loan modification: Beware of Loan Modification Scams
- 10/29/09 07:47 AM
Once again another scam seems to have come out of this housing crisis which seems to be in recovery mode. Recently Senate Bill 94 was introduced to keep any and all companies doing loan modifications from charging an advance fee. My understanding of the bill is that companies can not charge up front fees not that companies can not continue to work on modifications for clients that had already paid. Here's a copy of the bill for you to read yourself, http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_bill_20091011_chaptered.html. Recently I learned of a company that has decided to pull the plug on clients of mine and they … (1 comments)
loan modification: DRE Where Are You?
- 05/11/09 10:32 AM
The loan modification business must be the only booming industry right now. Unfortunately it's out of control. I believe in the concept of banks working with borrowers to help them stay in their home but these hard times have opened the floodgates to many vultures. These people are generally the same people that helped put many borrowers into option arm loans. Option arm loans were loans that paid up to 3% rebates and to the mortgage broker and it gave borrowers 4 payment options. The options were a 15 year amortized payment, 30 year amortized payment, interest only payment, and a … (0 comments)
loan modification: How the Mighty Have Fallen!
- 01/21/09 06:46 AM
I am watching the news and the banks are dominating the headlines. The banks keep losing money and keep asking the government for more of our tax dollars. They continue to make bad decisions and we continue to pay for it. I am not sure when society made it more acceptable to ask for welfare but in my opinion it is an epidemic that will lead to socialism and/or nationalization. Maybe it was how I was raised but I am not that old. Might be a trend that has been happening year after year and really picks up steam during recessions. … (0 comments)
We all know by now that the housing market had a nice run. Unfortunately everyone was blinded by the amount of money that was being made that the industry did a terrible job of policing itself. Irresponsible lending, fraud, and flippers are some of the few problems that flooded this market. Now some perceive this market as a crisis. It's no surprise that much of our nation lives on credit but banks have tightened up and we no longer have enough equity to use our homes … (4 comments)
loan modification: Lenders are Starting to Understand
- 07/03/08 03:50 PM
In the beginning lenders were reluctant to approve a short sale. Once it was very obvious that values were trending down they started to negotiate but still take long to approve short sales. This is probably because they are overwhelmed with so many files. In my opinion the mortgage debt relief act didn't help either because it gave the public a reason to walk away from a debt that they made a promise to pay and not face any consequences. The unintended consequence of the act was more short sales and foreclosures therefore a spike in inventory or supply. Demand just … (1 comments)
Once again another scam seems to have come out of this housing crisis which seems to be in recovery mode. Recently Senate Bill 94 was introduced to keep any and all companies doing loan modifications from charging an advance fee. My understanding of the bill is that companies can not charge up front fees not that companies can not continue to work on modifications for clients that had already paid. Here's a copy of the bill for you to read yourself, http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_bill_20091011_chaptered.html.;)
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