Loan Modification

Loan Modification Tips: How to Choose the Better Loan?

Posted on April 29, 2010
Purchasing a loan is very likely to be one of the most serious financial decisions you make. This is especially so if you are looking to consolidate a number of debts, or refinance a subprime (i.e. expensive) mortgage. Signing a loan, or refinancing an existing one, is often a complicated process; the jargon used is difficult to understand and the indexes and complicated terms used to define a loan can be very confusing...

Top 5 Loan Modification Tips to Avoid Foreclosure

Posted on April 24, 2010
Avoiding foreclosure is a serious concern for millions of American homeowners. There is a lot of advice on methods to avoid losing your home when you are in financial difficulties. The Obama administration has an arsenal of loan modification programs, alternative foreclosure programs, forbearance periods for the unemployed programs and the list goes on and on...

Banker?s Choose not to Swallow Obama?s Loan Modification Bitter Pill

Posted on April 18, 2010
Exceptional times call for exceptional measures. That was the reasoning behind the bailout of the big banks and insurance companies. We had to swallow the bitter pill of using taxpayers money to bail out corporate America. It was after all in the interest of the American economy...

Loan Modifications Drop; Foreclosures Rise; and Homeowners Despair

Posted on April 18, 2010
The Treasury’s report on the  MHA for March explained the drop of new loan modifications as a result of banks requiring that borrowers present all relevant documentation before trial loan modifications could start. However, there could be another factor that is causing this drop in loan modifications; the rise in the number of houses banks are repossessing...

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Loan Modifications; Obama Polls Americans on How to Overhaul Fannie and Freddie

Posted on April 16, 2010
Obama’s Making Home Affordable plan has relied heavily on Fannie and Freddie as key players in the government’s strategy to revive the housing market. Freddie and Fanny encouraged ? some might say bullied ? servicers and lenders on their servicer lists to accept loan modification programs...

HAMP?s March Loan Modification Report; A Review

Posted on April 15, 2010
Obama’s Loan Modification programs have been criticized for their lack of results. But what are these results? The March Servicer Performance Report is fresh off the press, so let us have a quick look at what it has to say. The highlights for HAMP are that more than 230,000 mortgages have been permanently modified...

The Obama Administration Has a Brainstorming Session with the Hardest Hit States; What Should the TARP Fund Be Spent On?

Posted on April 13, 2010
When everybody was saying HAMP’s loan modification was dead as a dodo the Obama Administration has revamped the program under a new Hardest Hit Fund enhancement. This enhancement promises to allocate $600 million from the TARP fund to finance innovative ways of keeping people in their homes or avoid outright foreclosures...

Loan Modifications, Foreclosures, Short Sales, and The Truth About Your Credit Score

Posted on April 10, 2010
There has been a lot of ink spilled on the issue of loan modifications, foreclosure, short sales, and their effect on your credit score. Depending on which newspaper, blog, or Wikipedia article you read there are a couple dozen theories or authoritative statements on how the whole credit scoring system works...

More than Half of Completed Loan Modifications Re-Default; Why?

Posted on April 06, 2010
The latest federal report on loan modifications shows that loan modifications carried out from January to April 2009 had a re-default rate of 51.5%. Re-default is defined by the report as any modified mortgage that has pending payment that is 30 days or more late...

3 Reasons You Want A Short Sale Over A Foreclosure

Posted on April 06, 2010
The sad reality is that loan modifications are not helping most troubled homeowners save their mortgages from foreclosure. Alternatives are needed. The government has seen this, and is putting all its leverage on servicers, junior lien holders, and lenders to fast track short sales...

Loan Modifications Alternatives: HAFA Starts Its New Program Today

Posted on April 05, 2010
Today HAFA, also known as the Home Affordable Foreclosure Alternatives starts to work. What will it mean for troubled homeowners? For a start the program increases Treasury’s contribution to homeowners from $1,500 to $3,000, while the contribution for junior lien holders gets a rise from $3,000 to $6,000...

Can Home Flippers Succeed Where Loan Modifications Have Failed?

Posted on April 01, 2010
Loan Modification programs like HAMP were set up with the goal of providing financial stability to the housing industry. A crippled Real Estate market affects everyone, even people who are not struggling with their mortgages. Neighborhoods get run down, house prices drop, and house service provides like builders, plumbers, electricians and pool cleaners also feel the pinch...

Loan Modifications on Steroids: BofA Principal Forgiveness Analyzed.

Posted on March 29, 2010
Loan Modifications finally got a boost of media coverage last week when Bank of America unveiled their new loan modification scheme. This scheme promises to forgive up to $3 billion to eligible homeowners with underwater mortgages. Underwater mortgages are loans that have a principal balance larger than the current value of their home...

Loan Modifications: Bank of America Plans to Reduce Principal Balance of 45,000 Mortgages

Posted on March 26, 2010
America’s largest mortgage provider has stopped dragging its corporate feet, and seems set to take a huge leap in what may be one of the boldest steps in the mortgage industry. The details are still a little fuzzy but it seems that BofA is about to start a loan modification scheme that will actually reduce mortgage balances of underwater homeowners...

Treasury Moves The Goal Posts of HAMP and Lowers Expectations for the Loan Modification Program.

Posted on March 25, 2010
HAMP, the Obama administration foremost measure against the wave of foreclosures triggered by the financial meltdown is not working as planned. What do you do when something does not work as planned? You clarify how it was never designed to work like that anyway, and patiently explain what it really was meant to do...

Loan Modifications Update: The Spin and the Truth

Posted on March 24, 2010
Loan Modifications are going through an interesting stage. Enormous efforts are being made to save homes from foreclosure, and while some results seem to be made, millions are still heading straight to a foreclosure. The government has increased the pressure on loan servicers and lender, and relaxed the requirements for a HAMP modification...

Refinancing: What Should You Know Before Applying for Loan Modification?s Rich Cousin

Posted on March 24, 2010
There are few advantages to a financial meltdown, but they do exist. One of them is the significant drop in mortgage interest rates that generally comes hand in hand. You could save thousands of dollars by refinancing your mortgage now interest rates are at an historical low...

Loan Modifications, How To Find Out If You Are Eligible Online

Posted on March 20, 2010
Loan Modifications can be a way to save your home from an imminent foreclosure. It will also affect your credit score, and this could affect your chances of getting another loan or when applying for a job. This makes many people think twice before applying for a loan modification...

Loan Modifications Can Drop Your Credit Score by More Than 100 Points

Posted on March 20, 2010
Troubled homeowners are so worried about losing  their home they will do anything to save it. This generally ends up including a loan modification. Loan modifications are a way of reducing monthly payments by a) reducing interest rates, b) extending the tenure of the loan, and c) in some rare cases even by reducing  the principal balance of a mortgage...

HAMPs Loan Modification Has Finally Got Moving

Posted on March 17, 2010
The HAMP program has finally started to get some momentum and provide a substantial amount of troubled homeowners with a way out of foreclosure. Unfortunately, this help seems to be too little, too slow, and too late. However, one must accept that steps are being made and that although not all targets have been met, significant progress is finally occurring...

Loan Modifications and Mortgage Audits Why Don?t They Help

Posted on March 17, 2010
Homeowners are so desperate to find solutions to their mortgage problems they will try anything. Some lawyers and consultants have encouraged homeowners to carry out mortgage audits to assess if any irregularities were committed. In this blog we have previously pointed out how over 90% of mortgages have some kind of irregularities that could make them void...

Loan Modification Scams And The Law, A Brief Overview

Posted on March 11, 2010
Last week was National Consumer Protection Week and the Government wanted to make the most of the heightened awareness to publish some general guidelines and advice. One of these releases was made by Florida Attorney General, Bill McCollum, on the issue of loan modification scams...

Unemployment Home Loans, Are They A Real Alternative To Loan Modifications

Posted on March 11, 2010
The last three years have seen an amazing growth in the number of schemes designed to help homeowners keep their homes and help them avoid foreclosure. However, this is becoming increasingly difficult as the issue homeowners are having with their mortgages is not so much the interest rate and loan tenures, but with the fact they have lost their jobs, and cannot afford any kind of mortgage payments...

Coming FHA Changes

Posted on March 11, 2010
For borrowers, Federal Housing Administration changes are on the horizon. Some of the new policies are effective next month, and are all part of a plan to bolster FHA?s reserves. Last year, FHA insured one-third of all approved mortgages. The capital-reserve ratio is no longer at the Congress-mandated 2 percent threshold...

The Good Side of Loan Modification?s Failure, A Buoyant Foreclosure Market

Posted on March 09, 2010
Despite the Government?s best efforts and greatest intentions the wave of foreclosures continues to increase. The borrowers that are now defaulting on their mortgages and not qualifying for loan modifications are no longer people with subprime loans and bad credit rating...

My Loan Modification Failed, How Soon Can I Buy A New Home After A Foreclosure

Posted on March 09, 2010
The sad truth is that most troubled homeowners do not qualify for a trial loan modification. Of these, only a small percentage will receive a permanent modification. Analysts estimate that over 5 million households have underwater mortgages and are struggling with their payments...

Underwater Mortgages and the Science of the Perfect Loan Modification

Posted on March 04, 2010
Loan Modifications have taken over the financial news in the last year. This is not at all surprising, with over 11.3 million people, nearly 25 per cent of all homes, with underwater mortgages; this is an issue that has the nation?s attention. This makes any research into the issue of loan modifications and their effect on foreclosure of great interest to borrowers, banks, and the government...

The Obama Loan Modification Plan, An Overview

Posted on March 02, 2010
This Thursday the Obama Loan Modification Plan, HAMP, will be a year old. It was on the 4th of March, 2009 that the Obama administration started the largest and most ambitious homeowner?s aid package since the 1930s. The goal was to stop the wave of foreclosures that was destroying the housing market...

Loan Modifications, Alternative Solutions to the Foreclosure Problem

Posted on February 27, 2010
Recent projections estimate that by June, over 5 million homeowners will be heavily underwater. Let us define that a little more precisely. You are heavily underwater if the current market value of your home is only 75% of the balance on your mortgage...

Loan Modifications and the Jingle Mail Revolution

Posted on February 26, 2010
Few subjects have created as much debate as the issue of walking away from of your home when there does not seem to be any financial sense in staying. Walking away from your home when it is worth less than the balance on your mortgage seems like the sensible thing to do for many...

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