NEARLY $3 MILLION SETTLEMENT FOR HOUSING DISCRIMINATION

NEARLY $3 MILLION SETTLEMENT FOR HOUSING DISCRIMINATION
The U.S. Department of Justice has obtained a record $2.725 million settlement against Los Angeles apartment owners for alleged rental discrimination. In a lawsuit brought in August 2006, the Justice Department claimed that Donald T. Sterling and others engaged in discriminatory practices, such as refusing to rent to African-Americans, Hispanics, and families with children, refusing to rent to non-Koreans in Koreatown buildings, misrepresenting the availability of rental units, and preparing internal reports of tenants’ racial profiles.

Under the name of Beverly Hills Properties, the defendants in this lawsuit own and manage about 119 apartment buildings containing over 5,000 apartment units in Los Angeles County. Their agreement to pay $2.725 million is the largest monetary settlement the Justice Department has ever obtained for rental housing discrimination. The bulk of the money will be placed in a fund to pay tenants harmed by the defendants’ discriminatory practices. The defendants must also take certain measures to ensure non-discriminatory practices, such as obtain fair housing training and monitor their employees’ compliance with fair housing laws over the next three years. For more information, the Justice Department’s press release is available at http://www.justice.gov/opa/pr/2009/November/09-crt-1187.html.

Call-for-Action on Homebuyer Tax Credit

Call-for-Action on Homebuyer Tax Credit

We are calling all of Team NuVision members, clients, guests, and friends to support requesting extension of the First-time Homebuyer Tax Credit beyond its November 30th expiration date.

Call 1-800-961-3302 and, when prompted, enter “999999999″ for the PIN number and home zip code to be connected to your legislator’s office.

Let’s do it gang!

-Rudy L. Kusuma
Your REALTOR® Of Choice
www.RudyLK.com

California cracks down on mortgage fraud

California cracks down on mortgage fraud

SACRAMENTO

October 12, 2009 5:27am

• New laws supposed to protect homeowners

• ‘Helps crack down on abusive lending practices’

California now has new laws that are supposed to prevent homeowners and homebuyers from mortgage fraud.

Legislation to increase protections for consumers in the lending market and provide law enforcement with more tools to crack down on deceitful mortgage practices was signed into law Sunday by Gov. Arnold Schwarzenegger.

The bills are supposed to:

• Strengthen California’s reverse mortgage laws by providing senior homeowners with greater consumer protections when considering reverse mortgage agreements,

• Make it a felony to commit fraud in connection with a mortgage application. and

• Promote responsibility and accountability in the real estate market.

“Fraudulent mortgage practices have become more prevalent as a result of the national foreclosure crisis that negatively impacted California’s housing market and economy,” says Mr. Schwarzenegger. “This legislation helps crack down on abusive lending practices by giving law enforcement the tools to effectively investigate mortgage fraud crimes and provides Californians with greater consumer protections to promote homeownership in a safe and accountable environment.”

Specifically, the bills signed are:

• AB260 by Assemblyman Ted Lieu, D-Torrance will enact the Higher-Priced Mortgage Loan Law which would codify a fiduciary duty for mortgage brokers, authorize California’s mortgage regulators to apply specified federal mortgage lending laws and regulations to their licensees and cap prepayment penalties and yield spread premiums on higher-priced loans.

SB 36 by Sen. Ron Calderon, D-Montebello to establish standardized licensing requirements for all individual loan originators who offer or negotiate residential mortgages.

• SB 239 by Sen. Fran Pavley, D-Santa Monica to make it a felony to commit fraud in connection with a mortgage application. This bill makes individuals who engage in mortgage fraud guilty of a public offense punishable by imprisonment in the state prison or in a county jail up to one year. The bill also provides law enforcement with the necessary tools to make it easier to obtain a search warrant for real estate records and documents believed to contain evidence of mortgage fraud.

• AB 329 by Assemblyman Mike Feuer, D-Los Angeles to establish the Reverse Mortgage Elder Protection Act of 2009 to provide senior homeowners with greater consumer protections to ensure that they are fully informed about the consequences of entering into a reverse mortgage agreement. Specifically, the bill requires lenders to provide prospective borrowers with a clear and informative written disclosure statement and a written checklist pertaining to the risks and suitability of a reverse mortgage, prior to borrower attending loan counseling.

• SB 237 by Sen. Ron Calderon, D-Montebello to create a registration program for appraisal management companies (AMCs) and prohibits any person or entity from acting in the capacity of an AMC without first obtaining a certificate for registration from the Office of Real Estate Appraisers.

• AB 957 by Assemblywoman Cathleen Galgiani, D-Livingston to mandate that buyers of foreclosed homes would have the choice of using a local escrow office to handle the transaction. It also prohibits a seller of residential property from requiring the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.

• AB 1160 by Assemblyman Paul Fong, D-Cupertino to require mortgage loan documents to be translated into the language the verbal negotiations were conducted. Mortgage documents would be translated into Spanish, Chinese, Tagalong, Korean and Vietnamese languages.

Source for this article: http://www.centralvalleybusinesstimes.com/stories/001/?ID=13305

C.A.R.’s 2010 Housing Market Forecast released

C.A.R.’s 2010 Housing Market Forecast released

The median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 this year, according to C.A.R.’s “2010 California Housing Market Forecast,” presented today at CALIFORNIA REALTOR® EXPO 2009 in San Jose. Sales for 2010 are projected to decrease 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

“California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said C.A.R. President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.”

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

“With distressed properties accounting for nearly one-third of the sales in 2010, inventory will be relatively lean, under six months during the off-season months, and a roughly four-month supply during the peak season,” said C.A.R. and Vice President Leslie Appleton-Young. “We expect the median price to decrease slightly through the remainder of 2009 and into next year, then rise before leveling off next summer. For the year as a whole, home prices are forecast to reach $280,000. The wild cards for 2010 include foreclosures, loan resets, the labor market, and the California budget crisis, as well as the actions of the federal government.”

More info:
http://www.car.org/media/pdf/econpdf/10-07-09Forecastexpo-FINAL.pdf

LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION

LOAN MODIFICATION ATTORNEYS UNDER INVESTIGATION

The State Bar of California has recently launched numerous investigations against attorneys for misconduct related to loan modifications. In a rare move, the State Bar has released the names of 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection. These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.

Not all attorneys engaged in loan modifications are unscrupulous. However, this announcement from the State Bar serves as a good reminder for home owners to be careful when dealing with attorneys and others for loan modifications. Scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395.

Deferred Sales Trust (DST)

How the DST Works?

The DST is a tax deferral tool. You transfer property ownership to a dedicated trust, administered by a third party trustee. The DST sells the property to the buyer. The funds of the sale are disbursed by a third party administrator in DST payments, per the terms of your customized DST agreement.

The DST is a contract between you and the dedicated third party trustee to disburse DST payments to yourself, your trust, or your beneficiaries.

You do NOT pay taxes until DST payments begin, and only on the portion that is disbursed. The money in the trust can be invested, providing you with an income stream. Reinvestment of proceeds within the DST trust can fluctuate with the market, depending on your investment choices.

•IRS compliant tool, supported by the Estate Planning Team
•Alternative to 1031 Exchange
•Defers 1245 Depreciation Recapture
•Private Letter Ruling (Tax Code: IRC 453)
•Like an interest free loan from the IRS

I am inviting you to NuVision Real Estate Network tonight
for a presentation on DST and opportunities to ask questions
and see how DST may benefit you.

NuVision Real Estate Club
Tuesday, September 8, 2009
7pm – 9pm
Location: COLDWELL BANKER New Century
960 E. Las Tunas Dr, San Gabriel, CA 91776
Website: http://www.rudylk.com/real-estate-investors.html

DST Benefits.
•Provides income stream – Flexible income payments through an installment method negotiated in a customized DST contract.

•Defers capital gains tax – Defers taxes until receipt of installment note payments.

•Asset diversification and growth – Proceeds from the sale of your asset can be diversified among investments with the potential for capital appreciation and dividends within the DST.

•Income Flexibility – Installment note payments are disbursed to you, your trust, or your beneficiaries. Payments are secured by the Trustee of the DST, directly against DST assets.

•Like an interest free loan from IRS – With an IRS tax deferral, you can invest the money you would have immediately paid in taxes through your DST lifetime.

I am inviting you to NuVision Real Estate Network tonight
for a presentation on DST and opportunities to ask questions
and see how DST may benefit you.

NuVision Real Estate Club
Tuesday, September 8, 2009
7pm – 9pm
Location: COLDWELL BANKER New Century
960 E. Las Tunas Dr, San Gabriel, CA 91776
Website: http://www.rudylk.com/real-estate-investors.html

Why I Invest in VICTORVILLE

Top Reasons why I invest in Victorville – California:
(Other than POSTIVE CASFHLOW and
it’s located in California, the 7th largest economy in the world!!!)

From 2001 to 2006 Victorville’s population grew from 61,500 to 95,145, and reached the 100,000 mark in 2007.

Victorville issued more than 3,000 residential development building permits in 2006—surpassing the number of permits ever issued in one year.

Approximately 60,000 Victor Valley residents commute out of the area, creating an eager, ready workforce for new local companies.

The USA’s second longest commercial runway is at Victorville’s Southern California Logistics Airport (SCLA).

Victorville’s more than 90,000-acre Redevelopment Project Area is the largest redevelopment project area in California.  

Business-friendly, family-friendly Victorville boosts two municipal golf courses and 20 parks. Plenty of sport fields and teams for youth to adults.

Seven of Victorville’s public schools score above 800 on the State of California’s Academic Performance Index (API).

Learn more about Victorville at: http://www.victorvillecity.com

To get listings of homes for sale and
List of Bank Owned Properties in Victorville,
Please go to my website: http://www.HomeBuyersForm.com

IRS to mine payment data on mortgages

IRS to mine payment data on mortgages

The Internal Revenue Service (IRS) will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The program, which searches for inconsistencies between mortgage payments and income, is currently used to send notices to non-filers who it believes should have filed a return. It could be used to target for audits individuals who report less income than they paid in mortgage interest.

The move will expand a regional research project on mortgage interest to a nationwide level by December 2011. Initiatives such as these typically involve examination of a small number of tax returns to evaluate new enforcement strategies.

According to the Treasury inspector general, tens of thousands of homeowners who paid more than $20,000 in mortgage interest in 2005, the latest tax data available when the Treasury inspector general’s office began its audit last year, either didn’t file a tax return or reported income that appears insufficient to cover their mortgage interest and basic living expenses.

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Source: Wall Street Journal Online
http://online.wsj.com/article/SB125176078680774177.html
By MARTIN VAUGHAN

WASHINGTON — The Internal Revenue Service will expand a program designed to catch tax cheats that searches for inconsistencies between mortgage payments and income.

After prompting from an IRS auditor, the agency will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The IRS currently uses such data to send notices to non-filers who it believes should have filed a return.

The data could also be used to target for audits individuals who don’t file tax returns, or who report less income than they paid in mortgage interest, according to a letter released Monday by the Treasury inspector general for tax administration.

The IRS move will expand a regional research project on mortgage interest to a nationwide level by December 2011. Such initiatives, called Compliance Initiative Projects, typically involve examination of a small number of tax returns to evaluate new enforcement strategies.

Howard Levy, a tax attorney with the Cincinnati firm Voorhees Levy, said mortgage-interest data might be the best source of information the IRS has on small-business owners, such as roofers or carpenters, who are paid in cash and don’t report all their income to the IRS.

“That [IRS Form] 1098 might be one of the few trails IRS could pursue to find out if there is income coming in,” Mr. Levy said.

One Republican lawmaker cautioned Monday that the IRS plan could snare taxpayers who have coped with job losses by borrowing or using savings or retirement accounts to make their house payments.

“We shouldn’t presume that these struggling families are tax cheats just because they continue to make their mortgage payments despite losing their income,” said Rep. Charles Boustany (R., La.), the ranking minority member on the House Oversight Subcommittee.

Highly paid former employees of investment banks who lost their jobs in the financial crisis but who, thanks to their savings, are still making their mortgage payments, could also draw scrutiny under the IRS plan, said Tom Ochsenschlager, vice-president for taxation at the American Institute of Certified Public Accountants.

The Treasury inspector general said in a Monday report that tens of thousands of homeowners who paid more than $20,000 in mortgage interest in 2005 either didn’t file a tax return or reported income that appears insufficient to cover their mortgage interest and basic living expenses.

The data for 2005 was the latest tax data available when the Treasury inspector general’s office began its audit last year.

Based on a sample of these returns, nonfilers and potential under-reporters identified by the inspector general could have owed a combined total of $1.4 billion in tax, penalties and interest, the auditor said.

Banks report data on mortgage interest paid by individuals to the IRS and to the homeowner, using IRS Form 1098.

Mortgage loan delinquencies rise, foreclosures flat

Mortgage loan delinquencies rise, foreclosures flat

The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.24 percent of all loans outstanding as of the end of the second quarter of 2009, up 12 basis points from the first quarter of 2009, and up 283 basis points from one year ago, according to the most recent Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 64 basis points from 8.22 percent in the first quarter of 2009 to 8.86 percent this quarter, according to the report. The delinquency rate breaks the record set last quarter, based on MBA data dating back to 1972.

“While the rate of new foreclosures started was essentially unchanged from last quarter’s record high, there was a major drop in foreclosures on subprime ARM loans,” said Jay Brinkmann, MBA’s chief economist. “The drop, however, was offset by increases in the foreclosure rates on the other types of loans, with prime fixed-rate loans having the biggest increase. As a sign that mortgage performance is once again being driven by unemployment, prime fixed-rate loans now account for one in three foreclosure starts. A year ago they accounted for one in five.

California, Florida, Arizona, and Nevada continue to have a disproportionately high share of foreclosure starts, although the share has fallen slightly from last quarter, according to the report, with 44 percent of all of the nation’s new foreclosures during the second quarter of this year, down from 46 percent in the first quarter.

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Press Release – NDS

Source: http://www.mbaa.org/NewsandMedia/PressCenter/70050.htm

——————————————————————————–
Title: Delinquencies Continue to Climb, Foreclosures Flat in Latest MBA National Delinquency Survey
Source: MBA
Date: 8/20/2009
Contacts:
Name: Phone: Email:
Carolyn Kemp (202) 557-2727 ckemp@mortgagebankers.org

——————————————————————————–
WASHINGTON, D.C. (August 20, 2009) — The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 9.24 percent of all loans outstanding as of the end of the second quarter of 2009, up 12 basis points from the first quarter of 2009, and up 283 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 64 basis points from 8.22 percent in the first quarter of 2009 to 8.86 percent this quarter.
Top Line Results

The delinquency rate breaks the record set last quarter. The records are based on MBA data dating back to 1972.

The delinquency rate includes loans that are at least one payment past due but does not include loans somewhere in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the second quarter was 4.30 percent, an increase of 45 basis points from the first quarter of 2009 and 155 basis points from one year ago. The combined percentage of loans in foreclosure and at least one payment past due was 13.16 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

The percentage of loans on which foreclosure actions were started during the second quarter was 1.36 percent, down one basis point from last quarter and up 28 basis points from one year ago.

The percentages of loans 90 days or more past due and loans in foreclosure both set new record highs, breaking records set last quarter. The percentage of loans 30 days past due is still well below the record set in the second quarter of 1985.

Increases Driven by Prime Fixed-Rate Loans

“While the rate of new foreclosures started was essentially unchanged from last quarter’s record high, there was a major drop in foreclosures on subprime ARM loans. The drop, however, was offset by increases in the foreclosure rates on the other types of loans, with prime fixed-rate loans having the biggest increase. As a sign that mortgage performance is once again being driven by unemployment, prime fixed-rate loans now account for one in three foreclosure starts. A year ago they accounted for one in five. While 41 states had increases in the foreclosure start rate for prime fixed-rate loans, 43 states had decreases in that rate for subprime adjustable-rate loans,” said Jay Brinkmann, MBA’s Chief Economist.

“The states of California, Florida, Arizona and Nevada continue to have a disproportionately high share of foreclosure starts, although the share has fallen slightly from last quarter. Those four states had 44 percent of all of the nation’s new foreclosures during the second quarter of this year, down from 46 percent in the first quarter.

“Florida continues to establish itself as the worst state in the union for mortgage performance, closely followed only by Nevada. In Florida 12 percent of mortgages were somewhere in the process of foreclosure, the highest in the nation, and another 5 percent were at least 90 days past due as of the end of June. A total of 22.8 percent were delinquent at least one payment or in the process of foreclosure, which is almost twice the national percentage if the Florida numbers are excluded. In contrast, the next highest states are Nevada at 21.3 percent, Arizona at 16.3 percent and Michigan at 15.8 percent.

“We also saw a major jump in FHA foreclosures. The percentage of loans with foreclosures started, the percentage of loans in foreclosure and the percentage of loans 90 days or more past due are all records for FHA. While the foreclosure starts rate for FHA loans at 1.15 percent is lower than all other loan types with the exception of prime fixed-rate loans, the FHA percentages have remained low due to a large increase in the number of loans outstanding, the so-called “denominator effect”. If the number of FHA loans had stayed the same as a year ago and we saw the same number of foreclosures, the FHA foreclosure rate would be almost 1.5 percent.

“As for the outlook, it is unlikely we will see meaningful reductions in the foreclosure and delinquency rates until the employment situation improves. In addition, in some areas where a number of borrowers have mortgages that are larger than the current value of their homes, any life events such a divorce or loss of a job are likely to translate into foreclosures until prices in those areas recover, not just flatten.

“Finally, while the various loan modification programs continue to have an impact on holding foreclosure rates below where they otherwise would be, the issue is that many of the foreclosures involve homes that are vacant, borrowers who no longer have jobs, or loans where there was fraud involved. Therefore, in measuring the effectiveness of industry or government loan modification programs it is necessary to compare the results not with the total foreclosure and delinquency numbers reported here but with the smaller subset of borrowers who can and want to qualify,” Brinkmann said.

Change from last quarter (first quarter of 2009)

The seasonally adjusted delinquency rate increased 35 basis points for prime loans (from 6.06 percent to 6.41 percent), 40 basis points for subprime loans (from 24.95 percent to 25.35 percent), and 58 basis points for FHA loans (from 13.84 percent to 14.42 percent), but decreased 15 basis points for VA loans (from 8.21 percent to 8.06 percent).

The percentage of loans in the foreclosure process increased 51 basis points for prime loans (from 2.49 percent to 3.00 percent), and increased 71 basis points for subprime loans (from 14.34 percent to 15.05 percent). FHA loans saw a 22 basis point increase in the foreclosure inventory rate (from 2.76 percent to 2.98 percent), while the foreclosure inventory rate for VA loans increased 14 basis points (from 1.93 percent to 2.07 percent).

The non-seasonally adjusted foreclosure starts rate increased seven basis points for prime loans (from 0.94 percent to 1.01 percent) and increased five basis points for FHA loans (from 1.10 percent to 1.15 percent). This rate decreased 52 basis points for subprime loans (from 4.65 percent to 4.13 percent) and decreased four basis points for VA loans (from 0.72 percent to 0.68 percent).

The seriously delinquent rate, the non-seasonally adjusted percentage of loans that are 90 days or more delinquent, or in the process of foreclosure, was up from both last quarter and from last year. This measure is designed to account for inter-company differences on when a loan enters the foreclosure process.

Compared with last quarter, the non-seasonally adjusted seriously delinquent rate increased for all loan types. The rate increased 74 basis points for prime loans (from 4.70 percent to 5.44 percent), 164 basis points for subprime loans (from 24.88 percent to 26.52 percent), 41 basis points for FHA loans (from 7.37 percent to 7.78 percent), and 27 basis points for VA loans (from 4.42 percent to 4.69 percent).

Change from last year (second quarter of 2008)

On a year-over-year basis, the seasonally adjusted delinquency rate increased for all loan types. The increase was 248 basis points for prime loans, 668 basis points for subprime loans, 179 basis points for FHA loans, and 124 basis points for VA loans.

Compared with the second quarter of 2008, the percentage of loans in the process of foreclosure increased 158 basis points for prime loans and 324 basis points for subprime loans. The rate increased 74 basis points for FHA loans and 74 basis points for VA loans.

The non-seasonally adjusted foreclosure starts rate increased 40 basis points for prime loans, 20 basis points for FHA loans, and 11 basis points for VA loans. The starts rate decreased 13 basis points for subprime loans.

The seriously delinquent rate was 309 basis points higher for prime loans and 867 basis points higher for subprime loans. The rate also increased 235 basis points for FHA loans and 169 basis points for VA loans.

If you are a member of the media and would like a copy of the survey, please contact Carolyn Kemp at ckemp@mortgagebankers.org or John Mechem at jmechem@mortgagebankers.org. If you are not a member of the media and would like to purchase the survey, please call (800) 348-8653.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org.

Loan Modifications

LOAN MODIFICATIONS Updates

A mortgage loan modification is a change in the initial terms of a note used to finance real property. The lender or servicer holding the note grants the loan modification. Lenders are modifying loans for a number of different reasons, the largest of which is to mitigate losses that are associated with foreclosure.

Federal government initiatives, as well as a severely weakened banking system have opened the door for “more and more” property owners to receive loan mods. New lender and federal guidelines are waiving the “old rules” of requiring homeowners to be “in” foreclosure to receive a loan modification. In fact, homeowners that have never missed a payment are receiving loan modifications.

The Feds are providing financial incentive to lenders as well as making it easier for lenders to approve loan mods. Within recent weeks (April and May 2009) two major pieces of national legislation have been passed. They are:

1) The Obama Plan / Making Home Affordable Plan:
This plan’s objective was to stabilize the real estate market by modifying loans that are owned or backed by Freddie Mac of Fannie Mae. The federal government is providing large cash incentives to participating lenders, for approving loan modifications.

2) Helping Families Save Their Homes Act:
This gives mortgage servicers carte blanche to modify loans. This opened the flood gates for virtually all loan servicers to start modifying loans of all types with no investor approval.

These two government programs are simply perpetuating loan modification as a mainstream alternative to high home loan interest rates and foreclosure.

With an average cost of $75,000 per foreclosure, it simply is in the best short, medium and long term financial interest for lenders to modify loans.

LoanMod Creator

LoanMod Creator is stand-alone web based software program for property owners wanting to create and submit their own loan modification package to their lender for the purposes of lowering their loan payments. LoanMod Creator offers a totally unique solution for property owners seeking to modify their mortgages.

The LoanMod Creator software was designed so the average person can easily create their own loan modification package that meets their lender guidelines. As the applicant enters their personal information LoanMod Creator automatically underwrites the loan modification per their lender affordability equations, computes real time success probabilities and provides intuitive feedback suggesting revisions when probability scores fall below allowable margins.

LoanMod Creator also creates other required documents such as “the Hardship Letter” and” Pre & Post Modification Summary.” Once complete, the applicant reviews their loan mod, prints it and submits to their lender.

CLICK HERE to find out how you can create your own loan modification package!