loan modification: The Mortgage Modification Conspiracy - 08/27/10 04:55 PM
Image via Wikipedia This is why homeowners are screwed. You can either read this with an open mind or continue to believe in loan modification fairy dust. There are also a few bad words here and there to emphasize the vulgarity of this subject.
It has been three years since I started preaching the loan modification gospel from my blogging pulpit here on LoanSafe.org and over on my other blog, LoanWorkout.org. I have come to the conclusion recently that the vast majority of struggling homeowners who cannot maintain their current mortgage contracts are on the foreclosure creek without a loan modification … (2 comments)
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loan modification: Trial Loan Modification Hell: More Homeowners Denied Permanent Assistance in Gov’t Mortgage Program - 05/18/10 08:16 PM
Here on LoanSafe.org we have observed thousands of homeowners enter the government’s Making Home Affordable and Home Affordable Modification Programs in hopes that they will achieve permanent mortgage assistance to help them save their homes. These programs have been out for well over a year now and the feedback we have received proves that they have definitely not lived up to many homeowner’s expectations.
The U.S. Department of Treasury reported yesterday that about one in four homeowners that entered the trial period have been turned down for permanent assistance. They claim this is mainly due to borrowers failing to make the … (3 comments)
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loan modification: How to Stop Foreclosure - 05/10/10 08:16 PM
One of the most frequently asked questions by struggling homeowners in today’s economic crisis is ” how to stop foreclosure?” With the national unemployment rate still at 10%, millions of Americans across the country are finding it very difficult to manage their monthly mortgage payments. Whether you are in the construction or mortgage field it does not matter, work is just not there for many individuals. Other than work other factors such as subprime mortgages have caused a mass wave of foreclosures to sweep the nation.
The hands-down best way for an individual to prevent foreclosure from taking place is through … (0 comments)
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loan modification: Chase Sued for Loan Modification Shenanigans - 05/05/10 08:02 PM
In the beginning, there were subprime lawsuits over toxic mortgages that were plaguing homeowners across the country. Adjustable rate loans gone bad by the millions, had borrowers been searching for legal relief everywhere. However, struggling homeowners quickly found out that it would cost a bundle to hire a lawyer to fight the big banks with their even bigger lawyers. In addition, many borrowers realized that these contracts were mutually signed by them and by the bank.
Fast forward three years later, loan modifications are the hottest thing since Option ARM’s in 2006 that were handed out to borrowers across the nation … (1 comments)
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loan modification: Loan Modification Twilight Zone - 04/27/10 07:38 PM
Hello guys… I have a Wells Fargo mortgage. We were not late or have ever been delinquent with paying the mortgage, but was afraid that we would fall behind soon due to our high property tax increase. Late summer of last year, we contacted Wells Fargo to inquire about a modification. They did their thing over the phone and said we were “pre-approved” for a loan modification. They asked us to fax a hardship letter, a financial worksheet, and pay stubs.
Well we did. And then after a long period of waiting, we finally got some kind of answer. At the … (4 comments)
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loan modification: Can A Home Be Sold During A Loan Modification? - 04/21/10 07:44 PM
It is definitely possible to sell your home during a loan modification. That is if you haven’t signed on the dotted line as of yet. Recent reports have been detailing mortgage modification contracts with conditions that state the borrower cannot sell the property in the next five years without prior mortgage servicer approval. The loan modification procedure tends to be one of the most stressful and confusing tasks one will ever experience. Some people come to a decision that the stress is not worth it and they want to move on with their life as quick as possible. This will many … (0 comments)
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loan modification: Are Banks Transferring Mortgage Losses On Investors? - 04/21/10 07:35 PM
The Association of Mortgage Investors today released the following statement in response to Q1 earnings reports by Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, “Each of the big four banks earned multiple billions in net profits this quarter.” The current approach to solving the foreclosure crisis is falling well short of potential, and the market needs lasting solutions for non-performing mortgages. The banks remain conflicted by their immense investments in portfolios of home equity loans and lines of credit and servicing fees. While they have aggressively modified first mortgage debt, they have yet to nothing on second mortgage … (0 comments)
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loan modification: If I'm Behind On My Second Mortgage, Will They Take My Home? - 04/14/10 07:00 PM
Many homeowners who are having trouble finically do have a second mortgage put on their home. Reasons for this happening is because they had to refinance or just didn't have enough to pay off their first mortgage in the last couple of years prior to the recession. In struggling times, it is only getting worse. More homeowners than ever are failing to repay their second mortgages as their budgets become even tighter than ever before. People generally turn back to their first mortgage once they've started struggling with their second. The reasoning behind this is because they believe if they continue … (2 comments)
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loan modification: Former Bank of America Loan Officer Busted in Illegal Loan Modification Scheme - 04/12/10 08:40 PM
Massachusetts Attorney General Martha Coakley is trying to make a case against a loan officer named Christian Hayes for using illegal business practices in the State of Massachusetts. Hayes loan modification firm was prosecuted for several illegal uses. The illegal charges were advertising for a scam of foreclosure service in the state of Massachusetts. Hayes would collect fees from his Bank Of America clients for his loan modification services.
His charges to the people were so outrageous that people were basically hiring him to work for them, when they could have gotten the same service for almost nothing compared to that. … (6 comments)
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loan modification: Is this loan modification company a scam? - 07/10/09 02:28 PM
Let's take this question I received in my forum as an example of doing a little due diligence. This member was asking if a California Loan Modification company can help her in South Carolina and if they were a scam? Within 1 minute on Google, I located the company and some disturbing facts.
Here is the discussion and I hope it helps others out there.
Question:
Loan Workout Consultants, LLC. in Tarzana, CA, LLC. in Tarzana, CA. The guy claims they will do all the paperwork and contacting Bank of America with a 100% guarantee of a loan mod we can afford or our … (0 comments)
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loan modification: The Loan Modification Swindle - 07/10/09 02:20 PM
A person's eyes can only have the wool pulled over them for so long, right?
Am I right to say that a civilized society can only be asleep for a certain amount of time before they wake up and realize that they have been suckered?
I am telling you that nothing really has changed too much from when I started blogging about this problem two years ago. Loan modifications are still pretty darn hard to obtain and if you need one, you better be ready for the silliest game of run around and where's my paperwork that you have ever experienced in … (0 comments)
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loan modification: Is this loan modification company a scam? - 07/07/09 08:09 PM
I get emails and questions in my forum/blog daily about loan modification companies and if they are all scams. To say every foreclosure prevention company is a scam would be like saying every investment manager is like Bernie Madoff or every politician is corrupt.
Here is the discussion and I hope it helps others out there.
Question:
Loan Workout Consultants, LLC. in Tarzana, CA, LLC. in Tarzana, CA. The guy claims they will do all the paperwork and contacting Bank of America with a 100% guarantee of a loan mod we can afford or our money back.
He wants $500 good faith money … (0 comments)
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loan modification: New Nevada Foreclosure Program - 07/02/09 12:59 PM
It appears like Nevada courts seem to have a grip on foreclosure reality and I applaud them for stepping up for homeowners in their state. Now, it looks like many people will get a fair shot at meaningful mediation on their mortgages.
Meaning, BETTER loan modification !!!!
From the Las Vegas Sun:
The state Supreme Court voted unanimously Tuesday to adopt rules governing confidential meetings between homeowners and lenders that could head off foreclosures.
Read more about the Nevada Foreclosure Program here.
… (0 comments)
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loan modification: President Obama’s Foreclosure Prevention Plan Explained - 02/19/09 12:14 PM
Who Will Benefit from the Obama Housing Plan?“The plan I am announcing focuses on rescuing families who have played by the rules and acted responsibly: by refinancing loans for millions of families in traditional mortgages who are underwater or close to it.” - President Barack ObamaThe new plan will help two categories of homeowners as well as Fannie Mae and Freddie Mac. The homeowners this plan will help fall in to two categories. First, homeowners that are in distress and at risk of foreclosure will benefit from the plan. Second, homeowners that are current on their mortgage with high interest rates … (2 comments)
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loan modification: Mortgage Modification | Learn How to Obtain a Loan Modification for Free - 12/13/08 11:06 AM
Can you obtain a mortgage modification on your own for free or without buying a book?
I have proven over the last year and a half that homeowners get a loan modification on their own and I have over 200 documented stories on my forum at www.LoanSafe.org to back up these claims.
We at Loan Safe have compiled the most complete list of FREE loan modification and safe foreclosure help tools available on the internet. The tools below will give you the education and know how to effectively deal with your lender or to obtain help from a non-profit.
The example hardship letters and lender … (3 comments)
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loan modification: Mortgage Help - 03/03/08 01:00 PM
By Moe Bedard
If you have been looking for mortgage help or assistance with a loan modification, then you have came to the right website for safe and accurate information. This blog and our forum at LoanSafe.org was created for the sole purpose of assisting homeowners who are struggling with their mortgages to find the "real deal" when it comes to understanding what these crazy lenders and servicers are doing to help.
By all means DO NOT TRUST these phony loss mitigation companies that are preying on homeowners everywhere. Many of these fly by night companies are coming out of the wood … (4 comments)
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loan modification: Example Hardship Letter to Stop Foreclosure - 09/21/07 04:23 PM
Many homeowners find it difficult to write a hardship letter to their lender, so I thought I would post some examples from my forum.
When attempting to stop foreclosure and apply for a loan modification with your lender, you will be dealing with your lenders employee. Their job is to protect the lender. Your job is to save your home and also make that lender's employee, your friend. :) Trust me, a friend in the loss mitigation department is a friend indeed.
Please feel free to change it around and insert your own twist. Remember the person reading it reads these all day, so don't be too lengthy … (32 comments)
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loan modification: Loan Modification Tips to Deal With Your Lender - 09/21/07 07:07 AM
A loan modification is an agreement that is negotiated with your current lender that changes the terms of your current loan. Lenders are willing to negotiate when borrowers are facing financial difficulties and can't obtain other financing alternatives. You must show the lender why it would be in the lender's best interest to agree to a workout arrangement. If convinced, a lender may be willing to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms.A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better … (3 comments)
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loan modification: Modify My Loan to Save My Home - 09/14/07 11:30 AM
I don't know about you but I am on the front lines daily. Fielding calls and emails from homeowners who are trying to refinance out of these toxic loans that have just adjusted 3,4,5% higher and they cant refi, they cant get a loan modification. These are the same borrowers that QUALIFIED for a REAL MORTGAGE using REAL UNDERWRITING GUIDELINES for the lenders to DETERMINE if the borrower that is APPLYING for the REAL LOAN can AFFORD that there MORTGAGE that they are APPLYING for at the BANK using UNDERWRITERS that are EMPLOYED by the LENDER to MAKE SURE that there … (3 comments)
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loan modification: Loan Modification News - 09/12/07 04:16 PM
Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson were meeting with mortgage service company executives at the Treasury this morning. (My predictions of a massive loan modification campaign do not seem too far away) President Bush and banking regulators are pushing lenders and servicing companies to identify homeowners at risk of 'reset shock' and pursue loan workouts that will allow them to avoid foreclosure.This is great news for homeowners who have been waiting for some kind of relief from their toxic loans that are eating them alive as they frantically search for a way out of them. It looks … (3 comments)
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