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Obama's stimulus plan includes 75 billion dollars to help struggling homeowners but there are millions Americans that will not get any help so how can you take immediate action and delayed or even avoid foreclosure.
Jeff Clement is the real estate investors lawyer and creator of loan relief help dot com he joins us right now from San Francisco good morning Jeff.
Good morning -- a lot of people out there who are you know if they're not facing foreclosure they're worried about foreclosure we get some tips for folks.
First thing is get off forensic loan audit.
So this you know I don't know what that means it sounds like you put a little chalk outline around your credit history -- -- -- that about.
Well that's right there's an expert that you can hire and they do an audit or review of your entire loan file and more often than not those will uncover errors or fraud and loan origination itself.
And that can provide important ammunition to get the lender to delay foreclosure or in some cases erase the debt entirely.
So that's sounds like a little bit of a technicality like in a court case if you're able to prove exactly technicality then it buys you more time or even you can totally get off.
Okay the second tip is call a lender to negotiate a forbearance okay please in layman's terms what does that mean.
Forbearance is a temporary postponement.
Of your current loan payments coupled with -- an affordable repayment plan for those back payments.
Okay -- simple enough.
How about this one and we're here a lot about loan modification.
Call your lender to negotiate a loan modification that's that's what a Barack Obama wants us to do isn't it.
That's right and lenders are more willing than ever to negotiate these modifications.
Under Obama's new plan there are new economic incentives to both the lender and the borrowers so we expect that to continue.
So in other words the bank you don't have to feel like you have to pay the entire sum to the bank right and might be able to cut some of that off.
Well principal reduction is something that we routinely asked for but very rarely do the lenders give it and the best bet is always.
But last concession that it's difficult to extract from lenders -- delay through a sale of your home so in other words you.
Sell your house and suddenly stop the clock.
Right but what will happen is that you can do a sale or if you're.
Properties under water going to end up doing a short sale and lenders typically.
Will if they see that there is a legitimate sale pending they will delay foreclosure.
Okay and then you enjoying this sail through court what fat.
Right so enjoying there's another word we have to define.
You go to court and you asked the judge to enjoin or stop the foreclosure and the way you can do that is to -- can demonstrate to the judge.
That there have been some kind of errors or impropriety.
Or fraud either in the loan origination.
Or in the foreclosure process itself but a lot of times that's happening because there's so much volume going on here that there are a lot of errors being made.
-- -- FHA partial claim where you get a bankruptcy lawyer and consider filing.
One Bethpage at -- Clinton has talked about that because that's what a lot of homeowners don't know about.
If you have an FHK alone.
You can go to Hud and you can ask them to do you a one time interest free loan.
To pay off the delinquency.
On the first loan and bad loan is called a partial claim that becomes a second mortgage against your property and get this.
That's second loan isn't do or payable until you pay off the first loan or until you sell the house wow.
I find that amazing that the banks are actually beginning that the people right now because they've been so tight with credit that's a great -- so Jeff what -- integrate.
And -- and we gotta go but people can find out more about your seven tips and more at -- relief help.
Dot com or.
That's right or call us at our website real estate investor a lot of dot com all right Jeffrey thank you very much for joining us from the Bay City Fox & Friends all the.
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