The Obama Administration has added new incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP), part of the administration’s Making Home Affordable plan.

Click here for information or call  review your options. 1-800-251-0746 
 Use the Short Sale, Loan Modification and other methods to save your home and credit. 

Loan services may consider short sales or deeds-in-lieu of foreclosure for borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program.

· If borrowers/homeowners meet minimum eligibility requirements for the Home Affordable Modification program, but don’t qualify for a modification or do not successfully complete the three-month trial period. Before proceeding with a foreclosure, services must determine if a short sale is appropriate.

· Incentives include: $1,000 for loan servicers for successful completion of a short sale or deed-in-lieu of foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).

· The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.

· In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions.  No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

· The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.· The program is in effect through 2012.

· Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

Benefits of Loss Mitigation - Loan Modification  Placement Services.
Do you owe to much to sell? We can help you keep your property.

The New Economic Rescue Plan Supports These Programs. 
Interest rate in some cases may be reduced to 2%!

* Loan Modification * Debt Renegotiation * Debt Consolidation * Reduce your principal
 * Reduce your interest rate  * Erase back payments  * Stay in your home
  * Save your credit  * Protect your equity * Stop creditor calls  
* Avoid bankruptcy  * Change the terms of a loan even if you are current

Call 1-800-251-0746 to get started or e-mail 

Our home savers team has experience with Loan Modification services; you continue to own and/or stay in your property.

We work with you and your lender in a win/win solution through the loan modification process. The loan modification is a change in the loan contract terms, such as the loan amount or interest rate, agreed to by the lender and the borrower. The common modifications right now are those made to reduce the loan amount to offset the depreciation in the home value and modifications to reduce the payment burden on borrowers faced with impending interest rate increases that will make monthly payments unaffordable. 

Modifications are made when borrowers can no longer meet the financial requirements to make their monthly mortgage payments. Lenders look at loan modifications on a case-by-case basis. The burden of proof is placed on the borrower. 

  The burden of proof is placed on the borrower. This is where our experience helps you.
  Depending on your lender, they will request different items to help modify your loan. 
  It is important that we prove to the lender loan modification is less costly to them then a foreclosure.
  Things lenders typically need:
  Your loan account number.
  A brief explanation of your circumstances.  This is sometimes also referred to as a hardship letter.
  Income documents: pay stubs, 2 most recent months of Bank Statements and/or
  benefit statements i.e. social security, disability, unemployment, retirement, or assistance.
  If you are Self-employed, have your tax returns or a Year-to-date Profit and Loss Statement available for reference. 
  List of household expenses. 

Depending on your lender's requirements and requests, we may need different forms filled out by you throughout the process. 
We endeavor to make this process as seamless and simple for you as possible. 

Loan Modification Programs Helps Avoid Foreclosure

When faced with a difficult circumstance, it's common for people to downplay the situation - hope that things will get better.
 It's easier to avoid a problem than to admit there is one. This is certainly true with people who are facing foreclosure.
Its hard to admit even to yourself that there is trouble. Confronting it head-on with a Loan Modifications saves valuable credit and your property. 

We get you back on track, lower your payments and you stay in your home!

When the mortgage payment is a problem,  we can work with your lender with a loan modification. This saves your property and your credit. Contact us by calling 201-679-5700 or 1-800-251-0746; or click here to e-mail us and discuss your options.

Can a Creditor reach your IRA? 

Assets in qualified retirement plans such as 401(k) plans, defined benefit pension plans, and profit sharing plans, are specifically protected from the claims of creditors by the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and a 1992 decision of the Supreme Court of the United States, Patterson v. Shumate. 

Question To what extent are annuity-contract balances protected?

Answer: The benefits, rights, privileges, powers and options which under any annuity contract are due the annuitant, are not subject to execution, garnishment, attachment, sequestration or other legal process nor may the creditor compel the annuitant to exercise any such rights, etc. Creditors may not interfere with or terminate the contract, except for amounts paid into the contract (plus interest) to defraud creditors

General Debtor Protections for Retirement Assets 

Note: Absolute statements of protection are problematic. For example, qualified plan assets and IRAs are subject to attachment for qualified domestic relations orders and federal tax liens both in and out of bankruptcy. Additionally, owner-only plans may be attachable outside of bankruptcy. State law protections vary from state to state.