loan modification: Why Loan Modifications Are Not A Financially Sound Solution
- 07/23/13 04:16 PM
Why Loan Modifications Are Not A Financially Sound Solution Why Applying For A Loan Modification Is Not Worth The Effort and Cost In Time And Money Many financially distressed homeowners and investment property owners who are facing foreclosure put all their hope in getting a loan modification from their bank or mortgage company. Unfortunately, as this McSweeney's article - Could It Be That the Best Chance to Save a Young Family From Foreclosure is a 28-Year-Old Pakistani American Playright-slash-Attorney who Learned Bankruptcy Law on the Internet? depicts, the loan modification application process can be exhausting, time consuming, frustrating and expensive. In this … (7 comments)
loan modification: Mortgage Banking Official Says Loan Modifications Virtually Impossible
- 03/07/11 11:45 AM
Mortgage Banking Official Says Loan Modifications Virtually ImpossibleHomeowners Facing Foreclosure Have Almost No Chance of Getting Their Payment Lowered According to this article in The Salt Lake Tribune, Bankers: Modifying Utah mortgages unrealistic, Howard Headlee, president of the Utah Bankers Association, said "It is virtually impossible for homeowners trapped in a foreclosure process to try to renegotiate the terms of their loans." The article goes on to say that Mr. Headlee described the loan modification process for homeowners and borrowers facing foreclosure with the statement "It’s kind of like unscrambling an egg." as a result of the fact that most mortgage … (0 comments)
loan modification: How To Stop Foreclosure
- 04/05/10 04:26 AM
How To Stop Foreclosure Homeowners and real estate owners who are in foreclosure, or who have received a letter from their mortgage lender's attorney stating that the foreclosure process will begin, or have received a notice of default frequently ask me how they can stop the foreclosure. Therefore, I listed the best ways to stop a foreclosure action below depending on whether you want to keep your home or investment property. Options if you want to keep your home or investment property: Mortgage Refinance - If you have not missed a payment yet you still may be able to refinance into … (1 comments)
loan modification: Sad Loan Modification Story
- 11/06/09 06:30 AM
Sad Loan Modification Story In this Mish's Global Economic Trend Analysis article, "Wells Fargo Madness" a Reader Reply to Fear and Shame Tactics, a reader replied to an article on that website (Government and Lender Policies of Fear and Shame Help Keep Homeowners Debt Slaves which I referenced in my blog post Why Lenders Push Homeowners Around) and told a very sad, but sobering story regarding his attempt to obtain a loan modification from Wells Fargo. Rather than trying to paraphrase the reply/comment, I have posted almost the complete reply/comment below: "I bought a house back in 2004, having moved halfway across … (0 comments)
loan modification: Middle Tennessee Foreclosure Prevention and Loan Modification Help and Assistance
- 10/15/09 04:50 AM
Middle Tennessee Foreclosure Prevention and Loan Modification Help and Assistance According to this Tennessean article, Loan modification can forestall foreclosure, you can obtain help with a loan modification from your local United Way office through their affiliations with local agencies. The article conveys the story of one Franklin Tennessee (Williamson County TN) family went through difficult financial times after a job loss. It is truly sad to see so many hard working people suffer due to the poor job market. In this case, the family depicted in the article eventually lost their home when the bank foreclosed on them. If you … (0 comments)
loan modification: Forbearance: A New Plan for Temporary Mortgage Payment Relief
- 10/06/09 08:00 AM
Forbearance: A New Plan for Temporary Mortgage Payment Relief According to this New York Times article, A Plan for Forbearance, due to continuing high unemployment "federal regulators are intensifying efforts to curb the effects of job losses or underemployment before they fuel another wave of home foreclosures. The Federal Deposit Insurance Corporation (FDIC), which protects consumer deposits when banks fail, recently recommended that lenders provide certain borrowers with a temporary respite from mortgage payments, or a forbearance. That relief would last up to six months, and sometimes longer, as the lenders work on long-term loan modifications." This new forbearance plan was … (2 comments)
loan modification: Over 50% of Modified Loans in Default
- 10/01/09 05:54 AM
According to this Office of the Comptroller of the Currency Office of Thrift Supervision news release, OCC and OTS Release Mortgage Metrics Report for Second Quarter 2009, when evaluated after 9 months over 50% of modified loans are 60 or more days past due. The news release doesn't actually say this. You need to read the supporting documentation, OCC and OTS Mortgage Metrics Report, to see the grim statistics. Modified Loan Performance (from the OCC and OTS Mortgage Metrics Report) As shown in Table 3 below, the percentage of loans that were 60 or more days delinquent or in the process … (5 comments)
loan modification: Why Loan Modifications Won't Fix the Real Estate Market
- 10/01/09 03:24 AM
It continues to sadden and anger me to read and hear the stories of homeowners who get the run around from lenders when trying to get loan modifications. It is even more proof that the banks are incompetent. What we all need to understand is that loan modifications will not solve this real estate market problem. The reason loan modifications do not work is that over 50% of the people who receive loan modifications will re-default within 12 months. I am guessing that the figure is upwards of 80-90% when you extend the time frame out. The lenders (servicers and investors) … (2 comments)
loan modification: Freddie Mac Goes Door Knocking to Help Struggling Homeowners Complete Loan Modifications
- 09/30/09 07:50 AM
According to this Freddie Mac news release, FREDDIE MAC STARTS DOOR-TO-DOOR EFFORT HELPING BORROWERS COMPLETE HOME AFFORDABLE MODIFICATIONS, Freddie Mac "has hired Titanium Solutions, Inc. to meet with delinquent borrowers at their homes and help them supply missing information, documents and complete other actions needed to begin their three month trial payment periods for Home Affordable Modifications under President Obama’s Making Home Affordable program. Titanium Solutions will target late-paying borrowers with Freddie Mac-owned mortgages who have not returned letters or phone calls sent by their servicers, or who need to provide additional information or documents to launch their three-month Home Affordable … (0 comments)
loan modification: Get Expert Assistance from a Middle Tennessee Distressed Real Estate, Short Sale, Pre-foreclosure and Foreclosure REALTOR, Real Estate Expert & Real Estate Professional
- 09/01/09 01:56 PM
Attention Property Owners and Homeowners in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN and Belle Meade TN) - Get Expert Assistance from a Middle Tennessee Distressed Real Estate, Short Sale, Pre-foreclosure and Foreclosure REALTOR, Real Estate Expert & Real Estate Professional Can't afford your mortgage payments? Received a Notice of Default (Foreclosure Letter) from your lender, or their attorney? Home worth less than your current mortgage balance(s)? If one or more of the above situations apply to you … (0 comments)
Why Loan Modifications Are Not A Financially Sound Solution
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