3. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” AS A HOMEOWNER YOU ARE ENTITLED TO CERTAIN RIGHTS THAT YOU MAY NOT HAVE BEEN INFORMED ABOUT! PROTECT YOUR RIGHTS!
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7. “ Today’s Preparation Determines Tomorrow’s Achievement” This is not a refinance, short sale or loan modification. Home Mortgage Protection Services
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13. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Submit Entire File to loan company for processing Settlement offer sent to borrower Rental properties submitted to loan company for processing Hi File Received and sent to lender for evaluation and approval Must Accept offer presented, no bargaining power. Rental Agreements do not qualify for a loan modification No Detailed file is necessary & No approval is required. When Settlement offer is finally made, borrower can accept or reject the offer. Settlement offers can be made on rental properties i Processing Requirements Loan Modification HMPS
14. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Real Estate Foreclosure News JP Morgan Chase which now owns Washington Mutual, and one of the nations biggest lenders, has embarked on one of the most ambitious efforts to lower mortgage payments and modify loans not only to include the mortgages the bank owns but also to include more than $1 trillion of loans sold to investors. Faced with political pressure and ballooning losses, the banks are racing to modify millions of loans by lowering mortgage payments, reducing mortgage balances and extending loan terms. Faced with mounting lawsuits, banks are trying to keep borrowers in their homes and limit their losses associated with foreclosures in formulating the plan. It is expected that once the plan is put into action, other banks and lending institutions will follow suit to modify their loans. Lawsuits prevent lenders from moving forward in modifying these loans. The bank said they want to work with borrowers and believes that it can legally modify a “vast majority” of investor owned mortgages. JP Morgan also stated that they would rather see banks overhaul the terms of their mortgages rather than see them slide into foreclosure or have a bankruptcy judge reverse the terms. Reprinted from the Investors Journal, January 2009
15. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” OPERATIONAL FLOW CHART Borrower completes Application, sends app and & loan docs to HMPS Lender Served Submits file to CRO for Evaluation Completed file sent to CRO to prepare lawsuit Lawsuit filed with County. Case Number Assigned Lawsuit sent to borrower for signature File Denied Money Refunded Lis Pendens
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18. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Here area few examples of some real loan settlements: Settlement#1 Notice of Default filed. Notice of foreclosure filed PMT $3800/mo 11.5 adjustable rate Delinquent amount: $13,500 Solution: Foreclosure canceled. Delinquent amount cancelled: New payment $2500/mo @ 7% Rate Settlement#2 Notice of default filed. PMT $2212/mo @ 9 % adjustable Delinquent amount: $30,941 Principal Balance: $295,000 Solution: Foreclosure cancelled. Delinquent amount reduced to $6000 New pmt $1500/mo @6.65% Rate New Principal Balance: $226,740 Settlement#3 Notice of default filed Pmt 2309/mo @ 8.5% Adjustable Principle Balance $323,925 Delinquent Amount: $13,426 Solution: Foreclosure cancelled, delinquent amount cancelled New pmt $2040/mo @ 7.95% fixed, New Principal Balance $266,125
19. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” WE STAY WITH YOU!
20. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Notice of Default
23. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” What about the cost? Researching Loan Documents for Errors and Omissions $350 Documenting Errors and discrepancies $425 Preparation of Lawsuit $1,300 Preparation of Lis Pendens $750 Court Costs / Filing / Case Number $475
24. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Identifying the Agent of Service $150 Retain Process Server $225 Unlimited Consultations with our Attorney @200.00/hr for 1 year (50 Hours) $10,000 Responses to your Lender @ $200.00/hr (40 Hours) $8,000 TOTAL $21,675
25. Home Mortgage Protection Services “Today’s Preparation Determines Tomorrow’s Achievement” Lawsuit Preparation and Lis Pendens Preparation $7,500 Filing Fees (Can vary per county. Price quoted is based on an average amount) $375-500 Monthly Maintenance Fee $0 ($1,000 after 6 months)
