loan modification: Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Review status - 04/25/12 08:59 AM
Homeowners: Requesting a loan modification is not an easy task: Bottle neck: Review status
Question: Why is my file still in review status? I sent it months ago!! Why isn’t it moving forward?
While there is no simple answer to this question -let me see if I can shed some light on some possible maybe this is why scenarios.
It is so frustrating when you call the customer service line and finally get someone to tell you the truth about what is going on with your file. And you find that the answer is – NOTHING!!
… (0 comments)
|
loan modification: Stockton Home Owners| Know your Options (www.knowyouroptions.com) - 08/28/11 06:47 PM
Stockton Homeowners - Know your Options. There is a website that will list all the options that are available for homeowners, go to www.knowyouroption.com and see where your situation fits. Have questions about what options are available to you? Need to know how you qualify to get these otpions? Check out the options listed and see if you have options that you have not requested from your lender. New programs are being introduced all the time, so it is important to check back with your lender or call the 88-995-HOPE number and find a Housing Counseling Agency near you that you … (0 comments)
|
loan modification: a big smile on your face - Bank of America.....wanta know what would make me smile?? - 08/14/11 10:59 PM
Bank of America is having an event tomorrow that promises to have you walk away with a big smile on your face, reenergized, and ready to do more business! I don’t make that commitment lightly. I cannot wait to go hear this.
I am thinking the only things that will put a big smile on my face is:
Bank of America promises and holds true to treating the millions of homeowners/customers - treat them fairly (in other words, improve (for good) their processes That Bank of America share the wealth with agents such as myself that are experienced in REOs to list … (3 comments)
|
loan modification: Dr. SPOC(K) or "Single Point of Contact" ... and is it Star Trek? - 06/18/11 04:53 PM
No SPOC does not stand for someone we know from the Star Trac - it stands for "Single Point of Contact" and single point of contact should - in this case represent:
Single source One point of contact An expert that is your "account manager" One person that can help you and they understand your situation, They understand the mortgage process from committment to loss mitigation They understand the state laws They understand the foreclosure rules and regulations They even understand bankruptcy laws and process They are ONE (One source, on point of contact, on person to help you and they understand the … (0 comments)
|
loan modification: Thorn in the side - 06/11/11 04:15 PM
Eliminating Housing Counseling is not a good thing... not at all!
I wonder if the banks are in favor of the eliminating Housing Counselor Agencies? But of course! I think the agencies have been a thorn in the side of the mortgage companies with their most popular recommendation to improve HAMP was for Treasury to enforce sanctions on mortgage companies for noncompliance. But of course!
This could very well have been the motivation for the bill submitted to eliminate housing counseling agencies. HUD approved housing counseling agencies are an asset to the homeowners and yet, someone(s) are fighting to eliminate them. … (0 comments)
|
loan modification: The BIG 3... needs ""substantial improvement " .... dud! - 06/11/11 01:39 PM
By now if you know anything about banks and real estate and foreclosures, not really helping the homeowners, not following the rules and procedures and NOT REALLY HELPING THE ECONOMY improve at all.. you know who the BIG 3. You may even have been lead on, kicked out or lied to by at least one of the BIG 3. If you not, then I'd say at least a family member has been struck in the heart by at least 1 of the BIG 3. And either all the above plus a friend or 2 has been involved or had their world … (1 comments)
|
loan modification: "just stop asking this question"... and make your payments! or....? - 12/29/10 05:51 AM
I think it would be rude to just tell your client to stop asking me that question! I think it would be wrong for me to say that is a question you just don't have the right to ask me! And I think it would be wrong for me to just try to go on and answer that question....
Now you ask ~ what is the question? The question is when a homeowner that is in mortgage trouble, turn to you (the Real Estate Professional) and ask "please tell me its OK for me to stop making my mortgage payments - … (3 comments)
|
loan modification: Stay in your home... one option at a time! (Loan Modification) by Fannie Mae - 11/26/10 07:23 PM
Modification: an agreement between you and your mortgage company to change the original terms of your mortgage-such as payment amount, length of loan, interest rate, etc.
Modification may be an option if:
You are ineligible to refinance You are facing a long-term hardship You are several months behind on your mortgage payments or likely to fall behind soon All homeowners should have encouragement and be educated on the options that are out there. Even if you have been denied for one option... check back with your lender to see if there some new options just waiting for you to request … (7 comments)
|
loan modification: Legal Seperation, Divorced & QuitClaim - what do they all have in common? - 07/22/10 03:47 AM
Legal Seperation, Divorced & QuitClaim - what do they all have in common? Answer: They can all help the one left behind possibly get a loan modification
This is a great bit of information for those couples that are having mortgage trouble and is looking to get an approved loan modification from the HAMP program. These couples that I am talking about are having "together" problems and are looking to resolve their relationship but do not know what to do about their property. This is the property that they are having the "underwater" problem and need assistance in lowering their mortgage payments.
… (5 comments)
|
loan modification: In Bankruptcy... you can still get a loan modification! Things are changing for the better. - 06/28/10 01:35 AM
Listen! You may be in bankruptcy, but it is still not too late to try to get a loan modification to reduce your payments. Nothing is worst than failure except not to try.
What loans are Eligible?
Loans 31 days or more past due (2 payments) Current or less than 31 days delinquent but is in imminent danger of default In foreclosure In active bankruptcy Loan in litigation Can have been modified in the past (but get only one HAMP modification) Escrows required except where prohibited by state law The goal of the HAMP program is to reduce borrower's mortgage payment … (2 comments)
|
loan modification: Lets explore.... HARP (Home Affordable Refinance Program) - and see if there is money in your home that you can use! - 06/28/10 12:48 AM
A good deal of the homeowners do not know that they can possibly refinance their loan as an option to keep their home. It is not an impossible option.
Borrowers who are current on their monthly mortgage payments (that mean no 30 days or more late payment in the most recent 12 months). Of course the property MUST be owner occupied and it cannot be over a 4 unit home (MUST be 1-4 units). The mortgage MUSt be either owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers who may owe more than their home is woth, UP TO 125% … (0 comments)
|
loan modification: 5 quick questions, could land you a loan modification! - 06/27/10 11:48 PM
Are you having mortgage problems with your Principal residence and is it vacant or are you still living in it?
Is this your First lien & was it originated before January 1, 2009 ?
Is your mortgage delinquent or default is reasonably foreseeable (at risk) ?
Is your unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings) ?
Does your total monthly mortgage payment exceed 31% of your gross income ? ** this seems to be the most important question of them all. More people are unemployed and having an answer of no … (2 comments)
|
loan modification: Seek help ... learn the process! - 06/27/10 10:13 PM
The best way to help a homeowner learn about all their options is to make the information available. The best way to help is to point the homeowers to a housing counseling agency so that they will learn how the loan modification program works. They can have a counselor sit down and talk to the homeowner, get their budget and put them on a CRISIS BUDGET and submit their paperwork to their lender.
The lender will communicate to the homeowner if they have questions or when they make their decision on a loan modification or not.
HUD and HOPE NOW support the … (1 comments)
|
loan modification: What are my options - to avoid the F-word? .....Foreclosure - 06/27/10 12:13 AM
Loan Modification - Alternatives Options
Listed below are options that may help you avoid foreclosure. These options are the sole decision of your lender & you.
• Reinstatement of your loan: You would bring your loan current by paying the total amount paid due along with any related costs.
• Repayment Plan: If you qualify, your lender may be able to consider one or more types of payment plans to fit your budget.
• Restructure Plan: A restructure is used to avoid foreclosure by allowing you to bring your account current by deferring payments. This is a mutual agreement between you … (10 comments)
|
loan modification: Meeting President Obama is priceless! .. Nationwide effort by NID Housing Counseling Agency to help homeowners keep their homes! - 06/24/10 01:53 AM
Ray and Jacqueline Carlisle - Meet President Barack Obama. This is priceless!
NID-HCA (Housing Counseling Agency) is doing great things to lend a helping hand to help the distressed homeowners submit their paperwork to their lender in an effort to qualify for the HAMP program to avoid foreclosure and be able to keep their home. NID is also offering Pre-Purchase Homeownership training (First Time HomeBuyers). NID is nationwide with 88 local agencies.
During a recent presidential visit to the Bay Area, Jacqueline V. Carlisle and her father Ray Carlisle met with Barack Obama. Ms. Carlisle, who is President and CEO of … (0 comments)
|
loan modification: Can you blame the foreclosure for divorce and bankruptcy? or is the saying, its cheaper to keep 'em right on time? - 06/20/10 01:08 PM
It is not a surprise when you see ... that lovely couple now filing for divorce or bankruptcy or both. It is not much of a surprise, and it is becoming more than norm. Folks these times here are hard and is causing homes and families to break up in increasing numbers.
Example: you have one spouse that filed for divorce and said the other could just "have the house". That spouse called it helping the other spouse out by dumping that huge responsibility over to the other spouse ... so they can boogy on out of the marriage scot free (OR SO THEY … (2 comments)
|
loan modification: One mo 'gin.....what do you mean don't be mad at my bank? & What is the Waterfall approach? .. - 06/16/10 11:12 AM
The waterfall approach is a part of the Obama - Making Home Affordable Program - HAMP/Loan Modification. How it works is that if you are eligible for the HAMP program, your servicer's target goal is to get you modified down to 31% of your gross income (if you meet all the requirements).
The way that they figure out how to get you there is by using the waterfall approach:
decreasing your interest rate to 2% (if this does not get you to 31% of your gross income)... Extending your loan term from 30 to 40 years (and if this does not … (1 comments)
|
loan modification: Loan Modifications: - Principal Reduction... will you be forgiven or surprised? .... will it affect your credit? who do I ask? - 06/16/10 09:23 AM
Helping to spread the word that while the Mortgage Forgiveness Debt relief Act and Debt Cancellation Act is in effect until 2012 - there are exceptions to this rule actually applying to your Loan Modification (Principal Reduction) decision.
This Act was passed during the Bush Presidency in 2007 and it is a good Act for most. The focus has been on Short Sales when giving out the warning but WORD UP... this can also apply to loan modification (price reductions).
WARNING! Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay … (2 comments)
|
loan modification: HAFA off to a slow start.... because of the hic-ups of the mother hen HAMP program??? - 06/13/10 06:01 PM
Although it has only been 2 months since HAFA (Short Sale streamline program) was born... it appears the program is off to a slow start. I think that maybe because HAFA is the child of HAMP - this could be he reason it has some defects - inherited defects. You See .... HAMP has some defects that sure must have been passed on to HAFA!
The HAMP program is not progressing as it was set out to do. It is not helping homeowners (well not many) and therefore it has a few defects. And since it is ran by the government … (0 comments)
|
loan modification: Let's talk: Homeowners SHOULD NOT go to the lender FIRST! ....Unless they want to be denied for a loan modification.... OR WHY DO THE CART BEFORE THE HORSE? - 06/13/10 11:12 AM
I have been thinking about this for a while and it is giving me a annoying itch... in a bad place. Since I work up close and personal with NID-HCA Housing Counseling Agency and hear daily how borrower went to the lender first and was denied -- after giving up all their information. The bank took either several months or no time at all to deny them.
In some cases the bank had the borrower send in monthly payments for several months and then abruptly send them a letter of denial. This is both heartbreaking and annoying.
In other cases the … (0 comments)
|
</
Get the 
;)
;)
;)
