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The 7 Steps to Successfully Stopping
Foreclosure & Saving Your Own Home
DOWNLOAD YOUR COPY HERE TODAY!
A Message from Richard Wright
Everyone deserves their shot at a loan modification but not everyone has the financial means to hire a professional. The hope of this book is that it will fulfill the needs of those that cannot pay a loan modification company thousands of dollars to save their homes. While the financial crisis in America is beginning to show signs of stabilization on a macroeconomic scale, this means very little to the family or individual that has suffered a serious economic or personal hardship.
Just like a paid client expects results in the loan modification business, so too should anyone that invests their time and money in to purchasing an ebook or manual on how to do loan modifications on their own. What I want to stress is that anyone can do their own loan modification, however, the process is time consuming and can be draining. To avoid these problems I focus on first getting organized and putting everything in an easy to understand format for your lender. If you can get organized properly, you have a great chance of getting your loan modification done without wasting time and without needless anxiety. I wish you the best of luck in your journey.
The Krystal Financial & Real Estate Services, Inc team specializes in helping educate our clients on how to avoid financial hardships or foreclosure and guide them to working solutions. We understand that there are several reasons why today’s homeowners struggle making payments on their mortgages and everyone’s situation is very unique. At Krystal Financial & Real Estate Services, Inc we take pride in the experience we have developed as a team and anxiously share the latest government and bank financial trends with our clients. We are not a home loan modification company, however we can consult with homeowners and can assist in determining if they can afford to keep their home or if they will need to sell their home to avoid foreclosure. The opinion we present is not final and we always advise a customer to seek legal advice to make an educated and well balanced decision. Each client is as unique as the home and situation they are in; therefore each customer is presented with a personalized consultation that meets their detailed needs. The reason for our success is the dedication we put forth in a one-on-one consultation. This will allow Krystal Financial & Real Estate Services, Inc to offer comprehensive solutions to financial, mortgage payment, delinquency and foreclosure problems on a case-by-case basis – targeted specifically to your needs.
What can we do to help with your home loan hardship?
We educate customers on how to easily
save their homes on their own:
Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us to share information that will help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. We will show you how to thoroughly assess your personal finances, in a very simple manner, and analyze your bank’s loan modification policies. We can help you save your home and credit history through a variety of educational options. Many customers lose all hope and decide that the best and only option is to walk away from their home; not knowing that there are many different work outs available that will help you and your family even when a bank tells you no. The following is what you can expect to find in our extraordinary guide!
Table of Contents
INTRODUCTION
A Message from Richard Wright
What can we do to help with your home loan hardship?
What is a home loan modification?
The Various Types
How Did This Happen?
STEP 1: LET’S GET STARTED!
Are You Qualified for a Loan Modification?
What Do I Need to Get Started?
Find out if You Pre-Qualify?
STEP 2: ESTABLISHING A HARDSHIP & THE HARDSHIP LETTER
What Should the Hardship Letter Include?
Examples of Hardships
STEP 3: CALCULATING EXPENSES
The Importance of Knowing Net Disposable Income
Where Should It Be?
STEP 4: THE FIRST CALL-THE VOICE OF REASON
Asking the Right Questions
The Importance of an Organized Approach
Sample Loan Modification Request
STEP 5: THE FORENSIC LOAN AUDIT-YOUR SECRET WEAPON!
Reasons to Conduct a Forensic Loan Audit
Overall Process
Qualified Written Request
Sample Qualified Written Request
STEP 6: SUBMITTING THE PACKAGE
What do I need to Include in the Package?
Is There Anything Else I Need to Include in Package?
STEP 7: FOLLOWING UP
The Importance of Following Up
How Long Do I Have to Wait?
BONUS SECTION:
Specific Strategies & Important Information To
Consider During The Foreclosure Process
Which is Worse, Foreclosure or Bankruptcy?
Principle Reduction: Wipe out Your 2nd Mortgage in Bankruptcy
Stripping the Loan
A Deed in Lieu of Foreclosure as a cure
The IRS on Short Sales, Foreclosure and Debt Forgiveness
APPENDICES: ADDITIONAL INFORMATION
APPENDIX I: FINANCIAL ANALYSIS WORKSHEET
APPENDIX II: EXAMPLES OF HARDSHIP LETTERS
APPENDIX III: THE BUSINESS AND LAW OF LOAN MODIFICATIONS
APPENDIX VI: COMMON QUESTIONS & ANSWERS
In addition to the Step by Step Guide, we can also provide the following services;
Cost Benefit Analysis for the Lender We document exactly what the lender stands to lose if they do not modify your mortgage loan. We document the costs associated with the Pre-Foreclosure, Foreclosure, and Bankruptcy Process, as well as the costs associated with missed Property Taxes and Home Owners’ Insurance. We document the costs associated with Attorney Fees for the Foreclosure, Bankruptcy and Eviction Proceedings. The lender will then attempt to auction the property, yet will fail because the lenders today seek a property sale value much higher than market value. Upon failure the property becomes an “REO” (Real Estate Owned) property. Furthermore we assess the costs associated with selling the property: Rehabilitation Costs, Realtor Fees and Holding Costs. We demonstrate a loss by the lender between 20% -70% on first mortgages and 120% on second and third mortgages.
Financial Analysis We document what your financial situation will be based on new, lower monthly payments.
Comparative Market Analysis (CMA) We do a Comparative Market Analysis on the property. We DO NOT use local comparable property values on properties that have sold 6 to 12 months ago because those values do not apply in today’s market. We use current comparable property values.
Loan Restructuring Proposals We draft and propose two new loan scenarios for the lender that make financial logic to both the lender and the client. We execute a profit forecast, documenting how much the lender is to incur in interest after year 1, 5, 15, 30.
Forensic Loan Audit Forensic Loan Auditing consists of uncovering violations on mortgage loans which violate predatory lending laws and regulations. Uncovering these violations can give the borrower legal recourse against the lender/bank and in some cases receive the interest they paid to the lender back as a refund. In addition, uncovering violations using forensic loan auditing also helps borrower to obtain a loan modification since the lender knows that the borrower can sue them for the violations uncovered, thus giving the borrower more leverage when trying to get a loan modification.
With over 70% of mortgage loans currently in violation of laws pertaining to the lending laws of these loaning these loans out, if a client of yours has violations you have a high chance of obtaining a loan modification for them. The most common violations include the Tila, Respa, Hopea, and Apr violations which most mortgage loans which have been originated in the past 5 years have. Citing the specific violation and indicating it in a report is a great addition to your loan modification forms in order to give your package and edge to obtain a loan modification faster.
Don’t lose faith. There are dozens of programs available and
many bank representatives are simply too new or lazy to know any better.
TO DOWNLOAD YOUR COPY OF THE 7 STEPS TO SUCCESSFULLY SAVE YOUR OWN HOME WORKBOOK,
CLICK THE LINK BELOW!
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