHA’s Special Forbearance Program announced in July 2011 require servicers to extend the forbearance period for FHA borrowers who qualify for the program from four months to 12 months and remove upfront hurdles to make it easier for unemployed borrowers to qualify.

For those who believe letting go of your property is the best option:

• Home Affordable Foreclosure Alternatives (HAFA): Please read my previous article on HAFA. HAFA offers incentives for homeowners looking to exit their homes through a short sale or deed-in-lieu of foreclosure.  Based on recent statistics, 15,531 HAFA Short sales have closed. If the homeowner successfully closes a short sale through the HAFA program, they have full release of liability on the first mortgage as well as any subordinate liens. They also are able to walk away with up to $3000 relocation assistance upon closing.

The easiest way to find information on the MHA programs based on your specific situation is to contact a HUD approved counselor in your area or call the Homeowners Hope Hotline at (888) 995-HOPE.

Do these programs really help?
Although these programs may seem promising, please keep in mind that many of the MHA programs have loopholes and strict qualification guidelines. According to the data from the US Treasury website, many programs were started but only a portion of them ended up becoming active permanent modifications.

One homeowner, Terrie, whose story was posted on a Making Home Affordable website, filed a mortgage modification via HAMP. While waiting for a response for the modification, he got a notice from the bank saying they had foreclosed on the property and already sold it to another person. Terrie subsequently received a notice saying his application was rejected for the modification. These types of occurrences are not uncommon. “Homeowners like Terrie do not understand why the government’s program would allow mortgage providers to entice distress homeowners with promises of helping them stay current on their home loans while at the same time, initiating procedures that will put the homeowner out of his or her home.”

Based on the many stories and experiences I’ve heard, I strongly believe that looking into the HAFA program or a traditional short sale would be a much better alternative to foreclosure.  This route would set you up for a better financial position and equip you for a new home in the future. Don’t put yourself at risk of a foreclosure.

Do you have any personal experiences(negative or positive) with any of these programs? Please share in the comments below. Thank you

Peter

I have seen and heard a variety of unfortunate circumstances through Seattleshortsaleblog. Many of them were caused majorly due to one of America’s poisons: Pride.

As an expert in this field, I know the direction of the housing market is going south. I cannot emphasize this statement more to all homeowners: Eliminate Pride and be Proactive. The longer you wait, the deeper your hole will get and the harder it will be to get you out. Please read and memorize these two very important lessons that I am about to teach. I guarantee it will change your life.

Lesson number 1: Be humble.

We live in a world where social status governs our daily actions. We walk around with nice bags, cars, phones, homes, and other items when we are still in debt with car payments, mortgages, student loans and etc. I find this absolutely outrages as for most people, this not only affects them but their family’s as well. We have become so possessed with our image to the point where our selfishness put us in one of the worst positions we’ve seen in our economic history. Why are we in a recession? Largely because we are all spending money that we do not have! Our debt ceiling is around 14.2 trillion.
I believe media has exacerbated this issue as corporations have never been more aggressive in marketing their products to people who cannot afford them. Many of us consumers will use a line of credit to purchase whatever is thrown at us. This is an unfortunate practice that still exists today even in this economic slump.

If you are struggling to pay your bills, do not spend money that you need for more important things. Even if it means drinking homemade coffee rather than going to your nearest Starbucks or Tully’s for that premium $2.00 coffee every day.

For homeowners, getting rid of your home can be a humbling experience but if it is an option that you know is viable for you, then it might be an important decision to consider.

Lesson number 2: Be proactive.

Regardless what position you’re currently in whether you are in default and pre-foreclosure status or you can foresee yourself in default, please free an hour of your time now. Schedule it in your calendar and do not read on until you have done so.

Spend this hour contacting professional advisors to explain your situation.
Here are my recommendations for counselors:

U.S. Department of Housing and Urban Development – HUD Approved Counselors

Homeownership Preservation Foundation – Free and legitimate counsel

Better Business Bureau - Use to verify legitimate practices of a questionable company

Peter@seattleshortsaleblog.com – I will offer my personal expert advice.

There is light at the end of the tunnel. Do not be ashamed and lose hope as we are all affected by the recession. Our economic situation is not getting better for many years and if your friends are not struggling now, in most cases, they will be.
You however will be in an optimal position as you will have dealt with your home and reduced your debt significantly. You will be able to purchase another home that you can afford and be in a much better financial position than many of your friends who couldn’t deal with their pride and open their eyes to the reality of our economic situation.

I get an influx of requests for help from distressed homeowners but I would like to make myself available. If you are looking for more information on short sales, my team of negotiators specialize in short sale transactions and I can arrange a free consultation if you request it under the short sale tab.
Don’t lose hope friends.

Peter

When something sounds too good to be true, it probably is. Be vigilant of the many foreclosure prevention scams that still exist around this nation. Make sober judgments by speaking with trustworthy professionals and doing adequate research before making any important decisions for you and your family.

The FTC adopted the new MARS rule on December 29, 2010 to protect homeowners from the numerous unethical business practices involving real estate and home mortgages. These federal rules are: Advanced fee ban, Proper disclosures, and Prohibited claims. However, although the DFI and DOL are working to eradicate these issues by scammers, many predators still exist but just altered their tactics to stay in business.

3 Common types of scams:

• Phantom help: A loan modification scammer who say they will help you once they receive an advanced fee. Upon receiving the payment, they cut off all contact with you and keep your money.

• “Rent to buy” or “The Bailout”: This is a common scam where the company offers to buy your home and allow you to pay rent until you can purchase it again. In most situations, they will take the money you put into it and you will end up with no property and no place to stay.

• The Bait and Switch: A company that offers to bring your home mortgage current and asks you to sign various documents for a new loan. In those pile of documents, you are actually signing a deed, basically giving the company your home.

Here are some legitimate resources you can use to get you the right help:

U.S. Department of Housing and Urban Development – HUD Approved Counselors

Homeownership Preservation Foundation – Free and legitimate counsel

Better Business Bureau - Use to verify legitimate practices of a questionable company

Google – Do your own research!

Contact Seattleshortsaleblog by emailing Peter@seattleshortsaleblog.com – Regardless of your situation, our qualified professionals will provide you with free counsel to help you make the right decisions.

What kind of foreclosure scams have you seen? In the mail, out on the street, online, calls, even in person and etc. Share your experiences with us and increase our knowledge to prevent another foreclosure prevention horror story.

SSB

Have you ever heard of the Chase Homeownership Center? To briefly explain, Chase created centers all across the nation to help homeowners with their Chase or EMC mortgages. As there exists countless loan modification scams that have left numerous homeowners worse off than pre-attempting the mod, Chase nullifies this anxiety by providing them with a legitimate service that is absolutely FREE.

Should you use them?

Although I will not give you a yes or no answer, I can at least better equip you in your decision.

The majority of homeowners who attempt a loan modification for their home struggle in dealing with their lenders to push a modification through. By having a personal relationship with someone in your area at the homeownership center, you may be able to alleviate this difficulty. They provide face-to-face interactions and are able to act as a guide in collecting supporting documents, verifying all mortgages, loans, and liens, verifying all sources of income, and your hardship letter.

The reasons why Chase created this program was because they were notorious for being particularly difficult to work with when handling a modification. The Chase Homeownership Center is a remedy to that problem.  What are the incentives for them you ask? As Steve Stein, a Chase senior vice president who manages the home ownership preservation efforts said, “Foreclosure should always be a last resort. It is in everyone’s best interest, wherever possible, to find ways to keep people in their homes.”

The question you must consider is: Will these centers from Chase work in your best interest to get you the absolute best modification available for you? I believe the Chase Homeownership center is useful for those who are attempting a modification themselves. However, I will always be an advocate of using a professional who works in your best interest to help you execute important decisions or tasks. For example, I have spoken with legitimate loan modification companies who have gotten an approval from the homeowner’s lenders but rejected it because they knew they could get better modification terms for the homeowners. These genuine companies are very rare but I promise you, they do exist.

Although I may not be able to tell you what is “right and wrong” for your home as it is ultimately your choice as the homeowner, I can at least give you the best guidance as the SSSB team are experts in this field.

Here is the Chase Homeownership Center website. If you are interested in using this program, you can find a Homeownership center in your area.

I hope this helps my friends.

SSSB