loan modification: Why the Confused Mind Does Nothing and How Realtors Can Help - 01/16/12 09:46 AM
Have you ever heard the saying "The confused mind does nothing"?  I run into this almost daily with my distressed clients.  When faced with a stressful situation, if you don't know how to solve it, you will inevitably do nothing.  It's simply easier to ignore the problem and hope that it will resolve itself in some miraculous way than try to figure out the unknown.
When a homeowner is facing the prospect of losing their home, the fear and uncertainty can be unbearable.  It's really primal-what's going to happen?  When will it happen?  Where will we live?  Unfortunately there are many … (2 comments)

loan modification: HAMP Program Expanded-Updated Program Options Help More Homeowners - 04/12/10 10:25 AM
he Fed has updated and expanded their home retention outreach called HAMP in hopes that it will offer a solution to more homeowners.  Unfortunately, the number of borrowers who have received help to date is pretty dismal, and the Treasury Department is trying to avoid having to take the blame for the billion dollar failure by reaching out to more homeowners.  Effective April 5th, the expanded guidlines will now offer something for everyone (not quite-but close!)
The HAMP option will now be offered in a revised form to those homeowners who are unemployed and who have lost a lot of equity … (1 comments)

loan modification: Obama's 2% Loan Modification Plan Details & Benefits - 01/31/10 10:54 AM
Borrowers who are struggling with loss of income, increased expenses or some other financial hardship may be able to get help with a government rescue plan paid for with $75 billion in stimulus money.  President Obama's Home Affordability plan is available for borrowers who can no longer afford their mortgage and are facing the possibility of default or late payments.  Learn how the loan modification process works and just what it takes to qualify for this federal assistance program.
Would a 2% interest rate on your home loan help you to be able to afford your mortgage?  When a borrower qualifies … (0 comments)

loan modification: HAMP Approval Guidelines-Obama's Loan Modification Rescues Homeowners - 01/31/10 10:41 AM
Feel like you are painted into a corner and running out of out of options because of high mortgage payments?  Wait, you may be able to end the stress and frustration by qualifying for a HAMP loan modification using Obama's federal loan modification plan. The benefits of this government funded loan workout include reduced interest rates, longer loan terms and even principal reductions for homeowners who can meet the eligibility requirements. Here are some details of the plan and how you can apply.
The Treasury Department has approved banks to offer loan modifications using the federal plan called, Home Affordable Modification … (1 comments)

loan modification: How to Handle Clients Loan Modification Questions Ethically & Legally-HAMP & HAFA - 01/25/10 06:42 AM
 
What is the best way to handle your client’s inquiries about a loan modification?  It is very common for this subject to come up during conversations, listing appointments and meetings with homeowners-the current housing and economic circumstances have caused a lot of fear and confusion for everyone.  Like it or not, the reality of today’s market dictates that a Realtor should have at least a general knowledge of the various home retention options and exit strategies available to homeowners-options that may have not been available in the past, but are now commonplace-such as loan modification, short sale, deed-in-lieu & foreclosure.
… (0 comments)

loan modification: Loan Modification Programs Top 10 FAQS for Every Homeowner - 01/25/10 01:55 AM
LOAN MODIFICATION PROGRAMS – TOP 10 FAQS
 
Here are the most frequently asked questions about loan modification programs that I receive and the answers based on my 25 years of wholesale and retail lending experience:
1.  What is a loan modification program?  A loan modification program offers a change in the terms of your existing home loan resulting in an affordable and sustainable monthly loan payment.  The loan modification program may include a reduction in the interest rate, a longer loan term, and sometimes a reduction in the principle balance.
2.  Why would my bank be willing to do this for me?  Your … (2 comments)

loan modification: Loan Modification Agreement-Terms and Conditions to Watch out For - 01/02/10 03:53 AM
The final and most important part of your loan workout process is the last step to completion.  This is very important to understand and take your time reviewing.  When you qualify for a loan modification agreement with your lender, the next step is to sign a new contract that binds you to the new terms of your loan. It is very important to understand what the terms and conditions are for this new mortgage before you agree to anything. Remember, that you only are allowed one loan workout, so you certainly want to be sure that you are getting the terms … (0 comments)

loan modification: HAMP Federal Loan Modification-Are Homeowners Set up to Fail? - 12/26/09 07:02 AM
The Home Affordable Loan Modification Plan or HAMP, was designed and implemented by the Treasury Department to help almost 5 million homeowners stay in their homes and avoid foreclosure.  This program is subsizided by almost $75 billion in TARP funds, and offered the first standardized and streamlined guidelines for loan workout options.  Finally, a light at the end of the tunnel for frustrated and hopeless homeowners!  Really?  Well, it hasn't turned out quite like we thought-8 months into the program and only 728,000 borrowers have received temporary loan modifications.  Only a fraction of those have been made permanent-so what the problem?
… (3 comments)

loan modification: Loan Modification Hardship Letter-The 4 Critical Items you Need to Explain - 10/26/09 06:08 AM
You don't have to be Hemingway to write an effective hardship letter for a loan workout.  However, writing a hardship letter for a loan modification is a little tricky.  You must be able to convince your lender that you are a good candidate for a loan workout because of your current dire financial situation.  On the other hand, you also have to make them understand that if given the lower monthly payment, you will be able to afford to pay and maintain your home.  Ideally, you want to convey your circumstances in a compelling story, but one that is brief as … (1 comments)

loan modification: Wilshire Credit Corp Loan Modification-Get a Second Chance with Obama's Program-How to Apply - 10/23/09 03:46 AM
Many frustrated homeowners that have hit a brick wall of resistance trying to get a Wilshire Credit Corp. loan modification may have a second chance to get the lower mortgage payment they need to avoid foreclosure.  The Obama "Making Home Affordable" modification program requires participating lenders to review every application from homeowners who request that they be considered for the plan. Most banks are in the process of reviewing their loans for eligibility.  If you are interested in learning how to pre-qualify for this plan, here is some valuable information.
Just because you have been denied a Wilshire Credit Corp loan modification in … (2 comments)

loan modification: Citimortgage Loan Modification with Principal Reduction - 10/19/09 10:43 AM
Are you getting frustrated and confused trying to get a Citimortgage loan modification?  Well, don't give up-here is some good news and assurance that help is available and being offered to qualified homeowners.  Citimortgage just approved a loan modification that featured a 3% rate for 40 years and also forgave over $100,000 in principal!  How did this California homeowner get this help?  Read more about his story.
Finally, a story with a happy ending for one California homeowner who was successful with his Citimortgage do it yourself loan modification.  It is good to hear of a borrower who was able to … (2 comments)

loan modification: Obama's Home Affordable Modification-Plan Details & Who May Qualify - 10/18/09 12:29 PM
Foreclosures are still on the rise and if you are at risk of losing your home, here is some important information you need to know.  President Obama's Making Home Affordable loan modification plan seeks to help up to 5 million homeowners facing the possibility of losing their homes due to unaffordable home loans. The plan is funded by $75 billion dollars and offers a unique feature that pays lenders, servicers and borrowers to participate in the loan workout program.  To date, only a little over $1 billion has been used, so there is still plenty of funding to help at-risk homeowners … (0 comments)

loan modification: Wachovia Mortgage Loan Modification Request-How to Get Started & Get Help - 10/04/09 08:20 AM
Struggling homeowners who are facing a financial hardship situation should contact Wachovia and submit a mortgage loan modification request.  The federal government is offering help to borrowers who can no longer afford their home loan and are at risk of default.  But, with close to 5 million homeowners seeking assistance, you need some basic knowledge about what it takes to apply and qualify if you hope to get results quickly.  Here are the basics that will help you work directly with your bank to get the help you need and deserve.
The first step in a Wachovia mortgage loan modification request … (5 comments)

loan modification: Obama's 2% Federal Loan Modification Home Saver Plan-Program Details - 09/17/09 06:21 AM
Are you one of the 5 million homeowners who may be qualified for Obama's federal loan modification plan?  Featuring a new mortgage rate as low as 2%, this home save program is designed to keep borrowers in their homes and stop foreclosure and defaults.  Now is the time to learn if you could benefit from this government outreach.  Don't hesitate to apply for assistance-after all this program is paid for with your tax dollars and you deserve this help.
Banks, lenders and servicers have agreed to follow standard guidelines for qualifying and modifying home loans using this federal plan, called Home … (1 comments)

loan modification: The Obama Federal Loan Modification 4 Step Formula Used to Qualify by your Lender - 09/17/09 06:06 AM
You can use the very same formula your bank will use to determine if you qualify for the government home rescue plan.  Obama's federal loan modification plan uses a standard 4 step formula to determine which homeowners qualify for a loan workout.  You can learn this basic formula and have a lot more control over whether you are approved for this government plan.  All lenders who participate in the federal Home Affordable Plan have been mandated to use the same guidelines-so it just makes sense to learn what these steps are and use them to prepare your own application correctly.
Did … (0 comments)

loan modification: Wachovia Loan Modification-What's the Real Deal & How to Get Help Fast - 09/12/09 09:11 AM
Frustrated by the process and confused about trying to get a Wachovia loan modification?  Unfortunately, you are not alone-this lender has been very hesitant to offer any type of meaningful, far reaching loan modification to its borrowers. The good news is that the bank is offering the federal loan workout program, called Home affordable Modification and is finally actively modifying loans for those borrowers who can meet the guidelines.
The federal plan, Home Affordable Modification, and is paid for by the stimulus funds with $75 billion set aside to help homeowners stay in their home.  Wachovia is approved by the Treasury … (0 comments)

loan modification: Chase Loan Modification Programs & How they Work - 09/12/09 08:33 AM
Borrowers who are at risk of losing their homes or unable to afford their current loan may be eligible for a Chase Loan Modification.  the bank has several options available for homeowners, including the federal program, Home Affordable Modification Plan. Borrowers who are facing financial hardship need  to find out about the alternatives available to them to avoid foreclosure. Here are some of your options:
Repayment Plan: If you have a temporary reduction in your income or a temporary financial hardship, Chase may offer you a repayment plan to bring your loan current. This plan will allow you to make up … (0 comments)

loan modification: Formula for Getting Approved on a Wells Fargo Loan Modification - 09/10/09 10:12 AM
Trying to figure out if you qualify for a Wells Fargo loan modification and then preparing your application can seem overwhelming.  But you don't have to take chances with your loan modification proposal-learn the guidelines for debt ratio and target payment under the government's workout plan. The bank is offering this very aggressive program to homeowners who are either in default or at risk of default-so you may be able to qualify for a very low payment-the trick is to be able to complete your application forms so that the bank can verify that you meet the standard approval guidelines.
This … (1 comments)

loan modification: Countrywide Loan Modification Approval Formula-Learn how the Bank Decides - 09/10/09 09:59 AM
Tired of sleepless nights and stress filled days worrying about losing your family's home?  There is a way to take much of the anxiety out of applying for a Countrywide loan workout.  Obama's loan modification plan has standard guidelines for approval and a pre-determined formula that the bank will use to qualify you.  If you use these same steps and formula to prepare your application, you will have a very good chance of getting the loan work out you need.
President Obama and the Treasury Department is encouraging all at-risk homeowners to contact their lenders and ask to be considered for … (2 comments)

loan modification: Bank of America Loan Modification Formula Used for Debt Ratio & Target Payment - 09/08/09 11:16 AM
You don't have to take chances with your Bank of America loan modification proposal-learn the guidelines for debt ratio and target payment under the government's workout plan. Homeowners who are either in default or at risk of default may be able to qualify for a very aggressive loan modification-the trick is to be able to complete your application forms so that your lender can verify that you meet the standard approval guidelines.
This federal plan is called Home Affordable Modification Plan, and it has standard requirements that every borrower must be able to meet. These guidelines are the same for everyone, … (0 comments)