FIRST, Please try to relax and take a deep breath, I know it can be a scary thought especially when you don’t know what may or may not happen to you and your family. I’ve done a lot of research and been through this myself. I wish I had a relative or friend who could have walked me through the process and relieved me from the stress and sleepless nights of NOT KNOWING MY FORECLOSURE OPTIONS to keeping my home. I felt powerless, under informed, ignored by my mortgage company, challenged by my bank’s bureaucracy and frustrated with dead-end “so-called” loan modification bank representatives. I felt I had no one I could trust or turn to, because let’s face it…NO ONE within your circle of friends will admit to being behind in their house (mortgage) payments. Maybe it’s pride, maybe it’s admitting guilt, fault, mismanagement of household income or the feeling of failure. No matter what YOU are feeling, there are thousands of people in the same situation. And I was one of them!

As one of my daughter’s friends was being dropped off to spend the night, her father and my husband got to talking and discovered that they were both in sales for different companies in very different industries. The conversation quickly turned to how many times they had each received pay cuts to their commissions during the housing crisis and how most of our friends had encountered at least three pay cuts over the last two years. As the conversation continued, the most shocking comment made by this father was that six of his closest friends were all in home foreclosure at that very moment. We both lived in a thriving community with middle to upper class income. How could this be happening? It makes you stop and think; how did so many people get to this point, and what can any one do to help struggling homeowners during this massive wave of house foreclosures?

And then a few months later, the foreclosure tsunami had engulfed our family too.

I wish someone would have been brave enough to share their experience with me. I searched online until I had exhausted every lead that would answer my questions about my family’s uncertain fate – during the foreclosure process. I guess some things you have to learn for yourself if others aren’t willing to share their own story. But that’s also the reason I’m telling my story, to dispel some of the myths and fears associated with the foreclosure process.

One night after a business meeting, my husband came home and told me about a man he had met that happened to be in the same situation we had recently faced. This couple owned their own company, lived comfortably as a middle-class family with two children, a pet and a few family toys; then one day, the bottom dropped out from under them. While at a business event, the man began to open up to my husband about his situation and his feeling of regret, fear of losing his home, anger over the loss in company profits and the threat of selling a business he had built over the last 8 yrs.

BINGO!! We had a winner…another family facing the same situation we had been faced with when the economy crashed. We had just been through everything this man and his family were about to embark on. We had just finalized our bankruptcy AFTER reviewing and exhausting ALL our options to save a company we had built. I told my husband I felt horrible that they were facing the same stresses we had been put through and wished someone would have walked us through the bankruptcy and foreclosure process so I knew there was still…

LIGHT AT THE END OF THE TUNNEL!

How could I possibly help this couple? What was I looking for when our family was faced with the inevitable? I came up with the only answer that would have made sense to me!! Find someone who had gone through foreclosure or bankruptcy and have them tell me everything that happened so I could prepare my family, avoid mistakes someone else may have made, and create the best possible scenario based on all the information I could gather.

That’s when I had an idea…”I don’t know these people, and they have nothing to lose and everything to gain by hearing our personal story; they certainly aren’t going to judge me for my past”…so what’s stopping me from sharing everything I’ve learned with them? If I were them, I would have loved to talk to someone…ANYONE…who had already been through the process and could answer some of my bankruptcy and foreclosure questions. Someone who would calm my fears.

The next day we called and arranged to meet the man and his wife for lunch in a relatively private restaurant. We didn’t tell the couple why we wanted to meet with them…only that we wanted to take them to lunch. The initial conversation was just getting to know each other as I had never met the couple; later in the conversation, my husband cautiously brought up the fact that he had learned of their recent dilemma and that we understood their situation as we had been faced with the same financial crisis. It was at that point that I began to explain my feelings of regret and failure over starting a corporation from the ground up and how I too had to face the fact that we were losing it right out from under our feet; how I felt that I had not only let my family down, but my investors, my community and my employees.

We had tried to sell the business for more than a year but every offer came in for less than what was owed. The thought of bankruptcy — though FAR from my prideful mindset — was getting ever closer to reality. To sum up the lunch meeting, we continued to share in detail our journey. We explained that we wished someone had been willing to talk openly with us about their experience with bankruptcy and foreclosure; if for no other reason, to reduce the amount of stress we had put on our selves from NOT KNOWING OUR POTENTIAL FATE. The wife, now in tears, grabbed my hand and said they couldn’t thank us enough for sharing our story. They had been so overwhelmed with the thought of losing their home, the fear of facing foreclosure and the affects of bankruptcy on their credit report that it was preventing them from sleeping. This couple that I had only met two hours ago hugged me like I was family and thanked us again for sharing what seemed — for us — a painful and private admission.

As we drove home, I told my husband, “in spite of my own fear in admitting the challenges we had undergone, I felt better than ever for sharing our story with someone who truly needed the help”. This is where my new found pride comes from…humbly embracing my circumstances to help others who may be facing home foreclosure or bankruptcy.

I know the fear, shame and feelings of humiliation that go along with thinking the bank is going to walk in any minute and ask you to put a sign on the door, “Business CLOSED effective immediately”! or a fire blazing red, “Bank-Owned” property sign announcing to my friends and neighbors that I too had lost my home to foreclosure. The thought of those signs and being labeled as a failure was more than I could bear. That’s when I decided to do something about it. I couldn’t stop the business from closing it was too late for that but I could put up a fight for my home and learn how to stop foreclosure.

In most cases…it doesn’t happen right away so BREATHE!!! I can also appreciate the fear of thinking the bank is going to send you a letter that says “you must VACATE YOUR HOME IMMEDIATELY!! Again in most cases, it won’t even happen within three months…so BREATHE!!! You have time to make arrangements with your bank. They don’t want your home; it’s a financial liability to them…they would rather work with you and have you keep it.

I’m an over planner, I don’t like surprises; I researched beyond what sometimes even seems normal. I like to know what’s happening, when it’s going to happen and how do I best protect myself from anything that might try to catch me off guard BUT…

I WASN’T PLANNING FOR AN ECONOMIC CATASTROPHE or a HOUSING CRISIS!

That’s when I dug through every available source over the course of several weeks and months, applied twice for home loan modifications and was turned down until my third attempt several months later was approved. That was the best feeling in the world…the news that my family was going to be able to keep the home we had lived in for more than 14 years and my kids could stay with the friends they had grown up with. It wasn’t until shortly after our journey through the foreclosure process that I came up with the idea of a FORECLOSURE CRASH COURSE. That’s what families and struggling homeowners really needed — a way to find out how to move through the process and get all the answers in ONE place. I wish I didn’t have to go through the agony of spending weeks and months to try and learn some of the most basic concepts, uncover the many options available to help you save your home OR discover the hidden secrets to save my home from foreclosure. I wanted someone to lay it all out for me and tell me all my options so I could weigh the pros and cons. I guess I expected by lender to provide that or a foreclosure consultant to emerge for guidance but that never happened. What happened to all the mortgage consultants who were banging down my door during the housing bubble more than willing to lay out all these grand options for getting loans, refinancing, offering 2nd and 3rd mortgages. Why weren’t they using their expertise to help me save my home? I guess they gotten eaten up by the foreclosure tsunami too!

If you’re interested in finding out how to save your home from foreclosure – like I did! Watch a 20 minute foreclosure video by visiting howtosavehomefromforeclosure.net.

If you’re interested in finding out How to Save Your Home from Foreclosure – like I did! You can watch my 20 minute foreclosure video here.. Also published at How To Stop Home Foreclosure From Happening To You.

One basic requirement of this plan is the homeowner who applied for loan modification program lives in the house that he applied for the loan. You will not be approved if the house that you applied for the loan modification plan is a vacation house that nobody lives, but a housekeeper.

If you meet these criteria, you will need to write a hardship letter, detailing your specific financial hardship, when it started and what caused it. You will also need to provide a complete financial statement including income documentation. The government mortgage loan modification requires that each and every application be reviewed so make sure your documents are 100% correct before contacting your lender. (You won’t be able to change any information on your financial statements once submitted).

Foreclosures are what Washington Mutual main goal to avoid and keep t\your home safe with you. As much as possible, the bank would like to avoid it because they know the feeling of losing a home is like losing your money and a family member. As much as possible, Washington Mutual works fast as they could to keep the house for you safely, allowing you to stay in the house while paying it and giving you the opportunity to extend your loan if needed.

If you call the government about the program, make sure that you mention the correct name of the program that is “Make Home Affordable” in sending your application. You may call also contact the U.S. Department of Housing and Urban Development or also known as HUD to the phone number, in order to get more information about this plan. It will helpful for them to understand your economic situation if you will provide a letter of difficulty to pay for your mortgage.

Learn more about Obama Making Home Affordable Mortgage Program.

There are many people who have found themselves in a position that was unintended and truly cannot make repayments to whom they owe money. The law of mercy wants us to forgive these people so the burden can be lifted from them.

Jesus teaches us that spiritual sin is a debt we all carried in our souls, and through him, we have been forgiven of our sins. Since we have been forgiven, then we have an obligation to forgive others who are debtors against us.

This rule that was passed on to us as also been accepted by the bankruptcy courts. They realize that when one appears before them to be relieved of their burdens, that it is just and wise to grant them this blessing. They know that some people are facing unintended circumstances.

The bankruptcy courts also understand that this type of burden is a form of slavery. They know God has commanded us to release people from this bondage after the end of six years so they may be free once more.

The forgiveness that God wanted us to extend to each other is found in the law that we use to guide our society. Those seeking Christian debt relief do so with blessings from above.

When struggling to find answers on Christian bankruptcy relief today, you need to go to the Orange County Bankruptcy attorney quickly. This attorney will be able to assist you with any Christian bankruptcy problems you have.

Completing the loan modification forms properly is key to approval. Lenders base their decisions mainly on the information that is provided to them through these forms, so they must be filled out correctly. The goal when completing the forms is to convince the lender of being a good candidate for the loan workout. This will mean proving this in black and white, not only by meeting requirements, but that staying in the home is well deserved. If the forms are not completed properly, a borrower who is well deserving may possibly be denied the help he needs. A loan modification is not mandatory, but a lender is more willing to provide help if an applicant makes it very easy.

Plenty of households are either behind on their payments or have missed repayments because of the downturn of the economy. Suntrust has introduced this loan modification program so as to stop or avoid foreclosure and make the mortgage loan affordable for distressed borrowers. Suntrust is one of the largest financial institutions and most people rely on it because it is also one of the most stable providers. The mortgage loan modification program is one of the popular moves of Suntrust bank till date.

This program helps the borrowers in restructuring their home loans in affordable installments so that they are able to repay their loan comfortably. It lowers the rate of interest and increases the loan tenure to make it comfortable for the borrower.

submit an application that is acceptable and professional by making and following a simple checklist of documents that need to be turned it. If anything is left out, the decision of the modification may be delayed. place all of the forms and documents in the correct stacking order and make sure to keep a copy of the entire application for records.

Learn more about Obama Mortgage Relief Plan Qualifications.

Your mortgage lender does want to see your mortgage paid. If they have to actually go through foreclosure, they often experiences a loss. So, yes they would like to help you if it helps them too in the long run. When telling them your story, you will need to stick to the facts. Briefly addressing the facts from the time your mortgage payment first became tough to make, and the financial events that have made it worse since is important. You will also want to emphasize that you really want to keep your home and that with a home loan payment modification you will in fact be able to keep up with it.

When it comes to calculating the minimum amount acceptable for modification, your lenders are using a formula to calculate the rates. The minimum amount that a person needs to pay for a home loan is at least 31% of his gross income or the so-called debt-to-income ratio. If you are already paying an amount lower than this, then you can no longer modify the terms.

Show them why their help will keep your mortgage on track to the end. You want to appear responsible, hard working, and only going through the times with some hardship (as many are). Be appreciative too. Let them know this will enable you to keep up with the payments with their assistance. You can find many templates online that will assist you to create a better hardship letter. These give you a great track to run on in requesting the home loan modification you so need.

This is your best shot to keep your home for years to come. Some really find these adequate. Others will elect to find a trustworthy financial consultant that can assist them in putting together an effective financial hardship letter requesting a home loan modification as well. Often these advisers do not charge for some of their services and can provide invaluable information in successfully receiving a home loan modification.

Learn more about Obama Mortgage Relief Plan Qualifications.

Not everyone will qualify for mortgage bailout help, and only those homeowners who can meet the eligibility guidelines will see their loan modification application approved. So, just who will qualify for the Federal Housing Stimulus loan workout or HAMP? You must live in the home as your primary residence Your loan must have been originated before January 1, 2009 Your loan amount cannot be greater than $729,750 You must be facing a financial hardship situation Your current mortgage payment must equal more than 31% of your gross monthly income. If you can answer yes to those guidelines, then you are a good candidate for a loan modification under this mortgage bailout plan. So, what is the first step? Interested homeowners will be required to complete an application, provide certain documentation and be given a telephone interview by their lender. Those homeowners who can prove in black and white that they meet the approval guidelines will be offered modified loan terms designed to give them an affordable payment. The loan terms under the bailout plan include:

Obama mortgage plan to help California and 4 other states.President Obama’s new steps for preventing home foreclosures through the Obama mortgage modification program and decreasing the bankruptcy filings in Nevada, which actually ranks first in foreclosures since last 37 consecutive months, fails to reduce the monthly mortgage payments as intended, and people still find it very difficult in redeeming their mortgage loans, even today. As per the policy, approximately $1.5 billion were used to bailout the banks and several credit lending institutions in other states such as Arizona, California, Florida, and Michigan. In addition, a certain percentage of the bailout fund was to be utilized for providing financial assistance to homeowners who have lost their jobs, and to individuals who do not earn enough to make their monthly mortgage payments. Obama’s plan fails to effectively address some of the fundamental mortgage related issues in some of the states.

Lenders will use a standard 4 step formula to decide if you qualify for HAMP. The good news is that you can use this very same formula to complete your own application correctly. A software program designed just for homeowners will do all the calculations for you-debt ratio, new target payment, disposable income, and more are all calculated automatically to help you avoid mistakes. The Loan Mod Quick App is easy to use and is a great tool for homeowners that will save you hours of time and give you the formula for a much better chance at approval. The key to approval under HAMP is being able to prepare a complete and accurate loan modification application that meets the program guidelines. Successful homeowners will understand how to adjust their financial statements and fine tune their application before contacting their lender to apply. You are only allowed one chance for this program-be sure you learn and prepare before giving your lender your information.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit loan modification to order today.

Here are the additional details about the Obama mortgage relief plan qualifications and how they can help your financial situation presently.

In fact, many Americans are facing the threat of home foreclosures. In such scenarios, loan modification program introduced by the Obama government has come as a huge relief.

This loan modification program contains generous terms for the homeowners that will help in preventing home foreclosures.

Aspects of the Program:

Loan modifications are being offered to homeowners who cannot repay mortgages on time. Through the program, lenders lower and adjust interest rates for a defined term.

In order to take advantage of this program, you have to meet a few guidelines. Your mortgage can’t be more than $730,000, and must have begun before the start of 2009 to qualify. Your mortgage papers have to be legitimate.

The homeowner must author, sign and present a letter outlining financial hardship. In other words, you must explain why you have fallen behind in payments and are likely to default on your existing loan.

Thirdly, you have to provide concrete documentation indicating that you approve the revised payment and are capable of paying it. And for this, you need to fill an income versus expenses budget sheet. This is perhaps, the most important condition.

A homeowner must meet with a representative from a lender’s loss mitigation department to review the loan terms and conditions as it relates to the federal relief program. You must attempt to work out an option with the lender.

However, if you do not conclude to a common solution with the bank or your lender, then you may seek the help of a reputed home loan modification attorney. An attorney will certainly help in choosing the best option by explaining the whole procedure.

The home loan modification procedure is meant to help homeowners, and you would be well served to be keep abreast of its offerings and use them to your benefit.

Want to find out more about criminal lawyer los angeles, then visit spigalaw on how to choose the best los angeles criminal attorney for your needs.

Loan modification has been created by President Obama’s administration as a way to remedy this situation; if used as it is intended to be, this well-organized plan could play a significant role in the recovery of the economy.

President Obama’s Home Mortgage Plan makes it possible for everyone interested to obtain a 30 year mortgage with a fixed interest rate of 4.5%. Current homeowners can obtain refinancing with a low interest rate of the same 4.5% as well.

Contrary to a refinance, a loan modification is not an additional loan. Instead, it is a variance in the terms of a loan you already have acquired. Lenders are enticed to join in the loan modification process with government-provided incentives. These are the incentives provided:

1. The government pays part of the cost for loan modification for the lender to do the modification, thereby lowering the borrower’s cost from 38% of their gross income to 31%.

2. For as many as 5 years, the borrower will get $1,000 a year for the balance that is left on the loan.

3. The lender will get as much as $1,500 in return for a qualifying loan modification.

4. The sum of the whole government subsidy for the program could be as much as $10,500 per home.

The following are some advantages that come with the Obama Loan Modification Plan to the Economy:

1. People will save additional money by paying lower interest rates after qualifying for a loan modification plan.

2. Borrowers are lured into choosing the program because it offers them cash incentives.

3. Additionally, the program guarantees $1000 for the original loan modification combined with another $1000 for three years. However, you have to pay your dues in a timely manner without defaulting in order for this to be the case.

4. Also, the program plans to lower the interest rate and raise the term of the loan, if the desired percentage of gross monthly income isn’t met.

You will have to meet certain requirements in order to qualify for this modified loan modification proposal. One important requirement is that you have to be the primary resident of your property, and the loan should not have been obtained before January 1, 2009.

Want to find out more about auto accident lawyer portland, then visit Tony Garrudo’s site on how to choose the best portland personal injury lawyer for your needs.