loan modification: Another Option for Loan Modification
- 08/15/13 01:10 PM
There is another option for loan modifications. The new program has some features that are absent from other federal and private options.
There is more good news for homeowners who have fallen behind in mortgage payments. The Federal Housing Finance Agency’s new Streamlined Modification program, scheduled to begin on July 1, has begun.
The program offers a new, simplified loan modification process that will allow troubled borrowers to lower payments and stay in their homes without having to produce financial or hardship documentation.
Who can participate?
“To be eligible, a borrower must be at least 90 days, … (26 comments)
|
loan modification: Legal Rights When HAMP Application is Denied
- 08/15/13 05:26 AM
There is potentially more good news for distressed home owners. Many home owners have attempted loan modification. On August 5, the U.S. District Court for the Northern District of California certified a class of borrowers who allege that a mortgage servicer wrongly rejected mortgage modification applications and improperly initiated foreclosure proceedings. Gaudin v. Saxon Mortg. Svcs., Inc., No. 11-1663, 2013 WL 4029043 (N.D. Cal. Aug. 5, 2013). The named plaintiff contends that a trial modification plan provided by her servicer constituted a binding contract that required the servicer to evaluate the borrower under the beleaguered Home Affordable Modification Program (HAMP)and, if … (0 comments)
|
loan modification: Morgan Stanley Predicts that Buy to Rent Will be Very Strong
- 08/14/13 05:58 PM
Although a lot of industry insiders are insisting that the time to buy rental properties as investments has come and gone in this housing market cycle, Morgan Stanley analysts say that the buy-to-rent market is still only “a fraction of where it could be” and is poised for “major growth in the coming years”. Today, this sector is worth about $17 billion; in the future, say the analysts, think more like $100 billion. The market is “a sustainable business with a long runway for growth,” they explained in a recent report.
I have to believe that with all of the … (4 comments)
|
loan modification: Pluses and Minuses of the HAMP Program
- 07/30/13 08:32 PM
The Home Affordable Modification Program (HAMP) has been something of a disappointment nearly from its inception. After loudly touting the program’s ability to help 4 million borrowers, the current administration was forced to concede it had barely helped a fraction of that number and some advocates and administrators in the program actually came right out and declared the program to be a failure. However, in recent months, there has been a lot of discussion about how HAMP is finally gaining momentum. Hundreds of thousands of borrowers are getting the loan modifications that they desperately need. There is another, untold aspect of … (4 comments)
|
loan modification: I Can Mentor....Grasshopper/Sensei Program
- 03/03/13 06:54 AM
I have a lot of SEO knowledge and can debunk a lot of the myths and misperceptions. Many "experts" actually have superficial knowledge of this important area. My background is computer science and I know what the issues are!!!
I am also a real estate attorney and investor so I can provide some help there too!!! Extensive experience in short sales, quiet title, loan modification, deed in lieu, forebearance, etc.
This seems like a fun contest/program. Let's all join in and receive hald and help others...sounds like a useful contest and fun too!!!
Sign up now...visit the Grasshopper/Sensei group NOW!!! Not … (3 comments)
|
loan modification: Loan Modifications are on the RISE!!!
- 01/13/13 01:52 PM
Everything in real estate seems to be cyclical. Housing markets go up and down; interest rates go up and down and so on. The real challenge is knowing when a market will change. Loan modifications all but disappeared in the Summer of 2010 because servicers were not processing and owners of notes were not modifying them.
In February of 2012, the well-publicized “Attorney General” lawsuit against major lenders and servicers was settled. The settlement took full effect in July of 2012 and as a result, loan modifications are back.
For one thing, you no longer have to be behind on … (2 comments)
|
loan modification: So What Exactly is all of the Quiet Title talk??
- 09/19/12 07:50 PM
Hardly a day goes by that someone doesn't mention a “Quiet Title” action. From everything that is stated, it appears to be a dream come true for distressed home owners. First of all, the term “Quiet Title” is a bit misleading.
The term "Quiet Title" refers to legal court matters in which the actual title to a property is disputed among several different claimants. This can happen in a variety of settings, but it is most common in inheritance battles or battles between business partners that each claim title to a property. This type of action does not apply to the … (1 comments)
|
loan modification: Bank of America Announces New Programs for Distressed Home Owners
- 09/12/12 09:29 AM
Bank of America isnow offering "enhanced relocation assistance." Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. The eligibility will also depend upon which investor owns the obligation.
This will be welcome relief for many home owners. As always, the home owner must be careful and read all of the fine print. For example, in some previous programs, the home owner was agreeing to a Deed in Lieu (DIL) if the offer/sale were not accepted by Bank … (0 comments)
|
loan modification: Chase Quick to Act on Attorney General Settlement
- 09/10/12 06:59 PM
Chase has reacted quicly to its obligation that was brokered under the February 2012 settlement with 49 out of 50 state Attorney Generals (Oklahoma was sleeping that day, I suppose - LOL). Thanks to the foreclosure fraud settlement in February between 49 of 50 state attorneys general and the top five “mega-banks” in the industry, some Chase customers are getting automatic loan modifications without even having to file paperwork. The lenders apparently receive “extra credit” for responding quickly. Accordingly, Chase has decided to automatically modify thousands of loans in order to meet its $4.2 billion pledge toward mortgage relief. The borrowers … (12 comments)
|
loan modification: Borrowers of Bank of America May Have Something to Smile About :)
- 05/27/12 10:32 PM
Borrowers of Bank of America may have something to smile about finally as 200,000 delinquent Borrowers to Receive Principal Write-Down Offers. Bank of America is wasting little time in getting one of the most popular terms of its recent settlement with the federal government underway. Bank of America sent out more than 200,000 letters this week to delinquent borrowers who where “thought to be eligible for principal-reducing modifications.” The requirements are simply that the homeowner owe more on the mortgage than the property is worth and have been at least 60 days behind on payments at the end of January 2012. … (4 comments)
|
loan modification: Foreclosure Defense is the Practice of Law
- 08/14/11 01:05 AM
Foreclosure defense is the practice of law. You would not think that if your home is in default or foreclosure since there is a remarkable number of firms soliciting distressed home owners with offers of foreclosure defense and delay of foreclosure. Most of these firms have limited ability to help you, since they are not attorneys. Many are being charged with the unauthorized practice of law. My home state of New Jersey just took action against six such firms operating within the state.
The firms will try and lure you in with promises of foreclosure defense success or delay in the … (4 comments)
|
loan modification: Often Overlooked Hardship Letter Issue...CRITICAL to Short Sale Success
- 07/29/11 08:07 AM
There has been a lot of discussion regarding hardship letters and their importance in short sale negotiations. However, there is a frequently overlooked aspect of them that is vitally important. The hardship letters will be different in a loan modification than a short sale. You may then ask, “That is true, by why do I care?”
You should care and you need to care – especially if the loan modification was submitted and you do not have a copy of it. The issue is what I refer to as “synchronicity”. If I were a short sale agent, I would … (30 comments)
|
loan modification: More on the Astonishing Bankruptcy Court "Game Changer"
- 06/30/11 11:06 AM
Many have made comments to my blog or emailed me separately in regard to my blog about a recent bankruptcy appellate case that could potentially revolutionize loan modifications, forensic audits, short sales, deficiency judgments etc. I wanted to review the case with colleagues prior to discussing it further. Last evening, I met with prominent tax and bankruptcy attorneys. I traveled from the Giant Litter box (Las Vegas) to Palm Desert, California and another traveled from Phoenix to Palm Desert to discuss this case – it is that significant.
The case is In re Veal and it involved AHMSI and Wells Fargo. … (29 comments)
|
loan modification: Relief for Home Owners Seeking Loan Modification of Foreclosure Relief is Delayed...
- 06/18/11 09:47 PM
There was a settlement in various matters between the real estate industry lenders and the federal government. The lenders were to provide an action plan for handling loan modifications and foreclosures. The plan was due this week, However, the lenders received a 30-day extension for submitting their plans. The extension was the result of a decision made by the federal justice department. Mortgage servicers were supposed to submit their plans for dealing with contacting struggling home owners, handling loan modifications in good faith and adjusting other problematic aspects of the foreclosure process.
However, the Office of the Comptroller of Currency (OCC) … (3 comments)
|
loan modification: FINALLY Government Recognition that Foreclosure Relief has Been a Disaster
- 06/03/11 10:20 PM
he Obama administration's inability to stem the foreclosure crisis ricocheted dramatically on Friday, as the Labor Department released unexpectedly low job-growth numbers that pushed the unemployment rate back over 9 percent. The jobs report comes on the heels of both a devastating report that found housing prices hit new lows in March and warnings from economists that the tumbling real estate market threatens to drag the economy back into recession.
"The jobs numbers, they ain't pretty, man," economist Jared Bernstein told HuffPost. Bernstein left the Obama administration last month to join the Center on Budget Policy and Priorities, a highly respected … (3 comments)
|
loan modification: Another Update on the Misguided, Hapless HAHA
- 04/08/11 06:00 PM
Yes, I am from Jersey and I am going to blog about HAFA...not Jimmy Hoffa but HAFA HAFA! LOL HAFA has largely escaped the sights of Republican members of Congress targeting current programs that they believe are draining taxpayer money and doing little, if anything, to help homeowners. It appears that the Treasury believes that business will continue as usual at least within HAFA, and some politicians have called other foreclosure-aid program termination bills “dead in the water” as the president has promised to veto any such bills that make it through both houses of Congress.
Thanks to new updates to … (6 comments)
|
loan modification: My Most Important blog Ever...My Best Kept Secret
- 04/06/11 09:16 PM
I have had success with loan modifications and short sales. Tremendous success with foreclosure defense either as an attorney or an expert witness. There is one central element to all of this success: a report of title.
More often than not, there is some defect in the chain of title in foreclosure. Perhaps the Note was assigned; perhaps the Deed of Trust or mortgage was assigned. Rarely are the assignments properly perfected. In a foreclosure defense, it probably means that the servicing agent or the plaintiff is not the "real party in interest". In other words, they do not … (2 comments)
|
loan modification: Mandatory Principal Reductions in Bank Foreclosure Settlement
- 03/27/11 08:21 PM
Several AGs do not believe that mandatory principal cuts are the way to go while many attorney generals involved in the negotiations around the “bank settlement” that lenders, politicians and homeowners alike hope will resolve much of the fallout from last fall’s robo-signer debacle think that forcing loan reductions on banks could be a good thing. The AGs from Virginia, Texas, Florida and South Carolina sent a letter yesterday to Tom Miller, who is spearheading the AG facet of the efforts, arguing that loan assistance is “largely unrelated to the foreclosure document issue.” The group believes that the settlement should deal … (3 comments)
|
loan modification: Practical Considerations in a Short Sale, loan Modification
- 03/20/11 06:05 PM
Most real estate sellers, buyers and investors understand what a "short sale" in real estate means. It is not a new concept and simply means that there are not enough proceeds from an anticipated sale to payoff the existing liens and encumbrances. However, many people do not realize that the methodology to obtain and approval changes as does the terms that a lender may require in order to approve a short sale.There are business cycles that affect whether a short sale will be approved. Lenders have different times when they are more amenable to a short sale. There are many reasons for this, … (2 comments)
|
loan modification: Practical Considerations in Distressed Real Estate
- 03/20/11 06:03 PM
Practical Considerations in Distressed Real Estate Many home owners have real estate that is worth less than they owe on the property. They wonder what are there options and they have heard confusing terms. People advise them to seek a "Deed in Lieu" (DIL) or a short sale, loan modification or workout. Some of the homes are in foreclosure too.There are frequently many options available for home owners. things are never as dire as it may seem. Careful strategy and planning and dedication to a desired result will often yield the results that you seek. My legal approach starts with focusing on your goals. There are three … (0 comments)
|
There is another option for loan modifications. The new program has some features that are absent from other federal and private options. 
;)
;)
;)
