Sign South Carolina Work Order Secure

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hi I'm Susan angles a consumer attorney with South Carolina legal services since the foreclosure crisis began South Carolina legal services has been a leader in foreclosure defense and keeping South Carolina citizens in their homes we hope that this video will provide to you with a roadmap to lead you out of foreclosure and help you stay in your head in May of 2011 South Carolina Supreme Court Chief Justice Jean toal issued an order that says your mortgage company must review your loan for all modification opportunities that are available a previous order just two years before had required that your mortgage company must do this before filing the foreclosure lawsuit the mortgage companies have rarely followed that order over the last two years this resulted in very few loan modifications and virtually no reduction in foreclosure sales on our citizens have this new order provides an additional layer of procedure that will assure that South Carolina home owners get every modification opportunity available before their home is sold in foreclosure here's Tina Brown I leave foreclosure attorney she can tell you about the process and what it means for you the human for all South Carolina foreclosure cases pending as of may 9th 2011 the mortgage companies attorney must certify the following things to the court before it can proceed with the foreclosure filing first it must send you a notice of foreclosure intervention the notice of foreclosure intervention allows you the right to request loss mitigation options and/or to be considered for a modification this notice was also if you notice that you have 30 days to respond to the notice of foreclosure intervention for consideration it must also tell you that your mortgage company or its agent has reviewed and examined all documents that are related to your mortgage loan in order for you to be considered for eligibility the attorney for the mortgage company must also certify that you have been provided a full and fair opportunity to present any documentation or other evidence related to your personal circumstances or to your loan that they should review for consideration following that the attorney must certify that you are unable to qualify for any form of loss mitigation or other modification option and that you have been unable to reach any other form of agreement if you are denied the attorney for the mortgage company must certify to the court that you have been served notice of your denial that you have been served notice of the reasons for the denial and that you have also been served notice that you 30 days from the date of that denial notice to respond to the summons and complaint that was served against you and please remember that that response must be in writing if the attorney certification is wrong or not true you can challenge it in court in the two years since justice tolls order of may and 2009 many cases have accused homeowners of not providing documents when in fact they had provided the documents to their own company in other cases there were kids of not responding at all to authors of modification but in fact they had responded to the offers of modification finally many homeowners were told they did not qualify for a modification at all when in fact they did qualify for a modification your foreclosure case will continue if the lawyer for the mortgage company certifies that you have failed refused or elected not to participate in modification or the foreclosure and revision process they will not be able to continue with foreclosure on your home if this process has not been that means that your home cannot be put up for sale unless your mortgage company has truly tried to modify your line for you now the modification process must go forward only under the watchful eye of our core system hi my name is Mark hustler I'm a attorney practices foreclosure defense the Greenville office in South Carolina legal services I just want to talk to you a little bit about the key variables that go into determining whether you're eligible and receive a loan modification the first thing to keep in mind is that it's very important to know who's calling the shots there are a lot of different investors and monitor mortgage loan insurers that determine whether you qualify for a loan work out or not a two of the key names you may have heard already or Fannie Mae and Freddie Mac if you want to find out whether your loan is owned by fannie mae or freddie mac you can go online and Google does Freddie Mac or does Fannie Mae on my lung other key players are the VA Department of Veterans Affairs Federal Housing Administration and USDA's rural development loans each of those entities are what are called loan insurers and in order for a lender to be able to modify your loan they have to get special approval from those entities VA the USDA and the FHA to do so you can also go online and look up the guidelines and the loan modifications that the FHA the VA and the USDA put out and that way you can better inform yourself about what kind of criteria will go into determining your eligibility for a loan modification after you've figured out who owns your loan or who ensures your loan the next thing you want to consider is what's your income income is perhaps one of the most important criteria in determining whether you qualify for a loan modification this is so because lenders take your income and determine what your modified payment will be based on what your income is if you don't have enough income you won't qualify if you have too much income you won't qualify so you need to figure out what kind of income is needed to put you right in the middle where you will qualify for modification for example one of the big programs out there is called the Home Affordable Modification Program in determining whether you qualify for that program the key question is what is thirty one percent of my gross monthly income so when you're thinking about what your income is you want to figure out what your gross monthly income is for the Home Affordable program the gross monthly income is your income before taxes if you take thirty one percent of that figure and that figure is higher than your current monthly mortgage payment you won't qualify if that figure is thirty one percent of your gross monthly income is less than your current monthly mortgage payment then you do satisfy that part that fundamental part of the Home Affordable Modification Program that just gives you a little idea about why your income is so important some programs focus on your net income for example the fha's loan modification program their basic loan modification program looks at your net income and tries to make sure that your net income is greater than all of your other debt expenses final thought on incomes that there are various types of income that can be used or sources of income that can satisfy the requirements under these modification programs you have your traditional wage income of course that can either be from an employer or a self-employed income or you can also use other forms like child support government assistance benefits like food stamps Social Security or even rental income or if you have just a household member that is going to be residing in the house for longer than a year and is going to be expected to contribute money to the household expenses his or her income can be used as long as that person writes a letter and signs of saying I contribute this money to the household income finally when you submit your income information to the lender you want the document in the proper forms this typically requires you to show bank statements showing the positive income into an actual account along with your pay stubs or profit and loss statement if you're self-employed or copies of child support checks or other proof of payment that any reasonable person would want to see to determine that yes affect you do receive this income if you're denied for a modification and you get sued for foreclosure you can challenge the lenders calculation or treatment of your income but you can only do so if you know what your income should have been and you have the records to prove it you can ask the lender to explain why they determined that your income was say two thousand dollars when you told you it was three thousand dollars you can do this in a lawsuit under the rules set down by the Supreme Court of South Carolina but you can only do so if you're prepared and you have the records to show it another basic criteria and being eligible for a modification is showing that you have a legitimate hardship legitimate hardships usually take the form something that is either temporary that's been resolved or say a permanent reduction in income if you're denied because the lender says you have a non legitimate hardship you can challenge this as well let's next talked about submitting documents to lenders when we get lawsuits come into legal services we often see that they that they claim that borrowers have been denied for modifications because borrowers did not submit documents on time or did not submit a full spectrum of documents this is almost always entirely untrue that's why it's important for you to keep good records of everything you submit and proof that the lender in fact did receive it be sure to be responsive to letters that your lender send you if you get a request for documents and it asks you to send in documents within 30 days make sure you do it within 30 days so that you can show the court if it comes down to it that you did in fact submit all documents requested and that you are not delinquent in satisfying your obligations to participate in the loan modification process listen X talked about a fairly technical copulation but one that is often used to deny borrowers for loan modifications technically it's called a net present value test but you can think of it in so much simpler terms basically the lender wants to determine whether for closing and selling the house at a foreclosure sale will get the lender more money versus modifying the loan this is a this is based on a calculation that is not widely available to the public however you can go to a new website that's been established by the US Department of Treasury called check my mtv.com at that site it will give you an estimation of whether or not your modification request will be net present value negative or net present value positive if your loan is denied because your request is net present value negative you can challenge that you can ask the lender to send you a series of inputs that should allow you to determine whether or not they used accurate numbers for example one significant factor in this net present value test is your own homes value a lot of times lenders will value homes by drive by appraisals or by what's called an automated valuation model these basically do not are not full appraisals they do not require anybody to go in the home and actually inspect it and if you think your home has been overvalued and that could be one reason why you fail in that present value test then it might be a good idea for you to contact a local appraisal and get a full appraisal to challenge the lenders determination to your home's value you can do this with any other of the inputs in the net present value calculation that you can show have been in accurately determined by the lender finally if the lender thinks it can make more money by foreclosing and selling your home at function then it can by modifying your loan it will deny you based on a negative net present value calculation the lender does this challenge the lenders information also keep in mind the South Carolina Legal Services has a staff of dedicated attorneys that regularly defend foreclosures we also have a number of foreclosure clinics around the state and you can go online to our website to get more information about these clinics remember you can go online you can inform yourself and empower yourself to make sure you're qualified for a modification and if the lender wrongfully denied you that you can challenge the lenders denial of your modification in court go online and inform yourself and if the lender Sue's you for foreclosure put the lender to its proof go online to our website at www o RG and find out more about these foreclosure clinics you cannot enforce your rights by remaining silent so remember answer the lawsuit in writing go to court and tell your side of the story and finally insist on a full and fair evaluation by your mortgage company and their lawyer a South Carolina legal services we're committed to keeping our citizens in their home and stopping the mortgage companies rush to foreclosure sales you you