San Diego, CA (PressExposure) May 05, 2009 -- Keeping a mortgage - and your house - isn't as simple as it used to be. Homeowners are facing challenges following the collapse of the housing market, that we haven't seen since The Great Depression. With foreclosures at all-time high, and the continuing credit crunch, many homeowners are "upside down" or "underwater" - with homes worth far less than the sum necessary to pay off their mortgage. Mortgage Solution Advisors (MSA) is a new venture aimed at providing relief. Today, Robert MacGuire, the principal of MSA, announced the launch of a new website to inform homeowners of options for saving their homes and negotiating new terms for existing loans, now that the U.S. Government's new policies have changed all the rules. ( http://www.youtube.com/watch?v=p7hLMCuhGpg )
According to MacGuire, about 80% of the people who are looking for help don't qualify for the government program. "Banks are directing people to do this essentially on their own," says MacGuire. "But even the banks and their staffs don't know exactly what they're doing. The experts who specialize in the mortgage business know the bank's true position: everything is negotiable - including principal and interest. Principal can be reduced. Interest can be recalibrated. And you don't need a government program to get it done."
When they work with advisors who can provide a complete solution, matching homeowners to the right attorneys and modification specialists, homeowners can untangle the mess the housing market has created. "The problem is people are coming into this situation out of a sense of desperation," says MacGuire. "When a homeowner calls a bank and says, 'I need to save my house,' the answer is often, 'Thanks for calling; we'll do what we can.' Banks need to stop losses. Experts are necessary. We can go in surgically and examine every aspect of your loan and recalibrate it in its entirety - not just reducing payments for a few months and tacking late fees on to the back end, but totally reworking the loan."
What MSA Does for Clients MSA is a specialized mortgage solution advisor ( [http://www.mortgagesolutionadvisors.com/] ). Their experience in home financing - from both the real estate and legal sides of the process - has taught them that not all mortgages are created equal. With unemployment on the rise, coupled with specific changes in the lending environment in many local markets - or even changes in lifestyle brought about by divorce, death, or lower income - there are a number of factors that can affect a homeowner's prospects for qualifying for a loan modification. New programs now available to the public all have certain requirements. MSA believes that a homeowner's prospect of saving a home often depend on having experts to guide them through the process.
"We go to the right departments at each bank," continues MacGuire. "We go to loss mitigations specialists. We deal with actual decision-makers. We know that one can't always count on information they get from banks. Banks are overwhelmed. Much is on the line for both our customers and the banks. Desperation is always the worst form of negotiation. We try to remove that from the equation."
MSA is part of a network of real estate and legal professionals who work with home financing on all levels. Many MSA associates have banking backgrounds. Others are experienced real estate professionals. The real estate attorneys at MSA are key to its method. The have real estate mortgage covenant experience, not just contract law experience. Without having the right legal expertise, people are putting themselves at risk.
MSA has identified loan modification consulting as a major unmet need. Although not much has been said to emphasize what has changed in the new environment, never before in real estate history has it been easier to renegotiate terms of a mortgage. Most homeowners just don't have sufficient expertise to know how their mortgage works and what it is possible to negotiate. Most of us barely know what we've signed. We have traditionally only thought of our mortgages as a monthly payment. Now the payment has changed, the value of one's home has changed - it's become more confusing. Bob MacGuire and MSA offer a chance for homeowners to keep their homes and become financially stable in hard times.