Do you really believe your bank will be giving you that loan modification?

Is Your Mortgage Lender
Telling You The Truth About Your
Loan Modification?

Why do mortgage companies tell you you're being considered for a loan modification and then suddenly foreclose? Well, according to a realtor I spoke with in Temecula, (who specializes in helping banks get consumers to vacate their foreclosed properties,) it's because California law REQUIRES lenders to offer loan modification prior to foreclosing. So, yes, in many cases, what looks like a sham, really is. The bank really has no inclination to loan-modify many borrowers, so, they offer the "trial modification", collect what appears to be a lowered mortgage payment (Which actually goes to satisfy penalties & interest and is rarely deducted from the borrower's principal loan balance.) & then the bank tells the borrowers they don't qualify for a loan modification. (Those of you currently in a trial modification, check your credit report. See if your bank is showing you as paying current or not. If not, it most likely means that none of your trial or "forebearance" payments are being credited against your mortgage loan and that you may be getting manipulated by your bank.)

The banks do this A. So during the foreclosure action, no one can try to stop the foreclosure by claiming the bank never offered the borrower a chance at loan modification. In other words, the bank is strictly going through the motions to eliminate legal obstacles and B. To extract whatever additional fees they can before lowering the boom. In effect, running most borrowers around in circles, with no intention of ever genuinely modifying. That's why paperwork appears to get lost, time after time. How is a bank who has no problem keeping paperwork organized, when qualifying prospects for a mortgage, suddenly incapable of keeping track of loan modification documents?

When it comes to acquiring a successful loan modification, there are exceptions, of course, but, they're rare, unless you've filed bankruptcy*. If you've tried modifying & it seems like your bank just keeps losing your paperwork, you may be one of those borrowers who's just being put through the motions so the bank can both fulfill its legal requirements and fleece homeowners of thousands of dollars, before foreclosure.

Bankruptcy Tip Of The Day:

If you list the credit reporting bureaus, (Equifax, Experian & TransUnion) as creditors, they'll be notified about your bankruptcy & ultimate discharge.

After your discharge, send a copy of the bankruptcy discharge notice to the credit bureaus along with a letter stating, " Here's a list of the unsecured creditors discharged in my case, which you were already notified about. If any of these creditors are continuing to report a balance due, I'm disputing the debt and am requesting that you make an inquiry."

If any of your discharged debts reappear, your attorney can then sue the creditor under the Fair Credit Report Act.

Protect Cash Assets, Houses, Cars & More. We Do It All!****

When you sit down to meet with an attorney, they'll go over all the details regarding your current debt, whatever assets you may have (Cash on hand, furniture, computers, televisions, electronic equipment, houses, cars, boats, pensions, etc.) and how best to maximize the benefits you'll experience from filing bankruptcy using all the bankruptcy exemptions available in your situation. If you are better served by debt negotiation, they'll discuss that with you in detail. Because good attorneys believe in successful outcomes.

Good Bankruptcy Attorneys Get Your Bankruptcy Approved!

Seriously, doesn't a FREE Bankruptcy Makeover Consultation sound perfect? Because, getting a stress free fresh start virtually always helps clients to start feeling better, IMMEDIATELY.

Bankruptcy has exploded by over 400% in the last 3 years. In 2007, 50,004 Chapter 7 bankruptcies were filed in California alone. In 2010, the numbers are expected to skyrocket past 160,000.

Good attorneys take a highly hands-on approach with our clients. Your financial profile is done as an interview. They don't just throw a daunting 25 page booklet of confusing questions at you and make you fill them out. When interviewing bankruptcy attorneys, be sure to ask them whether your financial profile is done as an interview or whether you're required to fill out a lengthy document.