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Just happened to be perusing the internet when I came across this site. Now I am a little confused because of the increased amounts of REO's hitting the market and the requests for valuations I am receiving from the asset managers. This information is on their FAQ page:
Obama's Foreclosure Plan Faqs
Q: What is a Mortgage Modification? A: A Loan Modification is a change to an existing loan to a more affordable level by a lender in response to a borrower's long-term inability to repay it. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan, or a combination of the three. You may qualify if you have recovered from a hardship and can afford the new payment amount. Most lenders can work with home owners, even if they have poor credit and have a foreclosure date since they do not want your home. Speak with a Counselor to go over your options by submitting the form here. Loan Modification provides the ability to change the terms on a current mortgage, with the goal of making payments on existing mortgages more affordable. Meanwhile, helping to prevent unnecessary home foreclosures. Generally a loan modification will lower your existing mortgage rate and allow you to change your rate type from an adjustable rate to a fixed rate, so as a homeowner, you can buffer yourself from the rate fluctuations in the market place. Q: If I’ve missed too many payments, can I still get help? A: There's always time to get help. We can't work miracles, but we can always give expert advice for any situation. That being said, the help we're able to offer is far more constrained if you're eight payments behind than if you're one or two behind. The sooner we can get involved, the better chance you have of avoiding foreclosure.
Q: Is it possible to stay in my house after foreclosure proceedings begin? A: Contrary to what you might think, there are still options available to you after the foreclosure process has started. The sooner you fill out the form below, the more tools we'll have to help you fix your situation.
Q: Do I need to be behind on my mortgage payments to be eligible for a Home Loan Modification? A: No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, for example, because their mortgage payment has recently increased to a level that is not affordable. If you have had or anticipate a significant increase in your mortgage payment or you have had a significant reduction in income or have experienced some other hardship that makes you unable to pay your mortgage, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances.
Q: How do I know if my servicer is participating? Are all servicers required to participate? Servicer participation in the program is voluntary. However, the government is offering substantial incentives to servicers and investors, and it is expected that most major servicers will participate. Participating servicers will sign a contract with Treasury’s financial agent, through which they agree to review every potentially eligible borrower who calls or writes asking to be considered for the program. Why are Loan Modifications Available? Right now, because of the increasing amount of foreclosures, banks and mortgage lenders have become increasingly more willing to negotiate the terms of loans and repayment plans. Home Foreclosures are not a good solution for anyone including banks and lenders. They often lose a lot of money on such transactions. In today's economy, they have become extremely flexible is avoiding foreclosure proceedings. Can I Modify My Loan Myself Homeowners find it very difficult to modify their loan themselves. The challenge is banks and lenders are extremely busy and a loan modification has to be packaged correctly in order to gain the interest of the lender, and expedite it's process. Why Use Our Service Our attorneys can immediately assess your needs and are very familiar in the loan modification process. When they approach your lender, they will have a prepackaged deal the lender is offered and many times accept. Also, our attorneys know and understand the laws well. They will fight a hard fight. Let our experts make your Loan Modification as streamlined as possible.
Reading this I have seemed to pick up what I like to call "Satan's Handwriting" or another term "reading in between the lines" of all the other gibberish. I love the terms "you may qualify", "servicer participation in the program is voluntary", ";substantial incentives", and ";our attorneys." Does this mean one pays to have the loan modified and the servicer is still given a "substantial incentive"? And what if the person can not get their loan modified? Do they get reimbursed for the payment to "our attorney"? What about the success rate of loan modification?
Let's see 4% success rate??????
"Slightly more than 31,000 homeowners have received permanent loan modifications since March as part of the government's mortgage relief plan - just 4% of borrowers who have signed up."
So this article states that it is "the bank's fault" for the 96% failure rate. Interesting.
Another article that states why many re-default on the loan modification
"Some reasons that borrowers go back into default, contributing to the figures above, are: Further employment hardship. Borrowers who had a change in employment that prompted the first modification may be faced with another. Borrower is in a negative equity position. Borrowers who struggle to make payments, even after a loan modification, and whose house is worth far less than they paid for it may be less motivated to want to keep a home, knowing that it make take years, if ever, to be able to sell it for a profit. Borrowers continue to overextend themselves, even after a loan modification. Whether this is due to necessity, or a lifestyle that creates it, borrowers who find themselves spending more than they take in are headed for re-default. Modifications were less than needed to keep the borrower in payments that they could afford. Modifications that are unable to make the payment low enough to what the borrower can realistically afford will put them back in default. The borrowers assume that if the lender granted them one loan modification, that more will follow. Every dollar that the lender forgives, either in principal or payment, short term or long term, is a dollar that they expect to recoup at some point down the road. Lenders are leery of giving second chances to borrowers who have been in difficulty before."
This appears to be most correct for who is at fault, "the Homeowner". Let me reiterate, "Borrowers continue to overextend themselves, even after a loan modification." The best quote comes from Warren Buffet, "Commentary about the current housing crisis often ignores the crucial fact that most foreclosures do not occur because a house is worth less than its mortgage (so-called “upside-down” loans)," Buffett wrote. "Rather, foreclosures take place because borrowers can’t pay the monthly payment that they agreed to pay." Everyone can keep pointing fingers at who is at fault in regards to this epidemic facing our Nation, however there is quite a bit of self accountability that is lacking with the situation. If you can not afford to buy, do not buy.
So as I sit and write this, how many homes have just been added to the REO list throughout this country due to the failure rate of loan modification?
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.