Must I be late on my mortgage payments to obtain a modification?

As you know by now lenders throughout the United States are modifying mortgages that are delinquent. While the process is not easy and their are certain requirements that must be met, if you have a legitimate hardship that has caused you to be unable to make your payments and your finances justify a reduction of your interest rate, lenders are modifying the terms of mortgages.



What happens if you are current on your mortgage, but have a high rate of interest or an adjustable rate mortgage. Well this is the topic and flash point of much debate in our society. We all were taught that if we worked hard and played by the rules, that we would have every opportunity to be successful in our society. But when it comes to a mortgage modification that principal does not apply. If you are in not in default at least three payments behind then most lenders will not agree to a traditional modification. Some lenders will modify your loan for a premium payment. That does make sense under certain circumstances.



What happened to basic fairness and the American credo of equal opportunity for all? It seems in the area of the mortgage crisis those values are not practiced. Because it is very difficult to get a modification with tout a hardship,i.e. bad health, lost employment, death in the family, failing finances, when it comes to modification everyone is not equal. This practice has led to people deliberately not paying their mortgage in order to lower higher interest rates or convert a adjustable rate mortgage to a fixed rate mortgage.



People who have skimped and saved and found a way to make their mortgage payments by cutting down their lifestyles are to put it bluntly screwed. Understandably they are fighting mad.

At E Mortgage Recovery, we never encourage a borrower to stop making their payments. That is unethical. But we can understand there desire to do so. If you are delinquent and have a legitimate hardship call us at 610-317-1501 ext. 108 and we will provide you with a free consultation.

Pennsylvania Counties Start Pilot Program with Chase

It is being widely reported today that Chase has teamed up with several Eastern County Sheriffs Departments to attempt to divert foreclosure sales by arranging homeowner/lender meetings for the purpose of attempting resolutions.In addition Bucks County announced that the legendary Issac S. Garb former Chief Judge, would act as a mediator between lenders and borrowers in an attempt to modify mortgages that are in default/foreclosure status.

This development is worth watching. on the one hand it is commendable that the Courts are trying to assist borrowers who are in foreclosure. But, on the other hand the true motivation may be to decrease the case load in the foreclosure area which is growing steadily month after month.

These programs beg the question, whose interests are really being served. Will the Counties truly try to resolve the foreclosures in the best interest of the borrower, or will reducing the case load be the primary goal.

Who is paying for these programs? Will there be income qualifications or will all homeowners be permitted to utilize the service at the tax payer's expense?

Too much government intervention often creates more problems then it solves. Many homeowners have not paid their mortgages for many months and should have funds available to engage lawyers, or private mortgage modification companies to resolve their foreclosure. Many private mortgage modifications companies are operated by individuals who are experienced in mortgage banking. They have the knowledge and ability to analyze the homeowners finances and accept only a modification that is realistic for the homeowner.

E Mortgage Recovery LLC is an experienced Modification Company and we look forward to helping homeowners for a reasonable fee. Call us at 610-317-1501 ext 108.

The Obama Plan a Retrospective

It has been a few months since the President announced the Make Home Affordable Plan and implemented it. While the concept has not yet disappeared from the rear view mirror I think their are some things that are worth commenting on. First, after the government announce that it was willing to pay the lenders for each plan that met the Obama criteria, the lenders suspended the modification requests in progress to determine if they were eligible for reimbursement. This in and of itself has caused a massive back log at all of the major lenders and has made it even more difficult for the homeowner to obtain a modification.Of course their is a golden lining to the cloud. If the lender is willing to modify a loan to meet the Obama criteria, (a cap of 31 percent of the borrower's for principal interest taxes and insurance., than it is theoretically possible to obtain a rate a low as 3.5 percent.The problem is simple, a homeowner just does not have enough knowledge or experience to negotiate the best deal for themselves. Consequently they are flying around in a cloud without a navigation system. E Mortgage Recovery LLC has processed and obtained thousands of Mortgage Modifications. We a re dedicated to Saving the American dream one family at a time.if you are trying to obtain a modification on your own, or working with a Company that moves at a snails pace and does not keep you informed of developments on your file call me at 610-317-1501 ext. 108 and we would be glad to provide you with our free analysis of your mortgage foreclosure problem. Time is of the essence your lender is charging you penalties late fees, legal fees and each day your payoff increases. We want to help you!