With bankruptcies and debt settlement becoming the two most common debt relief solutions, more and more financial companies are seeking debt leads for their sales team to call on.  A few years ago debt consolidation leads were all the rage, but with the home equity loan market disappearing times have changed.  Homeowners had an advantage because they could always consolidate their debt with a second mortgage.  Now that the credit crunch has eliminated most equity loan products, owning a home no longer affords people the luxury of lowered payments from a debt consolidation loan.

Debt settlement has become the preferred solution for consumers that want to eliminate their credit card debt.  Debt settlement leads are in high demand because millions of consumers are searching online for debt relief companies to assist them in debt negotiations to reduce credit card interest and high rate bills.  Similar to the way loan modification leads have helped finance companies, debt leads provide another revenue stream for mortgage companies that are running out of niches.  Debt settlement and debt reduction services help consumers save up enough money over 12-18 months and then they pool their debt legally with other consumers to settle with credit card companies for less than agreed.  For people with a lot of unsecured debt who want to avoid bankruptcy, debt settlement is a viable solution.  If you are seeking debt settlement leads, debt consolidation leads or mortgage leads, the Mortgage Lead Vault has several popular lead buying programs to jump-start your sales.

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Local Lenders from Wells Fargo and Bank of America have reported a surge in FHA refinance applications and new home purchase inquiries for short sale and bank owner REO properties.

Focus on FHA Mortgages and Foreclosure Prevention

According to Bryan Dornan, founder of the Lead Planet, a mortgage lead generation company that provides real time internet loan modification, refinance and FHA leads said, “Mortgage lead volumes are up again, with interest rates hitting record low’s and borrowers becoming more comfortable taking out home loans as the real estate market is getting near the bottom.”

Here is an overview on loan modification, FHA mortgage lending and foreclosure prevention legislation: Lender loan workouts have helped hundreds of thousands of homeowners renegotiate a lower rate in an effort to make their home loan more affordable.  The banks are overloaded with foreclosures and the uncertainty in the housing market has made the lenders debate on loan modifications, a no brainer.

California Mortgage and Loan Modification Law Updates

In November 2007, Gov. Arnold Schwarzenegger and several lenders announced a voluntary agreement meant to encourage loan modifications for borrowers facing foreclosure.

SB 1137: Created a 30-day waiting period before lenders could file a notice of default; required lenders to maintain foreclosed properties; notification for renters in foreclosed properties.

AB/SB 7 (Second Extraordinary Session): Enacts a 90-day foreclosure moratorium, except for mortgage lenders and loan servicers that have entered into a loan modification program.

Government level

FHA Secure looked good on paper but failed miserably because mortgage lenders refused to adapt to the FHA refinance program that was designed to bail out distressed homeowners who could not afford their adjustable rate mortgage.

Hope NOW: Program created in 2007 to encourage lenders to work with struggling borrowers. A mortgage industry group said the program has helped 2.3 million people avoid foreclosure.

President Obama’s plan: The $75 billion program aims to help 9 million struggling buyers refinance or obtain loan modifications. But many Inland homeowners may not qualify.

Pending state bills

AB 34 (Nava, D-Santa Barbara): Contains new licensing and regulation requirements for mortgage originators.

AB 260 (Lieu, D-Torrance): Imposes restrictions on subprime loans and new rules for mortgage brokers and real-estate lenders.

AB 329 (Feuer, D-Los Angeles): Creates new disclosure rules for reverse mortgages.

AB 603 (Price, D-Inglewood): Prevents for one year the eviction of renters living in a foreclosed property.

SB 94 (Calderon, D-Montebello): Prohibits advance fees for loan modifications.

SB 120 (Lowenthal, D-Long Beach): Creates protections for renters living in foreclosed homes, such as return of security deposits.

SB 239 (Pavley, D-Agoura Hills): Creates a new crime of mortgage fraud.

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Debt Leads -- Debt Settlement Lead Company

Listen to Lead Planet Founder, Bryan Dornan as he discusses the opportunity for sales people to make money helping consumers eliminate their revolving debts. Debt Lead buyers can choose from real-time internet leads or live transfer leads that connect consumers directly with a debt advisor or broker. Visit  the Mortgage Lead Planet for debt consolidation leads online and read some of the debt settlement and mortgage refinance articles at the the Blog for Mortgage Leads and more lead generation.

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