Discount Mortgage Relief: Tricks to Getting a Loan Modification Approved and Stopping Foreclosure

The real secret to getting your loan modification approved and stopping foreclosure is to have a forensic loan audit performed on your closing package. A forensic loan investigation is performed to determine whether your lender has committed fraud with your loan. These loan investigations review your file to determine if your lenders violated any of the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) and may entitle you to a better loan modification. The forensic loan audit process begins with a written RESPA request and demands your lender provide you with a copy of the closing package that was signed at closing when the loan was first obtained. This request alone can be used as a stall tactic to delay the foreclosure process further and give you leverage to use against your lender when seeking for a loan modification.

Selling a Private Mortgage: To sell a private mortgage, the private lender is required to present a copy of the promissory note to the company that is buying the note along with the mortgage, proof of insurance, and disclosure. The company then reviews the terms of the private mortgage as a basis for calculating the return on investment (ROI). The review includes the length of the promissory note as well as the type of property secured by the mortgage, and then this information is weighed against the current market conditions.

Considerations: Other considerations by loan sale companies include the value of the property, the credit history of the borrower, current balance and interest rate, and the number of payments that remain on the mortgage note. Some loan sale companies will provide the private lender with several alternatives regarding the sale of a private mortgage. Customized Options: There are loan sale companies that will provide private lenders with customized options for selling a private mortgage note. The best way to pursue a customized sale is to provide the loan sale company with as much information about the mortgage note as possible because this will help you receive the highest sale price for the note. The loan sale company can then provide you with sale options that include one of the following:

Using these examples, you’re spending around 158 each month! What a difference that could make if it was used to overpay your highest-interest debts. To lower this spending, only take your debit and credit cards out when necessary (often we fool ourselves that we need them ‘in case of an emergency’) and take just as much cash as you will definitely need for vital outgoings like bus fairs, parking expenses, etc.
Bond with your bills – most service providers will offer you a discount for paying by direct debit. Give them a call today and arrange this, taking note of the amount saved each month. Use this extra cash to overpay your highest-interest debt.
Shop around – it’s very likely that you are not being charged the lowest price possible for your utilities. Using a quick Google search you can find impartial comparison sites for everything from telephone to electricity and internet providers. Find one of these sites for your country and switch to a cheaper provider. You guessed it; use the amount you save by doing this to over-pay your highest-interest debt.
Transfer debt – repeat step 6 but in terms of your credit cards and loans. Shop around for ones that charge lower interest rates than your current ones, but don’t get fooled into topping up loans or taking on extra sums and extending the period of the loan.

Usually for customized options on the sale of a private mortgage you will also have to verify the actual owed amount on the part of the borrower as well as the current property value and appraisal.

Learn more about Obama Mortgage Relief Plan Qualifications.