How to Stop Foreclosure Quick

Have you been notified by your lender that your house payment is overdue? Perhaps you are 2 or 3 payments behind, and the lender is threatening you with foreclosure on your home. You are not alone in this situation. In today’s difficult economy, many homeowners are in the same boat. You may have fallen into … Continue reading “How to Stop Foreclosure Quick”

Have you been notified by your lender that your house payment is overdue? Perhaps you are 2 or 3 payments behind, and the lender is threatening you with foreclosure on your home. You are not alone in this situation. In today’s difficult economy, many homeowners are in the same boat.

You may have fallen into this situation due to an unexpected financial hardship or the loss of your job. Whatever the reason, it is possible to stop foreclosure quick, if you take the appropriate action.

This involves responding without delay once you are notified by your mortgage lender that your payments are overdue. The sooner that you take steps to work with the lender, the more likely it is that they will work with you.

There is more than one way to stop foreclosure quick. If your financial setback was temporary, and you now have adequate income, a forbearance agreement might be the simplest solution. This is a short-term plan whereby your lender agrees to accept a portion of the back payments now, and then the rest over the next few months. Keep in mind that these make-up payments are on top of your regular house payment each month. You may have to make a few sacrifices elsewhere in your budget, but if you have a steady income this is probably the quickest way to clear up the problem and avoid foreclosure.

Other possible ways to stop foreclosure quick include getting a short refinance loan, signing a deed in lieu of foreclosure, or negotiating a loan modification.

A loan modification seems to be the best option for most homeowners who want to keep their home, because it typically involves lower monthly payments. This requires a permanent change in your mortgage terms whereby the lender either agrees to reduce the interest rate on the loan, or they extend the total repayment period so that your monthly payments are brought down to a level that you can afford.

Loan modifications have become very popular. The good news is that thousands of homeowners have taken advantage of a loan modification to save their home from foreclosure. The bad news is that, most lenders now have a considerable backlog of non-performing home loans, and can be slow to respond to your calls and letters.

It is easy to understand the frustration of many homeowners over their failed efforts to work out an agreement with their mortgage lenders. They often find that they are bounced around from one person to another, speaking to someone different each time they call. The problem is that most of the people you talk to are reading from a script, telling you to send X dollars. But, they don’t have the authority to actually change any of the terms of your loan. You may find that, after sending in the payment you were told to, the lender continues with foreclosure proceedings anyway.

Even if you do manage to reach someone in authority, and you succeed in negotiating a loan modification agreement, it will be a rather long process. You will need to submit documentation, review, notarize and execute new loan documents, and oversee the entire transaction through escrow.

With all of these things in mind, you might want to consider enlisting the help of a loan modification expert. Experienced professionals have already dealt with most of the mortgage lenders so they know who to contact to get things done. They have the expertise to go to bat for you in negotiations with your lender, possibly saving you thousands of dollars over the life of the loan. Having all the details attended to can lift a huge burden off your shoulders, and may provide the most efficient way for you to stop foreclosure quick.

Loan Officer Training – The Right Way For A Loan Officer To Do The Mortgage Business

Most Loan Officers, when they first get in the mortgage business, always want reassurance they’re doing the right thing. If they don’t get the reassurance, they tend to back off from what they are currently doing and eventually, may even stop doing anything! When they stop doing anything, they won’t have business and therefore, the won’t make any money. Unfortunately, this scenario happens way too often in the Mortgage Business.

If you’re a new Loan Officer reading this, you’re about to get a piece of information that may make or break your business. It’s not a technique, it’s not a script, it’s not a program. It’s more of a mind set, a thought process if you will. The Inner Game is crucial for Loan Officers, but few understand it. The best thing you can do is keep doing something! Don’t worry about if it’s it correct or not. Don’t worry about getting reassurance, just keep doing something.

Remember this phrase, correct or incorrect, it’s forward progress that will take you where you need to go.

Oh, there is always someone that says “what if I’m doing it wrong? If I keep going, I’ll always do it wrong.” If what you’re doing is on the up-and-up ethically and morally, there shouldn’t be an issue of right or wrong. If you keep doing something and it doesn’t seem to be working, then you may want to try something else. But don’t ever just sit there, constantly be doing something. Froward progress will take you where you need to go.

The List: Canada Student Loan Privacy Breach

Imagine being on a list that 583,000 Canadians are on. You might say… “Wow, what did I, Joe Smith, from small town Canada do to be on this list?”

As it turns out, Joe Smith simply took out a student loan between 2000 and 2006. His private information is now missing. The following is a timeline of events…

• November 5, 2012: Revenue Canada employee discovers an external hard drive is missing.

• November 28: Departmental security officer is notified.

• December 6: Officials learn personal information of 583 thousand Canada Student Loans clients from 2000 to 2006 is on the missing hard drive.

• December 14: The Office of the Privacy Commissioner is notified of the missing hard drive.

• Jan. 7, 2013: The incident is referred to the Royal Canadian Mounted Police.

Like a poorly written story, there are quite a few plot holes that need to be filled. Do you have a right to know how and why? Of course you do.

On November 5th, 2012 an employee of “Human Resources and Skills Development Canada” or the HRSDC discovered that an external hard drive was missing.

The staff of the HRSDC naturally decided to wait nearly an entire month before notifying the departmental security officer on November 28th.

It was approximately 9 days later before it was determined what information was contained on the hard drive.

The HRSDC held onto this information for another 9 days before notifying the office of the privacy commissioner on December 14th.

2 months after the hard drive initially was reported missing; the decision was finally made to report the theft to the RCMP on January 7th.

I’m sure we all have questions to ask about this situation. My question… why did it take a full month to determine what was on the missing hard drive? And why was it a full month and a half after the security officer was notified that the RCMP was brought into this sticky situation.

My best, uneducated in the art of losing hard drives with sensitive information on them, guess is that it was easier to stall a little… oh say 2 months before reporting this situation to the RCMP… maybe it’ll just turn up like a missing set of keys between couch cushions thus avoiding a media thunderstorm. No harm, no foul?

Feeling helpless? I know I am. Is there anything that could have done to prevent this violation of privacy? Perhaps traveling back in time to convince your-self that not getting a student loan would be a viable option. Alas, like many Canadians I had no choice. I needed an education and needed help to get from where I was to where I wanted to be.

This sounds a lot like a hyped up Hollywood drama of a “missing hard drive” containing sensitive information of hundreds of thousands of Canadians.

Stolen information includes…

· Social Insurance Number

· Date of Birth

· Full Name

· Address

All of that information, just “out there”. Waiting for somebody to use your identity when they feel the least likely to be caught.

To find out if you are on that “list” you have to make a phone call. During the call I had to prove I was who I said I was. I was asked to provide my sin number, my address and my full name. At first glance this was fantastic security! However, considering the information I was asked to provide is the information contained on the missing hard drive, the security wasn’t great after all.

During the conversation insult was added to injury. I had to listen to a long spiel of information, of which I do not remember… it was a supplied by the government of Canada, cover our butts as much as possible script.

I finally had the opportunity to ask a question.

“How will this breach in security affect my loan?” A fair question.

The response I received was outright insulting…

“Well you still have to pay your loan.”

As a Canadian you have a right to ask questions. It was apparent the answer to MY question was not on her supplied script.

This employee let me know that the government will only flag the affected sin number for 12 months… interesting.

So if you found out you’re on “the list” and you’re wondering…

“What should I do now?”

Call both credit bureaus immediately. Tell them you are on the “list”. You are at high risk to have your identity stolen.

Equifax: 1 800 465 7166

TransUnion: 1-800-663-9980

Be aware that when you call, you will have to listen to a sales pitch. Yes, you will be peddled added security you should rightfully have anyway. I turned down the sales pitch, employee was no longer friendly. Funny how that works.

If you choose, you can join thousands of Canadians on the list you SHOULD be on. The class action lawsuit list. The right to privacy is a powerful thing.