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loan modification: "Making Home Affordable" - Hope or Hype? - 05/22/09 12:51 PM
It's been nearly three months since the Obama Administration rolled out "Making Home Affordable", a plan intended to help distressed homeowners. But, what's happening? It looks like the jury is still out. Amid all the hype, is the plan living up to its expectations? Thus far, only 55,000 homeowners have been helped, a far cry from the Administration's goal of seven to nine million.
Even more disturbing, the foreclosure crisis seems to be worsening:
• According to RealtyTrac, a company that compiles foreclosure data, reports that 342,000 households received at least one foreclosure-related notice last month. This is an increase of … (6 comments)
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loan modification: Should You Modify Your Own Loan? - 05/05/09 05:25 PM
There is no simple answer to this question, but generally, someone who is a good candidate for modifying their own loan is perseverant and does not take “no” for an answer.
It’s not necessarily easy modifying your loan--although it is getting easier. In some cases, it may be relatively painless, but who knows if a professional could have gotten you much better terms? If you do decide to do it on your own, sign up for a free course, like LoanModificationForFree.com, so you at least have the tools at your disposal to obtain the loan modification you're entitled to.
Now, if … (1 comments)
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loan modification: Loan Modification: Getting "Creative" With Your Income - 05/05/09 04:44 PM
We all know what getting "creative" with your income back in the heyday of "stated income" mortgages meant. Basically, it amounted to, well, lying. Stated income loans were originally intended for those of us who were self-employed and because of the tax benefits and ability to write off a lot of items that were used for both personal and business (i.e. a car lease), being able to "state" one's income enabled people to recalculate their income based on income they may have received that they wrote off, but they were still really earning.
Of course, "getting creative" got all out of … (3 comments)
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loan modification: Loan Modification: What's The Difference Between a Lender and a Servicer? - 05/05/09 01:09 AM
Lender vs. Servicer: The Good Old Days
This concept is often confusing to people.
Back in the good old days, it was simple. You went to your local bank or Savings & Loan to get a mortgage. You spoke to your personal banker or loan officer who helped you get a loan.
The institution had lots of customers who put their money with the institution in a savings account, CD, checking account, etc. The institution paid interest to their customers, which gave them the right to use money to lend out to other customers.
You can see why banks did not … (7 comments)
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loan modification: Why Are So Many Loan Modifications Going Bad? - 05/04/09 12:21 PM
More than half of mortgages modified went delinquent again within six months. In fact, according to the Office of the Comptroller of the Currency, 57.9% of loans modified in the first quarter of 2008 were in default again by the 8th month.
If loan modifications are supposed to help borrowers, why are so many going bad?
“Toxic” Terms:
Surprise, surprise, but many lenders have not been modifying mortgages aggressively enough to actually make them affordable to distressed homeowners. Some lenders are in fact modifying mortgages with terms that the borrower could never afford. So it’s not a shock that borrowers … (0 comments)
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loan modification: Over Half of Foreclosures Could Have Been Easily Prevented By Doing This One Thing! - 05/04/09 02:40 AM
Millions of Americans have been affected by the economy and the depressed housing market, creating a climate in which we've seen an unprecedented number of foreclosures.
Many homeowners have been affected by a job loss, divorce, a mortgage re-set, a mortgage re-cast, or any number of other potential factors that have made it difficult –if not impossible—to afford their mortgage.
With the economy in shambles, soaring unemployment, foreclosures are occurring at the highest rate in history and no one knows exactly when our economy will recover! No wonder the only companies thriving in this economy are companies like McDonald’s, … (16 comments)
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Jeremy Kossen
Santa Barbara,
CA
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Acclaim Media Group
Address: 1806 Cliff Dr., Suite F, Santa Barbara, CA, 93109
Office Phone: (805) 617-0506
Cell Phone: (310) 497-2057
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