Attorney Empowerment
with every loan Modification we negotiate.
At New Hope Mortgage Solutions,
we work for a network of attorneys
that work for you.
Why choose an attorney for help with your Loan Modification.
It is no secret that across our great nation, we are experiencing an historic economic and housing crisis. There are millions, of homeowners upside down on their mortgage with little ability to remain current with their monthly payments. As a result, many fly-by-night companies have taken this opportunity to present themselves as Loan Modification experts offering you help. We can only say-be careful! Consider their experience, expertise, or ability to convince the mortgage company that you deserve a lower mortgage payment? What training have they had in loan modification, and other alternatives which may be better for you? New Hope Mortgage Solutions works for a team of attorneys that have been doing Loss Mitigation for years. Do not risk taking your loan, your future into your own hands.
These are very hard times, and you deserve the best workout possible.
Here at New Hope Mortgage Solutions, we do things differently than mostly all of the Loan Modification companies you have read about or spoken with. We are not a Loan Modification Company at all, we are a processing company for experienced attorneys. We work for them, and at no time in the process do you actually hire us at all. You are a retained client of the attorney. These attorneys know New Hope Mortgage Solutions knows exactly what the attorney needs to present an amazing case to the Banks, Lenders and Servicers that except your payments for the investor.
The owner of New Hope Mortgage Solutions has been in the mortgage industry for over 10 years, and the Loss Mitigation Industry for over two years. At New Hope Mortgage Solutions
we take amazing pride in assuring your case, documentation, as well as the key to the whole modification your hardship letter is perfect. We work diligently with the attorneys to ensure that your case and documentation are ready for success. Some of the best attorneys in the industry have hired New Hope Mortgage Solutions, because of the thoroughness and knowledge in providing the attorney with an amazing case to negotiate and mitigate for the homeowner to achieve maximum results in your loan modification process. Here at New Hope Mortgage Solutions we do things the correct way, and you should not be fooled by any loan modification companies that ask you for upfront money. The only time a retainer should be taken is by a true attorney, and you should be in a one on one contract with them. If any loan modification company tells the homeowner not to pay their mortgage payments while going through the process of the modification, for any reason that is also wrong. So wrong that you can still be in danger of foreclosure if you don't make your payments if you can. If you come to an attorney for help and your mortgage company has returned your payments, that is one thing. Never ever allow any loan modification company to tell you its OK to pay them or any attorney instead of your payments, as that is not the correct procedure at all. Never skip your mortgage payments if you can help it.
We pride ourselves here at NHMS in giving the best advice we can for the loan modification process. You will have the guidance of an attorney who has years experience in the mortgage industry and in negotiations with the banks. David Bokeno Attorney at law and his Asst. Attorney have over fifteen years experience working directly with the Attorney General in Loss Mitigation before opening his own firm. Know that you are in good hands with a team of knowledgeable people who will help you through one of the most difficult times of your life.
The programs that are available today are based on ratio's, your income minus your expenses. It is crucial that your numbers work and your case is presented in an obtainable hardship before you approach your lender. This is defiantly not an easy process for any home owner to do alone. Having an experienced attorney increases your chances for a "true" Loan Modification by 98%. We invite you to sit back and read all of the informative information our website provides, as all the information was aquired by fact and years of experience.
We have a network of attorneys in the field, call today and ask for our free applictaion to see if you have a hardship that will allow you to modifiy your mortgage today!
866-611-7725
Obama mortgage relief program fails to deliver
By ALAN ZIBEL, AP Real Estate Writer
Friday, January 15, 2010 at 2:12 p.m.
WASHINGTON — President Barack Obama's plan to fix the foreclosure crisis has been a dud, putting the housing market recovery at risk.
Hopes were over-inflated when Obama unveiled the program before an adoring audience of Arizona high school students last February. Almost a year later, it appears only about 750,000 homeowners - a fraction of the 3 million to 4 million originally projected - might complete the application process, predicts Mark Zandi, chief economist at Moody's Economy.com.
The more borrowers who can't be helped, the more foreclosed properties will flood the market. And that means the nation's housing market, which appeared to recover last summer, could soon take another turn for the worse.
A record 2.8 million households were threatened with foreclosure last year, up more than 20 percent from a year earlier, RealtyTrac Inc. reported this week. The foreclosure listing firm expects another record this year.
Home prices, meanwhile, are down 30 percent nationally from the peak in mid-2006, and there is mounting evidence they will fall again over the winter as low-priced foreclosures make up a larger proportion of sales.
"It's a very serious threat to the housing market, and still one of the most significant risks to the broader recovery," Zandi said.
The Obama plan aims to help borrowers in financial trouble by making their payments more affordable. Modifications made under the program include a lower interest rate and often a longer repayment period. The average monthly payment has been cut by $500 on average.
The homeowners receive temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a letter explaining the reason for their troubles.
However, just 66,500 borrowers, or 7 percent of those who signed up, have completed the program as of December, the Treasury Department said Friday.
Another 49,000, or more than 5 percent, have dropped out of the program entirely - either because they missed payments or were found to be ineligible. Thousands more remain in limbo awaiting an answer.
There's blame on both sides: Mortgage companies say they have struggled to get back the necessary paperwork, while homeowners and housing counselors say navigating the bureaucratic maze often seems impossible.
But the 102 participating companies are getting wildly different results. While a handful of mortgage companies are "very good at it," said Michael van Zalingen, director of homeownership services at Neighborhood Housing Services of Chicago, "some either don't care or can't figure it out."
The biggest company in the program, Bank of America, has completed modifications for fewer than 2 percent of the 200,000 borrowers it has enrolled. Rebecca Mairone, a Bank of America executive, said the bank has started sending notaries door-to-door to get signed documents back quickly.
Companies with disappointing results "need to do much better," Michael Barr, an assistant Treasury secretary, told reporters Friday.
Another major mortgage company, Wells Fargo & Co., is doing better but still has completed modifications for fewer than one in 10 borrowers.
To speed up the process, Wells Fargo has been holding a borrower assistance events in several major cities. It brought 200 loan counselors to Baltimore's downtown convention center this week.
"You get a little more consideration with the person when you're eye to eye with someone," said Odella Taylor, 50, a Wells Fargo borrower who fell behind on her home loan last year after separating with her husband.
Even with such events, Wells Fargo projects only about half of its 74,000 borrowers who made at least three trial payments as of last month will wind up being approved. The rest either won't send back all the required documents or will be deemed ineligible according to the government's formula.
For borrowers who can't get into the program, the stress and frustration are extreme
"It's like being on a little capsule above Earth and realizing the oxygen tank is running out," said Nicole Vaughn, 50, of Sonora, Calif.
She says Select Portfolio Servicing Inc. denied her application three times last year, for ever-changing reasons. She still hasn't given up, and is working with her housing counselor to challenge the calculation that led to the most recent denial, something that borrowers are allowed to do under the program's rules.
As of December, Select Portfolio had approved 16 percent of borrowers enrolled in the program, and rejected 25 percent. A spokesman said the company "is continuing to work with the customer to analyze potential modifications under government guidelines."
Other companies are doing better. Ocwen Financial Corp. and Carrington Mortgage Services, have modified loans for 40 percent of their enrolled borrowers and rejected only a handful.
"We have found the most optimal ways to communicate with borrowers, to overcome fear and suspicion and to develop an effective rapport and trust," said Paul Koches, Ocwen's general counsel. "The proof is in the numbers."
Another major difficulty is that the program is failing to keep up with soaring job losses. Unemployment, now at 10 percent, is expected to remain elevated all year.
That's a problem for homeowners like Cindy Rose, 52, of Murietta, Calif. She and her husband have seen their painting business drained by the recession.
So they went to their mortgage company, Litton Loan Servicing Inc., for help. In August, they were approved on a trial basis for the Obama plan. The couple's new payment was about $1,700 a month, down from about $2,650.
But a few weeks later, they got a confusing letter in the mail explaining several potential reasons for their rejection.
A Litton spokeswoman declined to comment on the Rose family's case, but said that the company "is following the program's guidelines."
They have since filed for bankruptcy and staved off foreclosure so far. But Rose fears she and her husband, who was recently diagnosed with lung cancer, will soon lose their home of 13 years.
"All these horrible things have happened in the economy," she said. "And there's nobody there for you."
AP Real Estate Writer J.W. Elphinstone contributed to this report.
The Associated Press
Frequently Asked Questions about Loan Modification
What is a loan modification?
A loan modification is a permanent change to one or more terms of your home mortgage loan such as your interest rate, your principal balance or how many years you have to repay your loan.
The general goal of a loan modification is to make your mortgage more affordable; allowing you to keep up with your mortgage payments and your lender won’t foreclose on your home.
What is the difference between loan modification and refinancing?
In a refinance, you’re not making any changes to your current home loan but rather taking out a new mortgage loan to pay off your current home loan. Your new mortgage will often carry a different monthly payment and interest rate…
Loan Modifications Not Helping Homeowners
ALAN ZIBEL | April 3, 2009
WASHINGTON — Though lenders are boosting their attempts to curb record-high home foreclosures, fewer than half of loan modifications made at the end of last year actually reduced borrowers' payments by more than 10 percent, data released Friday show.
The report, based on an analysis of nearly 35 million loans worth more than $6 trillion, was published by the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision. It provides the most detailed and broad analysis to date of efforts to stem the foreclosure crisis, which President Barack Obama is trying to combat with a $75 billion plan to promote loan modifications....
"When my husband and I purchased our home 2.5 years ago the economy was not in such a drastic state. We paid way to much for our home. We signed a interest only loan. Then my husband got laid off. Everything was going wrong. Soon after moving in we realized that our basement floods, and we have the coldest house in the world in the wintertime. And on top of this, the mortgage has not changed over the last 2.5 years. We tried to call the"we buy homes" companies, but they all said the same thing, you owe to much on your home. Finally 1 man named Kevin said he knew someone that could help. Her name was Angela. Angela called me and that is when we finally felt there was hope. Both her and Erica have been wonderful. They helped us modify our loan before we got behind on the payments. This is NOT a scam. There are a lot of bad companies out there, but this is not one of them. If you are in a bad state, what do you have to lose, but your dept. They helped us and they can help you.The Jacksons"
Mrs. Jackson of Windsor Mill MD on January 04, 2010
What is Loss Mitigation?
The mortgage crisis has greatly affected the housing market. There have been some steep declines over the past year and a half to two years in most areas of the country. Along with several strict changes to lending guidelines, it has become almost impossible for most struggling homeowners to refinance out of their toxic mortgages. Fortunately, we can help…
What is Debt Settlement?
Debt settlement is an attorney-backed negotiation on behalf of a client whereby the client's creditors agree to settle outstanding debts for a dollar amount that is significantly lower than the actual amounts owed. We guarantee that we will settle the client’s debt(s) for 50% or less than what the client actually owes the creditor.
What is Credit Rehabilitation?
It is essential for all of us to have good credit these days. Lending has changed in so many ways, especially all things associated with one’s credit score. New Hope Mortgage Solutions, LLC has been working hand and hand with Credit Unlimited for six years. Sign up and join the program under New Hope Mortgage Solutions, LLC. We can help monitor your credit along with one of the best credit restoration programs available today!
Better Business Bureau Insight
As of September 2008, the Better Business Bureau (BBB) has determined that with all the different laws within the Debt Settlement industry, they are not yet going to support something so new. In some states the regulation is very unclear; therefore the BBB refuses to give accreditation to companies such as New Hope Mortgage Solutions’ affiliate attorney partners or any other Debt Settlement programs. Those companies that are showing accreditation are misrepresenting the truth, not only to consumers but to the BBB. None of the Debt Settlement companies are accredited with the BBB. If you read a website that states they are accredited, know that it is wrongful information and they are falsely advertising. Not a very good way to start a relationship with you, is it? We hope the BBB will open its vision soon as our industry is growing at an unbelievably rapid pace due to the life changing service provided to consumers in need. New Hope Mortgage Solutions must have the ability to utilize tools such as Debt Settlement in order to lower the debt to income ratios and qualify for the "Making Homes Affordable Program". Without these programs, some of our homeowners would be doomed. As you can see it was a very hard decision to choose between. However, qualifying our clients to achieve maximum results is our largest concern.
Specialist know the where your income minus expense ratios need to be. We use the same modification software and application process as those of the largest U.S Banks and FInancial Instutions.
The number one reason homeowners are denied for loan modification quailification is incorrect submission of financial documentation.. By knowing the exact ratios and information that your lender requires we make sure you get it right the first time.
You have the peace of mind that you are doing everything you can to save your home...the right way, the first time..
Congress woman, Maxine Waters,
on hold with Bank of America's
hotline showing CNN news
how difficult it is for a homeowner
