loan modification
Understanding Why You Didn’t Qualify for a Loan Mod
Are you one of the countless homeowners who tried to obtain a loan modification under HAMP (the government’s Home Affordable Modification Program) but were denied? If so you may not have been given a reason, which makes all the time you spent, the hopes you harbored, the pages and pages of documentation you compiled, seem…
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Lenders Will Owe Borrowers More Protection in Future
If you have been following the recent hearings to determine lender punishment in the robo-signing scandal, you know that it has been very controversial (if you have not, click here for a good explanation of the issues: http://tinyurl.com/4sqlyo4). Lenders and many government officials are trying to lighten the proposed punishment, arguing that forcing lenders to…
Read MoreLenders Need to “Take it Like a Man” So We Can Move On
Mortgage servicers and House Republicans are complaining about proposed punishments for the robo-signing scandal. Surely the servicers didn’t expect a slap on the wrist for the role in initiating foreclosures illegally? Is it not enough that they are the only ones making money on foreclosures, that people are suffering all across this nation because they…
Read MoreFederal Foreclosure Mitigation Programs to be Axed
Four federal programs that were created to help troubled homeowners escape the foreclosure ax are on the endangered list this week. Included are HAMP, the FHA’s short refinance program, HUD’s Neighborhood Stabilization Program and the Emergency Homeowner Relief Fund. While created with good intentions of helping millions of borrowers, these programs in reality have all…
Read MoreGovernment Pushes Again to Help Struggling Homeowners
The Obama administration has announced a new plan to get loan servicers to pay for loan principal reductions worth billions of dollars. If mortgage providers commit to this new plan it could prevent a staggering number of future foreclosures. No new government program will be created; instead, participating lenders will be able to utilize existing…
Read MoreDo Loan Modifications Raise Debt?
Could it be that loan modifications are actually raising debt? I read a short article today by Dean Calbreath in the San Diego Union Tribune that stated yes, they are. Mr.Calbreath points out that more foreclosures could be prevented if, instead of increasing the debt on the principal of troubled mortgages, the lenders reduced the…
Read MoreDoes Lower FICO Score = Lender Loan Discrimination?
Could it be that lenders are discriminating against you if your FICO score is at the lower end of the required range for granting a loan? It could very well be. A series of federal lawsuits is about to be filed, claiming that lenders are purposefully denying loans to many applicants based on lower credit…
Read MoreWill the Next New Loan Modification Program Help YOU?
There is a new loan modification program in the works, and it promises to help struggling homeowners despite income level, credit history or loan to value ratio. Sound too good to be true? The new program plans to allow for 30-year fixed rate mortgages at the prevailing rate (which currently is between 4 and 4.5%)…
Read MoreCalifornia May Help YOU Keep Your Home
If you are a Californian and you are having difficulties with your mortgage, you may be in luck. Starting November 1 a new program entitled Keep Your Home will go into effect. The program offers principal reductions (essentially loan modifications), money for “catching up” with your payments, payment subsidies and money for relocation assistance if…
Read MoreCalifornia Rejects New Foreclosure Law
In what would have been the biggest life preserver to distressed homeowners, the California Assembly rejected SB 1275 Monday, a bill that would have protected homeowners from foreclosures unless the lenders considered them for loan modifications first. The failure of the bill has been blamed on the lobbying efforts of banks, who vigorously opposed it.…
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