loan modification programs: Loan Modification Programs Top 10 FAQS for Every Homeowner - 01/25/10 09:55 AM
LOAN MODIFICATION PROGRAMS – TOP 10 FAQS
Here are the most frequently asked questions about loan modification programs that I receive and the answers based on my 25 years of wholesale and retail lending experience:
1. What is a loan modification program? A loan modification program offers a change in the terms of your existing home loan resulting in an affordable and sustainable monthly loan payment. The loan modification program may include a reduction in the interest rate, a longer loan term, and sometimes a reduction in the principle balance.
2. Why would my bank be willing to do this for me? Your … (2 comments)
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loan modification programs: Loan Modification Help-How Did These Homeowners Get a Loan Workout Fast? - 08/25/09 05:26 PM
If you are struggling with high mortgage payments and facing financial troubles, a loan modification may be the solution. But what is the best way to apply and qualify for a loan workout? Wondering if you qualify for a loan modification with your lender? Read about these homeowners who successfully modified their loan using the #1 resource for homeowners and were able to save tens of thousands of dollars...
The #1 Do It Yourself Resource Guide-A Complete Loan Modification System for Homeowners
This Proven System Provides Homeowners with Everything they need to Successfully Modify their Mortgage themselves-and save thousands of dollars … (1 comments)
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loan modification programs: Loan Modification Programs-Which One do you Qualify For? - 01/20/09 02:22 PM
Frustrated borrowers trying to get help with a loan modification program are confused about which program they may qualify for to get the lower home loan payment they need. That's understandable with all of the new announcements about various lender and government programs being introduced to offer assistance to homeowners facing foreclosure. Here is some helpful information on the basic loan modification programs available to help clear up some of the confusion:
Fannie Mae Streamlined Modification Program (SMP): this is a loan modification program for homeowners who have a loan either owned or serviced by Fannie Mae. Most conforming loans will … (0 comments)
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loan modification programs: Loan Modification Programs-Streamlined Programs Offer More Help to Homeowners - 01/03/09 01:24 PM
Homeowners with unaffordable loans owned or serviced by Fannie Mae or Freddie Mac can take advantage of a streamlined loan modification program to help them avoid foreclosure and stay in their homes. Fannie Mae has been working with 27 lenders and servicers in the Hope Now Alliance to offer borrowers a streamlined loan modification process for borrowers who meet certain criteria and demonstrate a financial hardship. '
This loan modification program will seek to reduce the monthly mortgage payment to equal 38% of the borrowers gross monthly income by using several options, including:
Adding any missed payments to the loan balance … (0 comments)
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loan modification programs: Do it Yourself Loan Modification-Is it Possible? - 11/16/08 05:31 PM
Over 2 million struggling homeowners are facing some tough times and even tougher decisions as they try to find a solution to avoid foreclosure and stay in their homes. What is the best way to get loan modification help-hire a company or try a do it yourself loan modification? The Federal Government has weighed in by strongly urging lenders to offer more streamlined loan modification help to borrowers in default or at imminent risk of default due to adjustable rate mortgages. Even so, many homeowners are confused and frustrated and do not know how to begin the loan modification process to get the … (0 comments)
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loan modification programs: Loan Modification-Good Information for Realtors - 11/10/08 02:24 PM
Loan modification has been in the news alot recently as the Federal Government announces the possibility of federal loan guarantees to lenders who offer standardized and streamlined loan modifications to their distressed borrowers. In addition, several of the largest lenders, JPMorgan Chase (owner of WAMU & EMC), Wells Fargo (owner of Wachovia) and Bank of America (owner of Countrywide), have all announced plans to launch aggressive outreach efforts to their delinquent borrowers.
Realtors who are interested in obtaining a general knowledge about these loan modification programs will be able to offer their clients a higher level of real estate expertise and … (3 comments)
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loan modification programs: Loan Modification Program Expanded - 11/02/08 09:57 PM
JPMorgan Chase announced an aggressive new loan modification program aimed at helping homeowners avoid foreclosure. Approximately 400,000 home loans representing an estimated $70 billion are targeted for loan modification help. This amount is projected over a two year period, but could be larger and last longer.
The Chase loan modification program will also be offered to borrowers who have loans with Washington Mutual and EMC. JPMorgan acquired both lenders recently and with defaults mounting, has decided to power up efforts to help troubled homeowners with a far reaching, systematic loan modification program. The banking giant has already offered loan modifications to … (0 comments)
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loan modification programs: Loan Modification Programs to get Federal Guarantees? - 10/28/08 07:03 PM
Federal officials are considering offering Federal loan guarantees as an incentive to offer distressed homeowners a loan modification program to avert foreclosure. The plan is to induce lenders to proactively offer troubled mortgage holders a loan modification because the current voluntary program is not working to help enough homeowners.
FDIC Chairman Sheila Bair told the Senate Banking committee that loan guarantees were possible but wouldn't say when a plan would be ready. Bair indicated that the existing voluntary programs are clearly inadequate and more needs to be done. Realty Trac announced foreclosure filings in the third quarter were 71% higher than … (0 comments)
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loan modification programs: Loan Modification Programs-New Updates & Options - 10/11/08 11:40 AM
Troubled homeowners stuck in toxic mortgages are looking for a solution to avoid foreclosure and save their home. It seems that the Federal Government and most lenders have finally realized the severe impact the mortgage meltdown has had on our global economy and are introducing more loan modification programs offering systematic and streamlined loan workouts.
Borrowers facing rising interest rates and delinquent payments need to learn about the options available to them. If you are one of the milions of homeowers affected by the housing crisis, take the time to learn about the new loan modification programs and other options available … (0 comments)
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loan modification programs: Loan Modification News & Updates-New Programs take Effect - 10/09/08 02:55 PM
Several new loan modification programs have been launched in the last few days to help struggling homeowners find a solution to stay in their homes with an affordable home loan payment. A new, aggresive and systematic mortgage loan modification program has been introduced by Bank of America, owner of Countrywide, as part of a predatory lending settlement. Here is a brief outline of this new program and the benefits to Countrywide home loan customers:
$8.7 billion earmarked to assist in loan modifications for current customers 400,000 loans to be reviewed Loan modifications featuring reduced interest rates, reduction in principle balance Suspension … (1 comments)
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loan modification programs: Wachovia Loan Modification Update-Good News for Wachovia Borrowers - 10/04/08 03:38 PM
Are you one of the millions of homeowners stuck with a bad Wachovia home loan? If so, then the Wells Fargo takeover may be good news for your chances at getting a loan modification and converting your toxic loan into a new low interest, affordable home loan. Wells Fargo is under the gun to quickly clean up the mess of bad loans issued by Wachovia Bank. The quickest and most cost effective way to turn these delinquent loans into performing assets is by offering a Wachovia loan modification to their existing customers. The distressed homeowners get new, affordable loan terms and the bank looks great on … (12 comments)
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loan modification programs: How to Stop Foreclosure with a Loan Modification or Loan Workout - 09/16/08 07:49 PM
If you are behind on your house payments and facing foreclosure, you should learn about loan modification and loan workout options. Either of these can stop the foreclosure process and help get you back on track with your current lender. Retention options are workout plans that can help you keep your property. A loan modification is one type of loan workout option. Other loan workouts include:
Special Forbearance/Forbearance Agreement: a written agreement to reduce or suspend your monthly payments for a pre-determined length of time to give you time to recover from your hardship
Repayment Plan: the lender agrees to accept a portion … (2 comments)
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loan modification programs: Loan Modification Programs - 09/10/08 09:21 PM
Did you know that almost all lenders offer some type of loan modification program? In fact, your bank will present one of several loan modification programs to you when you contact the Loss Mitigation Department. These departments are staffed with employees who are specifically hired and trained to deal with distressed homeowners seeking help with some type of loan modification programs. Their job is to save the bank money, and your job is to save yourself from foreclosure!
So, how do you know if the loan modification program you bank offers you is the best option for you? First, you need to … (0 comments)
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