Mortgage Advocates

Want to find Out if you qualify for the HOPE For Homeowners Programs? Whether you are just curious to see if you are eligible for Government Mortgage Assistance or you need Government help to stop foreclosure, complete this form to see exactly what you qualify for under these guidelines.

Your information will be run through our database of all the legislation concerning Government Mortgage Assistance:

• Obama Plans
• Home Affordable Modification Program - HAMP
• Homeowner Affordability Stability Plan - HASP
• Other new guidelines as available

Eligibility Analysis Results

The results of the database analysis will show the terms you qualify for, based on the information you supply.

Get a complete analysis and evaluation of all relief options available, complete the entire form. If you are not eligible under the Obama Programs, there are more and sometimes better options you may qualify for. Good reason to complete the entire form.

If you are in a hurry and only want to know if you are eligible for Government help with your mortgage, complete only the required fields at the top of the form. (note: not enough data will be provided to do a complete analysis of all options available to you)

We use the same databases your lender uses for "Forecasting Liquidation Value" and "Expected REO Disposition Value" in our calculations. Your property address must be exact so we access and use the same data your lender will use in determining the relief they will grant to you.

HOPE For Homeowners

Does It Include You Too?

Find Out For Your Self!

When Should I Refinance My Mortgage If I Am Upside Down on My Home Mortgage?
By Dan North

Maybe the correct question is not, When should I refinance my mortgage? but Should I refinance my mortgage while upside down on my home mortgage? What are my real options and can I refinance with negative equity? To keep it simple, all we are trying to do is gain some financial advantage and possibly at the same time resolve some financial difficulty. It could be that all you really need is a little upside down mortgage relief for 5 to 10 years until the housing market reverts.

So How Do I Get Help With Mortgage Payments If My Mortgage Is Upside Down?

Assuming your mortgage is underwater you are probably better off to modify your home loan into a lower monthly mortgage payment without refinancing. There are no closing costs, you keep your same lender, if there is an interest adjustment or balloon coming up it is put off during the 5 to 10 years of mortgage reduction and you may be able to permanently reduce your interest rate or convert it to a fixed rate (if adjustable).

Don't Hold Your Breath Waiting For Your Lender To Offer You This Option, He Won't

In fact if you are current on your payments and you asked for a little upside down mortgage relief he probably said you do not qualify. This is not true but it is the most common response when you ask your lender for help. They may even state you have to be two or three months behind before they will "help you". Not an option if you are trying to maintain good credit. Then when you are behind on payments, less than half the time will your lender offer you more than a 10% payment reduction and more often will modify your home loan into a higher payment because you are behind. What kind of help is that?

You have to know what to ask for, what you can negotiate, what you qualify for and what your lender is authorized to approve. Only then make a written submission with the proper documentation to support your request but only the information and documents you have to supply to be approved. You can disqualify yourself by supplying too much information that is not required or not supplying enough. This is where you may want to get some professional help, but I will offer you a little free help here that will get you started.

Find Out What You Qualify For Under The TARP Mortgage Assistance Programs

Oct 2008 while the banks were getting bail out money, US Secretary of the Treasury, Timothy Geithner announced that under the new guide lines 70% of US home owners qualified for help with mortgage payments.

We have compiled a database of the mortgage reductions we have successfully negotiated since Oct 2008 under the TARP Mortgage Assistance Programs. Under these guide lines having a mortgage upside down while remaining current on payments actually increases your chances of qualifying. With the data we have complied we know what modifications lenders are approving, the criteria required to qualify, what lenders are authorized to approve and what is negotiable.

As a free service you can run your mortgage information through our database to see if you qualify and see what interest rate, monthly payment and years of relief you qualify for.

The author, Dan North, is making our TARP Mortgage Assistance Programs data base available to US home owners that want to find out if they qualify for this program. Email for a mortgage questionnaire, once filled out and returned, we will run your info through the database, generate a report of what you qualify for and email it back to you.

Email  TARPdatabase@gmail.com for Free Report or call 406-546-2517

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Help With Mortgage Payments -  8 Recent Cases That Qualify For A Lower Monthly Mortgage Payment

By Dan North

See instances of help with mortgage payments and how much you could lower your monthly mortgage payment without refinancing. These eight cases of mortgage rate reduction qualify under the Government TARP Mortgage Assistance Programs. I have selected eight cases with various scenarios and locations across the US that qualify for a modification of mortgage. These eight cases include homes that are upside down, homes with equity, home owners that are current on payments, those that are behind, investment properties that are negative cash flow, different regions of the US and varying property values. Yes, you can lower your monthly mortgage payment, even if you are months behind or payments are current.

8 Recent Cases That Qualify For Help With Mortgage Payments:

• Help With Mortgage Payments #1: This is a home in Santa Rosa California. Purchase price $750k, current market value $380k, 1st (ASC) balance $602k, 6.5% adjustable, monthly installment $3256, 150 days late. 2nd (Chase) balance $92k, 8.5% fixed, monthly payment $720, 150 days late. They qualified for a modification of mortgage to 3.5% with a lower monthly mortgage payment of $1755 for 10 years on the 1st and 3.5% with a lower payment of $268 for 10 years on the 2nd, a combined savings of $1951 a month.
• Help With Mortgage Payments #2: This is a property in Missoula Montana. Purchase cost $167k, current value $197k, 1st (B of A) balance $147k, 6% fixed, monthly installment $921, 0 days late. No 2nd. This home owner qualified for a rate reduction to 4.2% with a lower installment of $513 for 5 yrs, a savings of $407 a month.
• Help With Mortgage Payments #3: This is a house in Fulerton California. Purchase amount $350k, market value $330k, 1st (Met Life Home Loan) balance $362k, 6.87% fixed, monthly payment $2552, 0 days late. 2nd (First Horizon) balance $89k, 8.75% fixed, monthly installment $719, 0 days late. They qualified for a loan modification to 3.87% with a lower installment of $1167 for 10 yrs on the 1st and 3.87% with a lower payment of $288 for 10 yrs on the 2nd for a combined savings of $1814 a month. Additionally a balloon payment was coming due that is put off for 10 yrs.
• Help With Mortgage Payments #4: This is a home in Lawrenceville Georgia. (First of two properties by the same owner. This one is the primary residence and the next will be the income property) Purchase price $252k, current value $285k. 1st (B of A) balance $383k, 6.75% fixed, monthly installment $1620, 0 days late. 2nd (City Group) balance $95k, 8.25% fixed, monthly installment $514, 0 days late. This couple qualified for a rate reduction to 3.75% with a lower monthly mortgage payment of $1197 for 10 years on the 1st and 3.75% with lower mortgage payments of $297 for 10 years for a combined savings of $640 a month.
• Help With Mortgage Payments #5: This is the investment property from the owner above located in Snellville Georgia. Purchase amount $163k, current market $165k, 1st (ASC) balance $111k, 8.25% fixed, monthly installment $1166, 0 days late. 2nd (First Horizon) balance $47k, 14.25% fixed, monthly installment $578, 0 days late. This couple qualified for a loan modification to 5.25% with a lower installment of $485 for 10 yrs on the 1st and 5.25% with lower mortgage payments of $205 for 10 yrs on the 2nd for a combined savings of $1052 a month. This rate reduction turned this investment property from a negative cash flow to positive cash flow. Both properties combined total a savings of $1692 a month.
• Help With Mortgage Payments #6: This is a house in Manassas Virginia. Purchase cost $130k, current value $262k, 1st (B of A) balance $276k, 5.5% fixed, monthly installment $1659, 30 days late. No 2nd.  This home owner qualified for a loan modification to 3.7% with lower monthly mortgage payments of $852 for 5 years on their 1st. This is a savings of $807 a month.
• Help With Mortgage Payments #7: This is an investment property in Clearwater Florida currently un-rentable. Purchase amount $98k, current market $60k, 1st (PHH Mortgage Services) balance $91k, 8.895% fixed, monthly installment $742, 0 days late. This owner qualified for a rate reduction to 5.895% with lower installments of $447 for 10 years. This is a savings of $295 a month.
• Help With Mortgage Payments #8: This is a home in Rancho Palos Verdes California. Purchase price $1.2mil, current value $1.5mil, 1st (B of A) balance $1mil, 6.25% fixed, monthly installment $6500, 210 days late. 2nd (B of A) balance $125k, 6.5% fixed, monthly installment $1000, 30 days late. This home owner qualified for a modification of mortgage to 4.45% and a lower mortgage payment of $3708 for 5 yrs on the first and 4.45% with a lower monthly mortgage payment of $463 for 5 yrs on the second for a combined monthly savings of $3328.

Find Out If You Qualify For The Government TARP Mortgage Assistance Programs

Whether you are upside down on your mortgage or your investment property is negative cash flow, you may qualify. 70% of US home owners do qualify. Find out if you are one of that 70%. As a free service to all US home owners the author, Dan North, is making the Government TARP Mortgage Assistance Programs data base available to anyone that wants to find out if they qualify for this program. Call or email, ask for a mortgage questionnaire, once completed and returned we will run your info through the database, generate a report of what you qualify for and email it back to you.

Email  TARPdatabase@gmail.com or call Dan North at 406-546-2517

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(c) Copyright -- Dan North. All Rights Reserved Worldwide

My Home Mortgage Is Upside Down, When Should I Refinance My Mortgage? Should I Refinance My Mortgage?

By Dan North

So your mortgage is upside down and you are struggling to make payments. You may be asking yourself, "When Should I refinance my mortgage? Should I refinance my mortgage? Do I even qualify?"  If you can only hold on until property values come back up. Maybe you have it under control right now but there is an adjustment on the horizon or a balloon payment coming up or there may be some point in the future when you don't know how you will keep up. What if you miss a payment and trigger an adjustment to your ARM? What will you do then? What can you do? You may have had these thoughts while you helplessly watched your mortgage turn upside down as your property value plunged.

Now is the time to do something. Take action before your credit is ruined, but if you are already behind on your mortgage payments, take action before your lender does. You have options now that you won't when it is too late. There are mortgage assistance programs.

Why Can't I Refinance A Mortgage For an Upside Down Home?

To answer the questions, "When should I refinance my mortgage? Should I refinance my mortgage?", lets take a look at what is actually happening here.  As you go upside down on a mortgage, refinancing becomes risky for a lender. From the lenders point of view, they give you a loan and turn around to sell your mortgage on the secondary market. The investor who bought your mortgage now has the risk, the lender has the money back and gets paid for servicing the loan. You deal with the lender but an investor now owns your mortgage.

The lender makes income from creating a mortgage, servicing the loan and repeating the process over and over with the same money. Once the home mortgage goes upside down the investor is at risk of losing money. He wants you to get refinanced by a new loan. He gets his investment back, makes a profit and gets out of an unsecured investment.

The problem is why would another investor buy a mortgage for an upside down home. The investor would be exposed to unsecured risk for a low interest rate. With a high interest rate he might be willing to take that risk, but then why would you want to refinance to a higher interest rate and larger monthly payment.

Let's say a lender refinances even though you are upside down on your mortgage. He gives you a lower interest rate and monthly payment. The lender turns to the secondary market to sell your upside down mortgage. Who is going to buy it? I wouldn't. Would you? If your loan to value is negative by $100k, that is like paying $450k for a $350k house. A professional investor will pass.

The lender is in the business of writing mortgages, selling them, servicing them and making a profit on the same money repeatedly. If they can not sell your mortgage, they will turn it down. That is the brutal reality of an upside down mortgage.

What About Government Mortgage Assistance Programs?

The government has not come up with enough incentive for an investor to take that much unsecured risk for little return. Until the government comes up with enough incentive or takes away the unsecured risk, investors will not buy these loans.

There is an option to refinancing that is working, home mortgage loan modification or forbearance (even when you are not behind on payments). Technically they are different.

A Home Mortgage Loan Modification

A home mortgage loan modification is a permanent change of the mortgage contract. Usually from adjustable to fixed interest rate or possibly to a lower interest rate or the term of the loan may be extended to lower monthly payments. A permanent change to a lower interest rate and monthly payment does happen but it is a tough sell.

Again look at it from the lender and investor view point. Financially the lender is not significantly affected as they already sold the loan and will continue to service it. The investor takes a bigger hit but not as much as he would for a principle reduction, short sale or foreclosure. The investor does not make as much money but does not lose all his investment.

Forbearance -  A Temporary Mortgage Rate Reduction

Forbearance in this instance is a temporary mortgage rate reduction, lowering mortgage interest rate and lowering monthly mortgage payments for a period of time. At the end of that period the loan reverts to the original terms of the mortgage contract. This is the most commonly approved of the residential mortgage solutions.

Look at forbearance from the investors prospective. The investor takes less money for a number of years. The investment is not being paid back but he is getting some money. After the reduction period the investment continues at the original terms he purchased. Much better than losing his investment and the original investment stays intact. For the investor this is the best of the mortgage assistance programs.


The TARP Mortgage Assistance Programs

The TARP Mortgage Assistance Programs - Oct 2008, the US Secretary of the Treasury announced that 70% of US home owners qualified for the TARP Mortgage Assistance Programs. Not just those in deep financial distress but also those current on their mortgage. If 70% of US home owners had a lower monthly mortgage payment, more money would be injected back into the economy creating economic growth. The Stimulus Plan.

We have compiled a data base of modifications we negotiated since Oct 2008 under the TARP Mortgage Assistance Programs. We know what modifications investors approve, the criteria that must be present, what modifications lenders are authorized to accept and what is negotiable.

Find Out If You Are One Of The 70% Who Qualify For This Program

The Author Dan North is making this database available to find out for yourself what you qualify for on a loan modification. This is a free service available to all US home owners. Find out if you are one of the 70% who qualify under the Government TARP Mortgage Reduction Program.

Call Dan at 406-546-2517 or email  TARPdatabase@gmail.com and ask if you qualify.

Sign up for more information on Mortgage Assistance Programs

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This instance of mortgage payment help provided a significantly lower monthly mortgage payment beyond the clients expectations. Yes, he was very happy with the upside down mortgage relief he received.


                                        Mortgage Payment Help and Upside Down Mortgage Relief

Call  406-546-2517 or email TARPdatabase@gmail.com

Sign up for Free Webinar enter Dan North as person who invited you.

(c) Copyright -- Dan North. All Rights Reserved Worldwide

Here is another example of recent mortgage rates help we were able to negotiate when upside down on mortgage. (the names have been altered but this is an actual case recently settled)



                                                           Upside Down Mortgage Rates Help

Here is an update on recent help with mortgage payments we negotiated with lenders when the home mortgage was upside down. (The names have been altered but are actual cases recently completed)



                                                                    Help With Mortgage Payments

Can't Refinance, Home Mortgage Upside Down? Need Help With Mortgage Payments

 By Dan North

Did your lender say: Not Qualified, Can't Refinance, Home Mortgage Upside Down, Short Sell or Foreclose? Not options if you want your home or made payments on time to protect your credit. Don't wait for your lender to provide help with mortgage payments, you are going to have to get it elsewhere. There are mortgage assistance programs that will provide help.

If Your Home Mortgage Is Upside Down You Can Modify Your Loan Into A Lower Monthly Mortgage Payment Without Refinancing

Factually if your home mortgage is upside down actually works to your advantage. You can qualify for help with mortgage payments even if your lender said, "Not qualified because your payments are current." Yes, you can modify your home loan into a lower mortgage payment with out refinancing.

Government Mortgage Rate Reduction Programs For Upside Down Mortgages

Oct 2008, while the government was bailing out banks and releasing TARP Funds, the Secretary of the Treasury, Timothy Geithner, announced 70% of US home owners qualify for help with mortgage payments. Not just extreme financial distress such as those whose home mortgage is upside down and behind on payments but also those who are current on mortgage payments. Lenders actually receive payment from the government for each mortgage modification they give to borrowers but they get paid just as much for a small reduction as a large reduction. So there is no incentive for them to give you as much of a reduction as you qualify for. You do have to ask for the full amount and negotiate to get that.

Government mortgage assistance programs are intended to stimulate economic recovery by injecting money back into the economy. The intention is that if you cut your mortgage in half, you will take that extra money and inject it back into the economy. The banks don't necessarily agree. You have to figure out on your own what reduction you qualify for, then convince your lender to give it to you.

Don't Believe Not Qualified, Can't Refinance, Mortgage Upside Down, Short Sell or Foreclose

You can totally disregard what your lender told you verbally. Submit your loan modification package in writing to be taken seriously and get a real answer. Find out what terms you qualify for before you submit. Then submit to modify loan into terms you qualify for and your lender is authorized to approve. Request lowering your mortgage interest rate by 2-4%, but don't request a 2% reduction if you qualify for 4%. The point is, submit the modification you know you qualify for and your lender can approve. Negotiate from a position of strength. 

Typically  you can modify your loan into a lower monthly mortgage payment for 5-10 years and a 2-4% interest rate reduction. Your mortgage converts to interest only during this period, no principle payments are required. If there are escrow payments for insurance or property tax, that continues unchanged. After the 5-10 years, your mortgage reverts to the original mortgage contract terms.

Don't Be Mislead by Lender Statements of  Not Qualified, Can't Refinance, Mortgage Upside Down, Short Sell or Foreclose

Whether you've never been late on a payment or are a year behind, if you want to stay in your home, get the help with mortgage payments that you need. But first find out for yourself exactly what you qualify for. Don't depend on your lender to find out what you qualify for. I have a client who did his own loan mod and reduced his payment $600 per month, that was great. We re-did his modification and discovered he qualified for another $1200 per month reduction. Yes that was a LA California property. The bad news is you have to wait a year once you modify a mortgage to re-modify a loan and it is more difficult (but still do-able) the second time, fortunately he only had to wait a few months to start saving that extra $1200 a month. 

We have compiled a database of TARP mortgage assistance programs we successfully negotiated with lenders since Oct 2008. As a free service we make this data available to home owners. We will run your information through the database and determine exactly what you qualify for under the government mortgage relief programs, your monthly payment, the modified interest rate and the years of mortgage rate reduction. 

The next time you hear, "Not Qualified, can't refinance, mortgage upside down, short sell or foreclose," find out what the truth is. Run your mortgage info through the database and find out for yourself.

You Can Do Upside Down Mortgage Modification to Modify Your Loan Into A Lower Monthly Mortgage Payment Without Refinancing, Even If You Are Current on All Your Mortgage Payments

The Author Dan North is available to run your information through our data base to find out for yourself what you qualify for on a loan modification. This is a free service available to all US home owners. Find out if you are one of the 70% who qualify under the Government TARP Mortgage Assistance Programs.

Call  406-546-2517 or email TARPdatabase@gmail.com

Sign up for Free Webinar enter Dan North as person who invited you.

(c) Copyright -- Dan North. All Rights Reserved Worldwide