Legal Loan Relief
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California Homeowners Can Stop Foreclosure with Loan Modifications, Forensic Loan Audits and Negotiated Mortgage Loan Modification Terms.
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31 Mar 09 Mortgage Relief Comment from Wells Fargo Post

Low and behold, I was astounded to see today that Wells Fargo made a comment about mortgage relief and loan modification qualifications in a blog post. I was shocked not because Wells Fargo was associated with a loan workout, but because it is not their public relations style to comment on a blog about their specific role in the foreclosure prevention arena. Wells Fargo has extended thousands of mortgage modification plans to homeowners over the last few years and I really think that the media and homeowners have given them a “bum rap” that is not warranted.

Let’s not forget that Wells Fargo never offered 2-year adjustable mortgages and high risk option ARM’s with the 1% teaser rates that Chase, WAMU, IndyMac, Countrywide, World Savings and pretty much every other subprime mortgage company offered a years back.

Here is the unsubstantiated comment: “Knowing that it would probably be unlikely that Wells Fargo could comment publicly on the mortgage issues facing the Kropkowski family, I still asked the company for a response early Monday. This came in Monday night, just after my column deadline:

“During a time of financial hardship, various workout options are explored and may be available to customers.  If a homeowner can’t demonstrate financial ability to afford a loan modification under the investor guidelines, Wells Fargo is unable to extend a loan modification.  Due to customer confidentiality and other privacy considerations, Wells Fargo cannot share specific customer loan information beyond what the customer has chosen to make public.” Debora Blume, in the Communications Dept. of Wells Fargo Home Mortgage. Original Blog Post >

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17 Feb 09 20% Northern California Home Mortgages Underwater

A huge percentage of Northern California homeowners suddenly owe more on their home mortgage loans than their homes are actually worth.  A recent mortgage relief report indicated just how quickly and far house values have tanked in, Silicon Valley. Mortgage industry groupies call this “underwater.” That is when you owe more on the total home mortgages than the home’s current fair market value. In a recent article, mortgage financing expert, Jason Cardiff said, “The homeowners that can afford their mortgage need to look forward and avoid getting caught up in the home devaluation crisis of 2009.” Cardiff continued, “California home values will rebound in a few years once the housing market receives the measure it needs for correction.” “California is still the greatest place to live on the planet and that why West coast homeowners need to stick it out if they can afford their mortgage.”

This new housing report shows that 20% of homeowners in Silicon Valley owe an outstanding mortgage balance that is greater than their property value. According to real estate news company zillow.com, during the 4th quarter of 2008, nearly 20% of homeowners in the San Jose metro area were experiencing “negative home equity.” Home values vary greatly in some Santa Clara County neighborhoods. This is the most significant decline in over a decade. Many home financing evaluators are predicting that mortgage modifications will reduce foreclosures in 2009.

When people are concerned about their income and savings disappearing, fewer will purchase homes despite low mortgage interest rates and falling prices. It is a difficult time for homeowners with these drops in values, but most real estate experts believe that home values will rebound eventually. Until then, FHA continues to extend a great opportunity for 1st-time homebuyers previously priced out of the market. Low interest rates along with lower home prices, especially foreclosure properties, are encouraging more new home buyers.

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18 Dec 08 Streamlined Mortgage Modification Program Eligibility Requirements


  -- Conforming conventional and jumbo mortgage loans originated on or before January 1, 2008;

  -- Borrowers who are at least three or more payments past due and are not currently in bankruptcy;

  -- Only 1-unit, owner-occupied, primary residences; 

  -- Current mark-to-market loan-to-value ratio of 90 % or more.

Mortgage service companies will be sending mortgage modification solicitation letters beginning this month to thousands of homeowners believed to be eligible for this loan workout program. It is critical that eligible borrowers seeking mortgage relief respond to these letters and reach out to their servicers to determine if they can receive streamlined loan modification assistance. Also, borrowers who don't receive a letter are encouraged to contact their servicer to see if they may be eligible for SMP help. Fannie Mae will be working with servicers to monitor and improve implementation of the program as necessary. 

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage loan market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America.  - Source Fannie Mae 
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