Truth in Foreclosure

30 Minute Hardship Letter Video Course

Todd Temaat — Sat, 31 Oct 2009 10:16:00 +0000

I just finished making this almost half hour long video course. You can watch over my shoulder as I prepare, outline, and write a hardship letter and give you the tips and tricks I’ve learned over the years. I plan to sell this in the near future, but I need honest testimonials from people like you. So, for a short time, I’m going to put it out here for the world to see and leave feedback on. No sign ups or purchases required (right now)…all I ask is that you leave a comment as a response to this blog post.

Six Reasons to Hire a Foreclosure Lawyer

Todd Temaat — Tue, 13 Oct 2009 11:48:25 +0000

Find out the 6 reasons you want to use a lawyer in your foreclosure battle. While they aren't necessary in every case, they are often extremely helpful and worth what you spend on them. And they're often not as expensive as you might think. Come read the article where I give the 6 reason to use one as well as some resources to find expert consumer attornies that won't strip the shirt off your back.

Home Affordable Short Sale Program – Will it Help You?

Todd Temaat — Wed, 30 Sep 2009 10:32:00 +0000

I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.

Programs for Foreclosure Mediation

Todd Temaat — Tue, 29 Sep 2009 10:32:00 +0000

Summary of 22 state/local programs that establish some type of foreclosure diversion program requiring lenders to engage in mediation, conciliation, or a settlement conference. Summaries include a general program description and lender and borrower obligations under the program.

Home Affordable Program for Short Sale & Deed in Lieu?

Todd Temaat — Fri, 11 Sep 2009 11:01:54 +0000

According to Housingwire.com, Congress expects to put out a program similar to the Home Affordable plan to help homeowners trying to short sell their home or give it back to the bank through a deed in lieu. And they expect to have the details out by late this month...come to the site to see what it may mean for you and me as we try to short sell...

Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?

Todd Temaat — Wed, 09 Sep 2009 11:28:17 +0000

According to a story in yesterday’s DSNews, a senior Wells Fargo executive was called into court to testify about why the company didn’t operate in good faith as it considered a loan modification of a homeowner in Phoenix. Come see what happened and what it means for your efforts...

Calling Your Servicer About Loan Mods – Is Success Possible?

Todd Temaat — Tue, 08 Sep 2009 11:35:22 +0000

A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...

Talking to Your Kids About Foreclosure

Todd Temaat — Thu, 03 Sep 2009 06:53:09 +0000

I have five children, ranging from ages 2 years old to 16 years old. Every day they hear me on the phone with the mortgage company, talking to friends and family about our situation, discussing specifics with my husband, and generally see how exhausted I am from dealing with the ups, mostly downs, related to [...]

Create Your Own Hope Rather Than Putting It In Your Servicer

Todd Temaat — Thu, 06 Aug 2009 11:20:00 +0000

So now that only 15% of the servicers aren’t part of the program, you’d think we should start seeing some movement…but I wouldn’t hold my breath. If you’re dealing with your servicer right now, I’d bet my next paycheck you’re frustrated with how long it’s taking and you don’t understand how a servicer can say your loan can’t be modified even though there’s a government program that says it can. You can wrestle control of your situation back from your lender, though, and bring some hope back into what may seem like a hopeless situation...come see how.

Treasury Issues Mortgage Loan Report Card

Todd Temaat — Wed, 05 Aug 2009 11:12:00 +0000

The Treasury Department releases its first monthly "report card" tracking how the various banks and mortgage companies are doing in their efforts to prevent foreclosures. The Obama administration is pressuring the mortgage industry to do more. The latest figures indicate foreclosure rates keep rising. Come listen to the NPR report and then chime in with your experience.

Home Affordable Mods Come to FHA

Todd Temaat — Tue, 04 Aug 2009 11:15:00 +0000

Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!

Will Freddie Mac’s New Effort Help You?

Todd Temaat — Mon, 03 Aug 2009 11:18:00 +0000

Regardless of whether or not you have a Freddie Mac loan you’re trying to get modified, you know servicers are way understaffed to effectively help the tens of thousands of homeowners they hear from every week. Everyone knows the servicers need more help…and now Freddie Mac is doing something to address the problem. Come to the site to see what it means for you...

Dirty Tricks and How To Avoid Them

Todd Temaat — Thu, 02 Jul 2009 11:33:00 +0000

As lenders try to minimize losses in today’s real estate climate, they’re trying to grab every income stream they can. For example, if you’re doing the right thing and trying to sell your home through a short sale, or pursuing a deed in lieu…or even if your home is foreclosed upon, they may still come after you for the debt you owe! Find out how to protect yourself in today's article.

Making Home Affordable Road Tour

Todd Temaat — Tue, 30 Jun 2009 11:07:00 +0000

Government officials are joining forces with local leaders around the country to bring a nationwide promotion of the President's Making Home Affordable program to struggling homeowners. Initially, the road show will focus on cities hardest hit by the foreclosure crisis to build awareness around the country. As part of the campaign, officials are helping train local housing counselors and community organizers to help them be more effective. Come read the rest of this article and find out if the tour is coming to a city near you.

Imminent Default – An Example

Todd Temaat — Fri, 26 Jun 2009 10:55:00 +0000

This is a follow-up to our article on determining imminent default for a Home Affordable Modification, which lists the Freddie Mac guidelines for these calculations. If you were confused by the legalese of that article, this case study may ehelp you figure out whether your lender will consider you in danger of imminent default or not.

NACA – Home Save Program

Todd Temaat — Wed, 24 Jun 2009 11:26:42 +0000

As a follow-up to last week’s article introducing you to NACA, I decided to let you know about one of their programs aimed at helping people going through foreclosure. NACA’s Home Save Program provides four long-term solutions. All of the below solutions provide for an affordable mortgage payment over the long-term. In fact the Restructuring sometimes lowers the fixed interest rate to less than a NACA Refinance. As opposed to the refinance, a Restructure is...

How to Determine Imminent Default – Home Affordable Modifications

Todd Temaat — Mon, 22 Jun 2009 04:30:00 +0000

According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.

Too Good to Be True?

Todd Temaat — Fri, 19 Jun 2009 11:29:00 +0000

Have you been looking for a trustworthy non-profit organization to help you out of foreclosure or save your home? We’ve been looking too…and this is what we found. An organization that offers low-interest home purchase and refinance loans to "high risk" borrowers. They have an amazing track record of successful advocacy against predatory and discriminatory lenders.

It sounds too good to be true…but rest assured it isn’t. They’ve been around since 1988!

Expert Advice - Foreclosure and Credit Scores

Todd Temaat — Wed, 17 Jun 2009 11:43:00 +0000

There's a ton of confusing and conflicting information on the web today about the impact of foreclosure, short sales, loan mods, and other mortgage workouts to your credit. We went straight to the source of credit scores...myFICO...to find out the truth.

No one will tell you this because it doesn't sound good if you're considering using their services. We don't care, though...you need expert advice so you can get expert results.

Inside Loss Mitigation – How to Pick Your Workout

Todd Temaat — Mon, 15 Jun 2009 11:37:00 +0000

Ever wondered how your lender determines what workout to offer you? It seems like black magic sometimes, but there really is rhyme and reason to it.

They have standard guidelines they have to follow as they consider your hardship package and decide what workout option to offer you. By knowing what they're looking for and shaping your hardship package in a truthful, yet most beneficial, way, you can stack the odds in your favor.

Refinance Freddie Mac Loan with a Different Lender

Todd Temaat — Fri, 12 Jun 2009 11:44:09 +0000

Soon you'll be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, you had to work with the same lender who currently services your mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinanced mortgage. Come to the site for more info inclusing how to find out if your loan is held by Freddie Mac.

Hope for Homeowners Equity Sharing

Todd Temaat — Wed, 10 Jun 2009 11:26:15 +0000

If your lender agrees to work with you and refinances you through the HOPE for Homeowners program, you must share both the equity they initially create as well as any price appreciation that comes from selling. See what this means to you with actual examples...

HOPE for Homeowners Changes

Todd Temaat — Mon, 08 Jun 2009 11:28:58 +0000

On May 20, 2009, President Obama signed Senate bill 896 into law. It has many provisions meant to help stem foreclosures and deal with several problems that have developed since the HOPE for Homeowners, Home Affordable Refinances, and Home Affordable Modifications have been implemented.

Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. Yes...this is one of the few programs that actually allows principal forgiveness.

My First Rant — The Foreclosure Industry

Todd Temaat — Wed, 03 Jun 2009 11:14:00 +0000

After a few months of writing several times a week about foreclosure-related topics, I've decided it's time to rant a little bit and to ask for some help. You see, unlike most of the so-called bloggers and forums our there today, this one is truly here to help. That sounds more than a little egotistical as I write it. But if you've been looking for reliable, timely, well-researched foreclosure information that isn't aimed at trying to get you to sign up for something, I'll bet you agree with me. You'll also find out why the President and Congress are wrong to focus on keeping you in your home.

Interviewing a Professional Hardship Letter Writer

Todd Temaat — Mon, 01 Jun 2009 02:24:16 +0000

Last week, I interviewed a professional hardship letter writer to get answers to homeowner-submitted questions. Becky DeGrossa has spent the last 2 years writing hardship letters for homeowners in all sorts of situations. Listen as we discuss what a legitimate hardship is, whether you have to be behind on your mortgage to get them to pay attention, using emotions to play on the heart strings of your servicer, what ABSOLUTELY MUST be in your hardship letter...and what not to put in it.