If you are facing foreclosure, and looking for help, stay clear of these so called foreclosure prevention for profit companies which includes your currant Bank or Mortgage Banker.

Loan modification as a way to prevent foreclosure is one of the newest scams being perpetrated on the American consumer. Many of the banks offering to modify your loan do not have the authority to make any real changes to your loan term, interest rate, or principal balance.

The bank personnel handling your loan modification request are simply collectors who have a very narrow script to follow which basically is designed to collect as much money as they can before offering you terms which may or may not seem to be a good deal on the surface. This process is really designed to be band aide to lull you into a false sense of security.

The banks are misleading the consumer with false hope and being disingenuous with the promise of a loan workout plan. This is why this I feel this is a “loan fraud-ification” scams plaguing homeowners from coast to coast.

Mortgage banks and loan guarantors, and loan servicing companies must receive authorization from the actual owner of the mortgage, in order to make any changes to your original loan terms. These entities are usually a trust, Fannie Mae, Freddie Mac, or some offshore banking entity that securitized the loan. With out their consent, a real loan modification can not take place.

Many of these investors have not even been notified by the banks that these loans are actually delinquent, because if they did report the actual number delinquent mortgages on their books, your bank or loan guarantor could be forced to buy back the loan, or worse, be forced into receivership. Few people know that investors love liquidity, and would be more than happy to re-negotiate you mortgage terms, like discount you principal balance, lower your interest rate or a combination thereof, to keep the loan as a performing asset. However, any discounts made by the investor on behalf of homeowners, would have to be picked up by the banks who guaranteed the loan.

Does this option seem like it would be motivation for your bank or mortgage company to offer you a real loan modification? I Think Not! It is in the banks best interest to foreclose on you and sell your home on the open market, rather than modify your loan and have to pick up these losses, or cover the discounts made by investors. Having to many of these loses could break the back of many of these banks. These are also the same banks that have collected trillions of dollars of tax payer’s money on these same bad loans they are foreclosing on.

Let me repeat myself here, so you understand the big picture…The best way for these banks to re-coop their losses are to negotiate discounted payoffs from their investors, foreclose on you the homeowner, and sell you property on the open market and collect huge profits. Not by offering loan modification to the millions of homeowners who really need them.

So I say stop the madness, and sue theses bastards instead of paying thousands of dollars in loan modification fees to loan mod company’s or the banks. By suing your lender, you have a much better change of getting them to really negotiate with you and offer you a true loan modification that will make a difference in your life, not benefit them.

Stopping foreclosure is one thing, getting REAL a loan modification is another mater all together. Homeowners armed with the right information a good attorney who understands what is going on behind closed doors, can stop foreclosure and provide you with a fighting chance to get you home back from the clutches of these predators. You may be able to re-negotiate many of the following options with the right legal strategies…

· You can have your adjustable rate mortgage converted to a lower fixed rate, between 2 and 5% without any refinance costs.

· You can get your lender to illuminate all back interest, negative amortization, and penalties.

· Have your loan balance reduced to 3% below your current market values or more.

· Have your monthly payment reduced significantly.

Options appear to become available to homeowners that use litigation as a means to re-negotiated existing mortgage terms, vs. begging banks for who practice loan ‘fraud-ification’ practices. By filing legal action, suddenly you start hearing options that were not offered to you otherwise. Homeowners are being taken advantage of, intimidated, and outright being thrown out into the street because they do know how to fight the big giants. So remember David and Goliath. With the right legal slingshot, and stone, together, we can bring these giants to their knees.

There are knowledgeable attorneys’ and professional consulting/auditing companies that will fight for you, and empower you to take back control of your future home ownership and, get you the right loan modification terms.

Fore a list of loan “faud-ification” specialists, and more information about how to fight the giants, email me at cfwatson@loans4heroes.com. Subject line “Help Me Fight The Giants”

Stop your bank from stealing your home from you.

To Your Success and Prosperity,

Colin F. Watson

www.loans4heroes.com

http://helpamericaprosper.com/911hero

http://hubpages.com/profile/cfwatson22