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The Apollo Loan Modification including FHA Fannie Mae Wells Fargo and Nationstar

The Apollo Loan Modification including FHA Fannie Mae Wells Fargo and NationstarRecent reports have cropped up about a new loan modification offered to certain homeowners who seem to have several things in common.

Fannie Mae and possibly Freddie Mac and the Federal Housing Administration, FHA, as well as Wells Fargo and Nationstar have been mentioned as offering the loan modification program.

Wells Fargo and Nationstar have been named as lenders on recent posts at Loansafe.org.

The floor rate for this program is the Freddie Mac Weekly Market Survey Rat published at their website.

The loan is currently a fixed and not adjustable rate mortgage, with FHA providing insurance coverage to either Fannie Mae backed fixed rate mortgages through the Obama Mortgage.

Fannie Mae has their own call-in database that makes no mention of the Apollo loan modification.

One borrower who was offered this mortgage modification program was reluctant to take it when the payments increased by $200, while another homeowner received a $20 decrease in monthly payments.

If you or anyone you know is interested in sharing their story about the Apollo loan modification or wants a fixed rate 5% loan, please be prepared for tough qualification criteria but its all about the acceptable income you can prove you make.

When borrowers can't refinance to a rate of 3.5%,  some choose to apply for a loan modification or short sale or deed in lieu of foreclosure with varying levels of success.

Foreclosures are the most costly event for mortgage investors and sometimes should never happen
. Yet, for their trusted agents, the mortgage servicers, the most profitable event is a foreclosure sale.

This dis-incentive must be stopped.

Mortgage servicers must not be allowed to use their own valuation of a property, nor the income calculation or any other borrower related information to maximize their own profits at the expense of the mortgage investor, the homeowner, the county tax assessors and recorders, as well as all the homeowners who have their home values go down because of a defective foreclosure.

If you have no equity, your servicer is doing you and your mortgage investor a disservice by not modifying or allowing you to short sale or surrender (deed-in-lieu) your loan.

These programs require you to be late because loan modifications are granted as a loss mitigation option for certain borrowers but then create monster profits for the mortgage servicer at the expense of everyone else.

We want to hear your stories about your Apollo Loan Modification from Well Fargo or Nationstar or any other lender and if the payments are above or below 22%, 31%, 38%, 44%, or 55% of your gross monthly income.

Some of these types of loan modifications were inadvertently yet conveniently issued the same way the subprime exploding adjustable rate mortgages were made with a built-in payment increase but with the benefit that you can re-modify later if the payment becomes unaffordable by responsible lending standards.

You can try to ask Fannie Mae directly as well FHA HAMP and HUD and HOPE, and you should call in to speak about the best way to communicate and track, but remember most people don't understand - your lender or investor is not your friend.

Your lender is not your friend because it sees all the other creditors on your credit report from annualcreditreport.com and can use what you say against you to collect their debt.

The burden of loans not being paid on time weighs heavily on the majority of people who are paying on time because its like the insurance coverage in an accident.

When someone gets in an accident, it becomes more expensive for everyone else when you get in an accident and you have something in common with others in similar circumstances.

If the Apollo Loan Modification program is beneficial to borrowers, it is not being publicly stated by Fannie Mae and does not appear in the FHA resource center database when you search online or call in to ask at the time of this writing.

Fannie Mae referred us to FHA and FHA referred us back to Fannie Mae when details about the program were unavailable but the program was confirmed to exist.

All of this while the Arizona state anti-foreclosure by chain of title legislation was about to become law before being crushed by the banking lobby over a weekend
.

That bill would have made it necessary to show proper chain of title when foreclosing on a borrower.

Meanwhile, when borrowers make unprepared statements about their financial positions, they may inadvertently put themselves in an insolvent position whereby their expenses exceed their net income.

For everyone who wants a modification a call in or email to their servicer should be their first step to see how to apply followed by some more online fact checking about other user's experiences.

If you were not given a choice or wrongfully denied for a loan modification, we want to know why.

In any case, we want to hear what you want, please use the information form to tell us your story with your lender and short sale or loan modification experience. 

The Apollo loan modification is hopefully a good program that will help a lot, but so far a little is what it seems.

Tell us your story and get the help you need now.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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