loan modification: Today's Distressed Homeowner is Tomorrow's BUYER! - 09/25/10 01:52 PM
Unfortunately, by the time most distressed borrowers seek help to avoid Foreclosure, they have often been struggling with income loss, divorce, legal or health issues for so long that theyre are not only falling behind financially but they are as one fellow put it to me: "taking drugs to just to sleep at night from the stress". This does not paint a picture of a person ready and able to put up a decent defense with their bank or have the energy to direct their own loan modification or self help bankruptcy. Far from it. Being financially strapped as well, paid legal help is usually out of the … (4 comments)

loan modification: Should this home be SAVED? - 06/08/10 06:17 PM
I read a wake up article recently by a mortgage market advisor  Mark Hanson, who suggests that unless foreclosures double from the April 2010 record, because of the sheer number of 'shadow inventory' homes on the market --it will take at least 8-years to clear the sales backlog of homes for sale. Wow. Which suggests, by deduction, that our national housing markets will be affected by these lower priced distressed homes lagging if not languishing on the market beside new and non distressed homes, affecting their values for years. We have no idea how long this financial recovery will really take and what the actual cost … (8 comments)

loan modification: Bad Loans are More PROFITABLE! - 05/13/10 05:03 PM
Have you done the math on your mortgage? What is that 30 year payback schedule really costing you over the long term? A lot of people are making tough decisions about keeping homes that may not be the best investment at the moment...or possibly ever. But like most people, if you have lived in your home for very long you become attached to more than the physical aspects. Your memories and lives are intertwined in your community and sense of your self in context. 
Oddly, the idea of every paying off our mortgages seems almost foreign to us. We live with debt. Debt feels normal. How did … (9 comments)

loan modification: OMG! 2MP=2nd Loan Modifications + Principle Reductions - 03/26/10 11:02 AM
2nd Loan Mod rumors have been around for some time. Who knew? My colleague has handled a few in the course of modifying combined loans. With different lenders it's not exactly a picinic. Officially, this Directive to modify 2nd Liens was issued in August 2009, but not adopted by any banks until January 2010. Now Bank of America, Wells Fargo, Chase (others mooted) are participating: Of course, Banks interpret these guidelines liberally as do the investors.  
According to a local Bankruptcy Attorney "This is good news for some of my clients.  In some Chapter 13 cases we are able to void the second mortgage if there is no equity … (5 comments)

loan modification: HARPing about HAMP! - 03/06/10 06:47 AM
IS THIS GOOD NEWS? H.A.R.P., The Home Affordable Refinance Program and H.A.M.P., the Home Affordable Modification Program are working hard to earn trust from distressed homeowners. Or so they say. Fortunately, the Stimulus funds for HARP will be extended at least until June 2011. HAMP has been working a bit harder for people with underwater homes -- that is if you owe more than your home is worth up to 25% negative value or 125% LTV.Define underwater: You see, if you owe more than your home is worth, your lender takes a rather dim view of the risk factors for your likely … (4 comments)

loan modification: HAMPer full of Hope? - 01/19/10 05:36 PM
Fact: Less than 7% of the homeowners who entered Trial Modification Periods for the Housing Affordable Modification Program (HAMP) in some form have succeeded to date:
This news has spurred updates on the government site:
Enter the new 'Conversion Campaign'
According to MHA: "The Home Affordable Modification Program requires borrowers to enter into a Trial Period Plan before receiving a permanent Home Affordable Modification." Which suggests that you 'may' be converted to a permanent program after your required trial. Or does it? Exactly who decides who gets to move ahead into modification bliss and who gets denied? That part is quite a mystery. The link on ABC News above has … (0 comments)

loan modification: Do You know WHO Owns Your Mortgage? - 01/01/10 08:26 AM
More importantly, how do you find out? If you need to contact your lender about potential loan modification based on genuine hardship or disaster relief grounds, you have several starting points. You may be surprised to learn that find out exactly who owns your mortgage is not something your lender (servicing bank) may know or be willing to share!
One couple took on Goldman Sachs and won: Read this riveting story about Tony and Celia Becker, a couple who took on Goldman Sachs, the owner of their Subprime Mortgage and won court assistance and a modified mortgage which took them several years:
Why would your lender hide from … (2 comments)

loan modification: Why are Loan Modifications FAILING? - 12/28/09 09:47 AM
Define 'modified'! $111 Billion in your Stimulus funds has gone to the Humongous Banks. Recently the $400 Billion cap was lifted. Our Major Banks now have an open ended blank check to draw upon!
Now get this: The HAMP and MHA guidelines apply primarily to Freddie Mac and Fannie Mae loans. Less than 50% of mortgages being funded today are Fannie or Freddie loans. So in effect, most VA, FHA, USDA and Portfolio Loans through non-TARP funded Banks, Savings & Loans and Credit Unions are not subject to the Making Home Affordable guidelines. How can this be? Loopholes, folks. It's their money and they make … (100 comments)

loan modification: OBAMA "Gives and Tells"! - 12/02/09 12:33 PM
Congress has gifted over $700 BILLION to the banks to save themselves and help homeowners avoid foreclosure. So is it working? Obama says not yet and he's going to name names of the banks who are dragging their feet!
Heavens, we are not complaining about a promise of hundreds of Billions in TARP money going to banks to help homeowners avoid foreclosure and modify their mortgages right now! These funds are sorely needed to stop this train now wrecking many American homes. Recent New York Times articles describe in horrific detail the problems with the HAMP and Making Home Affordable programs so touted by Fannie … (6 comments)

loan modification: HAMP'n in the 'HOOD! - 10/07/09 11:00 AM
Home Affordable Modification Program (HAMP) Update
Freddie Mac has been reduced to going door to door to attempt stopping foreclosures. Well...wonder how they are being received by their beleaguered mortgagees? Anybody seen Freddie on your street yet?
$4.7 Billion headed to the usual suspects: To date, our modification partner's experience with the primary originating banks of so many distressed homeowners has been pretty hard going. Oddly, the HAMP program has not been all that popular with some of the biggest banks with the highest foreclosure rate. Namely Countrywide, GMAC, Citi, National City Bank. So to encourage these big banks to actually USE the government foreclosure … (4 comments)

loan modification: Hope: The Early Years! - 06/09/09 01:20 PM
Making Home Affordable and Stimulus Refi Programs are now the hot buzz words in mortgage land. But exactly what are they and who qualifies for help? Folks in financial distress need to know they have options. But how do you find out what those options are? Most banks and mortgage lenders are just finding how what to do about the high percentage of folks coming in for whom we have no classic answers. And we just hate saying "No" or worse yet: "I don't know!"  Fortunately, the Obama administration has seen fit to refine the original Bush 'Hope For Homeowners' program. Since the original Hope roll out was something … (0 comments)

loan modification: MOD SQUAD: How to Modify Your Mortgage - 04/20/09 03:08 PM
Len Harley's feature on Mod Scams is timely: I have been researching the issue and found 4 solutions that work for folks who are underwater and do not qualify for the Fannie/Freddie brand of Loan Modification.
1. The borrower negotiates directly themselves. After all your promissory note is a contractual agreement between two parties. Problem here is lenders strong-arm you and make you feel like a criminal for asking. (By the way, that's what happens if you call Hope Now the HUD hot line...they prequal and just turn you over to your lender to fend for yourself with little results to date)
2. … (7 comments)

loan modification: Can This LOAN can be SAVED? - 03/16/09 06:09 PM
Sadly, most of us know someone who is in a stressed mortgage situation! The sheer numbers of files landing on bank negotiator's tables is astounding. Here's an update.
NEWS: Making Home Affordable Released March 4, 2009  
FIRST:To qualify for the Obama Plan, Making Home Affordable, first, find out if Freddie Mac or Fannie Mae holds your loan: Call your lender or loan servicer (number on your mortgage statement) and ask them if ...or contact Freddie Mac or Fannie Mae directly
1-800-FREDDIE (8am to 8pm EST) 1-800-7FANNIE (8am to 8pm EST)
NEXT: Qualifying for "Making Home Affordable":  If you have a Fannie or Freddie loan and wish to investigate … (4 comments)

loan modification: MORE Money for Loan Modification and Workouts? - 10/04/08 11:24 AM
Hopefully the promises from Capitol Hill including our Government Sponsored Agencies, Freddie Mac and Fannie Mae will be followed through. It has been reported that only $100 Billion of the $700 Billion we granted our government in the Bailout is actually needed to fully right bad mortgages. The REST? I am told by economists much closer to this than I that the remaining $600 Billion will barely touch all the mortgage backed securities and derivatives they sold, swapped, and insured to high heaven. We can expect another race to 'Mama' for more money in early 2009 if not before.
Meanwhile: Those who happen to be … (0 comments)

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