26 Loan Modification Companies Closed Down?

Twenty-six loan modification firms in Nevada have been told to cease operations by state regulators.
The Nevada Division of Mortgage Lending the regulatory entity which oversees the Loan Modification companies says the 26 companies have failed to obtain a $75,000 bond required under a new state law.
Regulators on Monday said the companies have 10 days to cancel contracts with homeowners and refund money paid for work not performed.

JnR Associates was licensed and bonded prior to the bonding requirements set forth by the Mortgage Lending Division. We currently hold two bonds one for $100,000 bond # #FSI375254 and the required $75,000 bond #BUIFSU0509623

We have been ahead of the licensing requirements since our entering into the Loan Modification Business. With over 20 years experience in lending, banking, and now Loan Modifications JnR Associates had the foresight to obtain bonding and licensing prior to and Loan Modification work began. We are a business focused on the consumer, and we want to ensure our customers feel safe and protected while using our services.

Any person who had unfortunately done business with any of the Loan Modification companies who were forced to shut down due to their illegal and unethical practices, JnR Associates will offer the following as a way to help out the victims of these malicious companies. JnR Associates will credit up to $1,000 of any monies paid and not refunded by any of these closed down Loan Modification Companies. Just simply bring us the paperwork you have provided them with and we will upon our prequalification guidelines take it from there.

Please contact us at
775-657-9222

Eighteen other firms are being allowed to operate while their licenses are being processed.

Local Government Host Forum

So I had the pleasure of attending a local forum this last weekend that was presented by local government. There were representatives from Fannie Mae, Freddie Mac and local government agencies. It was a very informative for homeowners who do not know how or what the modification process is about. While I believe it was a good source of information for the home owner there are a few things I didn’t agree with.

1. Warren Harris of Fannie Mae with his arrogant and entitled attitude. As I sat in the audience and listened to his speech I quickly got the feeling that he believes it’s the home owner’s fault they were in their current situation. I know I was not the only one as I heard other people in the audience commenting as well. His overall attitude and demeanor needs adjusting. I don’t think he understood that the people in the audience need some kind of compassion. There was none coming from him whatsoever.
2. The Freddie Mac representative, while informative, had the same cold and non compassionate attitude. I appreciate the way she did certain things to keep things moving but some manners would have been nice.
3. The over emphasized promises that all the home owner has to do is contact a “Hud Certified” counselor. If it was truly that easy for the home owner there would not be so many quests in the audience of EVERY forum they host.
4. The way the representative from the State of Nevada and the Bureau of Consumer Protection spoke of scams they made it appear as if any company performing modifications for a fee is a scam. Well I asked this gentleman why they are allowing licensing, bonding and business licenses for modification companies if they are all scams. He had no answer other than “well, you should just be careful.” The truth is the state and local government is making money off of the modification companies that are following the laws that have been put in place. So why would they make it illegal across the board?

I have said since we started this business and I will say until the day modifications are no longer available….. There are people out there (JnR Associates) who have others best interest at heart. We work, and work hard therefore believe we can ask for a fee that the market will bare. We have integrity, honor and pride in all the work we do and we will continue to fight for the home owners who are not having their own success with these so called “Hud Certified Counselors”.

Here is the original link to the forum announcment.

http://www.rgj.com/section/blogs12?plckController=Blog&plckBlogPage=BlogViewPost&U=8a686c58-d08c-47e8-8216-d67b1e581e99&plckPostId=Blog%3a8a686c58-d08c-47e8-8216-d67b1e581e99Post%3a1305c7f2-662a-4c37-8c45-af8be55bfcab&plckScript=blogScript&plckElementId=blogDest

www.jnrassociates.com

CNN Reports Nevada leads the Nation in foreclosures

In recent news CNN had reported 1 in 23 Nevada homes are in foreclosure. These dismal numbers have Nevada leading the nation on the greatest percentage of homes in foreclosure vs. homes not in foreclosure. This is evidence enough that Nevada home owners are not informed of their options. Many of these homes could have been saved through a Loan Modification. Even if many of these homes were non-owner occupied investment properties, the Loan Modification option is still available. Lenders do not want these homes back and are willing to work with the borrowers on a Loan Modification despite the home owner’s non-occupancy status of the property.

If you are an investor with property located in Nevada and contemplating letting the property go into foreclosure due to the decline in property values, or the inability to cover the full payment with the rents received; wait there are options for you. I encourage you to contact your lender and see what options are available to you. You may also want to contact a licensed loan modification company to assist you with the bank negotiations, as it can be a little complicated in preparing the financial information in a format best received by the mortgage lender in an effort to modify the mortgage loan on your investment property.

How to calculate your income for note modifications using the methods of banks

It is important to understand how to calculate your income using the same method as the banks will. To clarify there are not 4 weeks in a month! There are 52 weeks in a 12 month calendar year. This makes the average month contain 4.34 weeks. To more accurately compute your monthly gross income you must perform the following calculations:

W2 Wage Earner Example the Paycheck Check:

Pay date 9/21/2009
Pay period beginning 8/03
Pay period ending 8/17

Pay check amount $1404.84
Year-to-Date Gross Income $35,237
Year-to-Date Net Income $26,075.38

To determine your monthly income from your most recent paystub you must first find the pay period ending date. This date is NOT the pay check date. The pay period is usually expressed over a two week period and will be shown in a similar format as shown above.

You now must determine how many months to the percentage of the current month the Year-to-Date Income is has accounted for.

In the pay period expressed above you will perform the following calculations

The pay period ended in September 17. To determine the percentage of September accounted for you take the pay period ending date and divide by 30 (the average days in a month) shown as 17/30 = .56666. This means the pay period end date was .56666 of the month of September. You now take this portion of the month of September (.56666) and add it to the amount of full months already accounted for the year thus far (January through August) which is 8 full months. You now have your year to date months worked as 8.56666

To determine your actual Year-to-Date monthly income you take your full Gross (pre taxed income) of $35,237 and divide this amount by the amount of months to the fraction of the current month determined to be 8.5666. This is expressed as $35,237/8.56666 = $4113.27

Monthly Income calculations Summarized from info above

17/30 = .56666
.56666 + 8 (full months already passed) = 8.56666
$35,237/8.56666 = 4113.27

In preforming your own loan modification it is important to understand how to compute yur income correctly, as it will be needed in creation your financial budget and proposed payment.

Things you must know about loan modifications

What you need to know about loan modification

Loan modifications may not have been applicable to all loans, because most big lenders sell the loans to Fannie Mae, Freddie Mac or Ginnie Mae. These government-sponsored enterprises group the mortgages that they acquire and sell them to investors. In such cases, a loan modification was not always an option. However, now that the federal government has taken over Fannie Mae and Freddie Mac, you can expect more lenders to offer loan modifications. If a loan cannot be modified, the client has the option of applying for a “streamlined” refinance with the same loan servicer. It proves advantageous in using the current loan servicer, as homeowners can reduce the amount of paperwork, costs, and delays. Loan modifications are easier to complete in cases such as these, but are not limited to these alone:

• The Homeowner has fallen behind on the mortgage payments

• The Homeowner is financially affected because the principal loan amount is higher than the current appraised value of the home.

• The Homeowner currently has an interest only loan(s)

• The Homeowner is in an adjustable rate mortgage that either have not yet begun to adjusted, or are in their adjustment period.

• The Homeowner is in A Minimum Payment Adjustable Rate Mortgage called an Option Arm.

• Income has changed or expenses have increased

If you have one or more of these acceptable hardships then your chances of successfully completing a loan modification is greatly increased. Contact JNR Associates for a free analysis!

RGJ.COM acknowledges not all Nevada Loan Modification companies are scams

Finally the local media has taken a step in the right direction to point out that loan modifications are not a scam.  Maybe they will start to shine some light on the positive side of them.

Read Reno Gazette Journal article here

The Making Home Affordable Program Launched Under Obama

The Making Home Affordable Program launched under the Obama administration in March of 2009 was aimed at helping homeowners in distressed mortgage programs stay in their homes.  Under the Making Home Affordable Program the goal was to provide Loan Modifications for the home owners to make their full mortgage payment including principal, interest, taxes, and insurance is equal to 31% of their gross income. $75 billion dollars has been allocated of the stimulus funds for sustainable mortgage modifications through the Home Affordable Modification Program (HAMP).

In the short time this program has been available more than 400,000 loan modification offers have been extended and more than 230,000 trial loan modifications have begun.  The current pace of loan modifications provided has put the program on track to offer loan modification assistance to up to 3 to 4 million homeowners over the next three years!

To continue and emphasize the positive growth of this home saving campaign, the Administration requested loan servicers to ramp up implementation of this loan modification campaign to a cumulative 500,000 trial loan modifications started by November 1, 2009. This would more than double in three months the number of trial modifications started in the first five months of the program.

There is no better time to take advantage of this opportunity presented to distressed home owners. This program was funded to help an estimated 3-4 million home owners, see if you qualify, before the program is no longer available.

Online www.jnrassociates.com is an informative site detailing the “qualifying hardships” the Making Home Affordable Program was aimed at helping.

Good Luck!!

Reno Nevada Home Loan Modification Fights Rumors of Scams

In recent months there has been a lot of press about home loan modification scams. When JnR Associates saw this press and learned that there were people out there taking advantage of home owners they did what any reputable company should have done. They applied for and received their license, bond, and registration with the Mortgage Lending Division. They had all of these things in place even before they were required in the state of Nevada. While there are companies and individuals that have applied and are working, JnR Associates prides itself on being the first in the entire state of Nevada. They also pride themselves on being a completely transparent company encouraging all their clients and prospective clients to check on the licensing information. A welcomed relief from the bad press and reputations some of these companies are getting.

Jason Tyler, Director of Business Development says: “We believe in helping these home owners stay in their homes. They are in a tough situation facing foreclosure and just need some honest, reliable help.”

JnR Associates has proven time and time again that they are the company to help in these tough times in the entire state of Nevada.

Avoid Foreclosure in Nevada

A Home loan modification company has been developed to help homeowner properly negotiate with banks and not lose their homes due to foreclosure in Nevada.

Reno Nevada August 5th 2009- JnR Associates is the first licensed and bonded home loan modification specialists with the Mortgage Lending Division in the state of Nevada. (lic. #FS1375254) JnR Associates has educated itself on the $75 Billion Obama stimulus plan and has access to all lenders in order to assist with modification negotiations. JnR Associates goal is to help the homeowner get through the modification process as quickly and effectively as possible.

With over 20 years of mortgage industry experience, JnR Associates will develop and implement effective strategies to negotiate with homeowners lenders. They will collect information, analyze and implement game plans based on homeowners current financial status and any hardships that can be shown. For more information please contact them at 775-657-9222 or visit our website.