loan modifications: Obama pushing mortgage modification for jobless - 03/26/10 05:16 AM
Under fire to do more to stop the foreclosure crisis, the Obama administration announced new mortgage modification steps on Friday to help the unemployed and those who are "underwater" with a bigger loan than their home is worth.
For eligible unemployed borrowers, the effort would require loan servicers to reduce monthly mortgage payments to 31% or less of income -- or even suspend them entirely, an administration official said. The forbearance assistance would last up to six months, after which the borrower would be evaluated for a loan modification.
An administration official declined to comment whether interest or fees would … (1 comments)

loan modifications: Mortgage Loan Mods, a train wreck of epic proportions! - 09/09/09 02:52 AM
OK so I am pretty new here, but I will do my best and see where this takes me. As a disclaimer I have to tell you all that I am no expert in grammatical syntax, nor am I great at editorials and proof reading. With that said, lets dive right in and talk about the train wreck we all know as Loan Modifications.
     For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end … (0 comments)