Archive | General Info RSS feed for this section
January’s Top 5
January was a very busy month for us here at Truth in Foreclosure and we had more site visits than any other month in our 3 year history. So we’ve put together the top 5 posts for January so you don’t miss anything.
Continue reading...What if Freddie and Fannie Weren’t There Any More?
25. January 2010
Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. Does this mean anything at all for you, your mortgage, or your fight to keep your home? After all, Freddie and Fannie own or service over half of all mortgage loans in the country. Come see why it won't matter!
Continue reading...Your Lender’s Dirty Little Secret
15. January 2010
Have you ever wondered how your lender or servicer decides what to do when you submit a hardship package to them? Come and see exactly how today!
Continue reading...Programs for Foreclosure Mediation
29. September 2009
Summary of 22 state/local programs that establish some type of foreclosure diversion program requiring lenders to engage in mediation, conciliation, or a settlement conference. Summaries include a general program description and lender and borrower obligations under the program.
Continue reading...Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
9. September 2009
According to a story in yesterday’s DSNews, a senior Wells Fargo executive was called into court to testify about why the company didn’t operate in good faith as it considered a loan modification of a homeowner in Phoenix. Come see what happened and what it means for your efforts...
Continue reading...Calling Your Servicer About Loan Mods – Is Success Possible?
8. September 2009
A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...
Continue reading...Create Your Own Hope Rather Than Putting It In Your Servicer
6. August 2009
So now that only 15% of the servicers aren’t part of the program, you’d think we should start seeing some movement…but I wouldn’t hold my breath. If you’re dealing with your servicer right now, I’d bet my next paycheck you’re frustrated with how long it’s taking and you don’t understand how a servicer can say your loan can’t be modified even though there’s a government program that says it can. You can wrestle control of your situation back from your lender, though, and bring some hope back into what may seem like a hopeless situation...come see how.
Continue reading...Expert Advice – Foreclosure and Credit Scores
17. June 2009
There's a ton of confusing and conflicting information on the web today about the impact of foreclosure, short sales, loan mods, and other mortgage workouts to your credit. We went straight to the source of credit scores...myFICO...to find out the truth. No one will tell you this because it doesn't sound good if you're considering using their services. We don't care, though...you need expert advice so you can get expert results.
Continue reading...My First Rant — The Foreclosure Industry
3. June 2009
After a few months of writing several times a week about foreclosure-related topics, I've decided it's time to rant a little bit and to ask for some help. You see, unlike most of the so-called bloggers and forums our there today, this one is truly here to help. That sounds more than a little egotistical as I write it. But if you've been looking for reliable, timely, well-researched foreclosure information that isn't aimed at trying to get you to sign up for something, I'll bet you agree with me. You'll also find out why the President and Congress are wrong to focus on keeping you in your home.
Continue reading...Home Affordable Deeds in Lieu and Short Sales
22. May 2009
So what happens if your servicer says you don't qualify for a Home Affordable Modification or Refinance? The Treasury Department and HUD have added to the Making Home Affordable program to answer that question. If you're eligible for a Home Affordable Mod or Refinance but did not qualify, you need to check this out now...
Continue reading...Chase Opens Loan Mod Centers
1. April 2009
In the past few weeks, JP Morgan Chase has opened 24 loan modification centers around the country staffed with customer service agents that will help homeowners one on one. If you have a loan serviced by Chase, WaMu, or EMC Mortgage you can get help from a real, live person...check it out...
Continue reading...Home Affordable Refinance and Modification Update
31. March 2009
If you've been trying to contact your lender about refinancing or modifying your mortgage through President Obama's new plans, you've likely been frustrated. Few, if any, servicers have finalized their plans or trained their loss mitigators or how they're going to handle the new plans. And according to the Association of Community Organizations for Reform Now (ACORN) and a study they just finished, "76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the plans". But what's that mean for you and your mortgage? Come read the rest of this article to find out...
Continue reading...Freddie Mac Allows Homeowners to Stay After Foreclosure
10. March 2009
Freddie Mac announced the official launch of its new REO Rental Initiative giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.
Continue reading...President Obama’s Making Home Affordable Refinance
9. March 2009
Here's the post you've been waiting on about President Obama's Making Home Affordable Refinancing program. If you owe less than 105% of what your property's worth, you probably qualify, but there are several things you should be aware of. For instance...this post tells how to figure out if your loan is held by Fannie Mae or Freddie Mac and how to start the refinancing process with this program. If you have questions, please ask as a comment...
Continue reading...President Obama’s Home Affordable Loan Modification
5. March 2009
This took a little longer than I wanted it to, but I wanted to be as thorough as possible for you. I'll start with the loan modification part of the President's plan first since I know that's what most of you want to know about. Come and read about the qualifications, the process, and the lack of principal reductions.
Continue reading...More Lenders Join the Moratorium Bandwagon
14. February 2009
More lenders are agreeing to suspend the foreclosure process to wait on the Treasury Department's new Financial Stability Plan. Most are agreeing to suspend it for 3 weeks...come see if your lender is on board as well as my prediction about what to expect.
Continue reading...Lawmakers Get Foreclosure Suspension Commitments
13. February 2009
The presidents of several of the country's largest lenders agreed to suspend foreclosure actions yesterday in a hearing before Congress. If you have a foreclosure sale date, you should contact your lender and see if they're following suit. Representative Barney Frank, Chairman of the House Financial Services Committee, says he expects about 95% of lenders to do the same until....
Continue reading...Are banks too greedy?
11. February 2009
There’s been a lot of finger pointing about who’s to blame for the fall in housing prices and, by proxy, the economic slump the country is in right now. Was it lack of government regulation? Was it greedy mortgage brokers? Irresponsible lenders? Mortgage investors? Or was it us…the American homeowner? According to Zillow and other sources, 1 in 6 homes in America that have mortgages are in default. That’s about 18%...and way too many for one thing to be the cause. So was it the ‘perfect storm’ that got us here? Fact is we're all greedy...that's the problem...and the solution...
Continue reading...Foreclosure Rates Don’t Matter
16. January 2009
You've probably seen the statistic released yesterday by RealtyTrac that says foreclosure filings were up 81% in 2008 vs 2007. The article went on to say that if you translate that into numbers of houses affected, 1 in every 54 homes in the country had received at least one foreclosure notice in 2008. However, according to the Dallas Morning News, Dallas-Fort Worth foreclosure filings in December were 8% lower than in December 2007. I would argue that both of these figures are irrelevant to you, though (even if you live in the Dallas area). See why and what you should do about it by reading the rest of this post...
Continue reading...Good News for Renters
22. December 2008
If you're renting a home that's going through foreclosure, Fannie Mae announced that they a working on a program for you. In the near future, they will not force you to move out of the home even if the foreclosure completes and the person you're renting the home from loses it.
Continue reading...State Attornies General Play Bad Cop
12. November 2008
The mortgage industry would like to have everyone believe they are doing all they can to help homeowners in dire straights. Even with an improved Hope Now initiave, though, the Attornies General (AG) of many states do not agree. Iowa attorney general Tom Miller explained in an interview that he believes a systemic approach is necessary to aid homeowners. He said most of the industry's biggest mortgage servicers are setting up meetings or discussions with a state foreclosure prevention working group, of which he is one of the leaders. While most are considering a systemic approach, he said there are some holdouts that remain focused on taking a case-by-case approach to loan workouts and are reluctant to embrace a streamlined modification program. "That's not acceptable. That's not going to work as an answer or a policy," Mr. Miller said.
Continue reading...Who Determines What’s An Acceptable Workout?
19. October 2008
When you start negotiating with your lender or servicer, it may seem like they're dragging their feet. But what you don't see is everything that's going on in the background. Because of the primary and secondary mortgage markets and private mortgage insurance, your service may just be collecting your information to pass on to someone else. The more you know about your loan and the mortgage market in general, the better off you'll be in negotiations. Check out the video on why mortgage guidelines matter to you as a consumer too.
Continue reading...What I Forgot to Say
14. October 2008
Yesterday's post about being proactive and calling your lender BEFORE you miss any payments left one important fact out. I was reminded of this when I tried to call my own lender this morning and got the cold shoulder. Find out why...and what you can do about it.
Continue reading...The Unfortunate Truth
13. October 2008
It seems all the focus in the press and on the Internet these days is about homes in foreclosure and what you can do to exit foreclosure. But what if you're not in foreclosure yet? What if you haven't missed any payments? What if you're struggling every month to put food on the table and pay all the bills but so far you've been able to do so? First of all, let me say you're not alone! You have options...unfortunately, though, they're nearly all dependent upon your lender or servicer. Follow this checklist to start the process...be proactive rather than waiting for the inevitable.
Continue reading...Heading for Foreclosure?
18. September 2008
Have you had a hard time trying to keep your head above water? Perhaps you have been slipping on your mortgage payments. Have you been getting telephone calls from your lenders asking you to call them? If you think your home is headed for the foreclosure list, here are a few things you will want to do.
Continue reading...
- Home Affordable Loan Modifications Begin--Foreclosure Moratorium Ends
- My First Rant -- The Foreclosure Industry
- Make Your Lender Reconsider Your Mod Eligibility
- Hope for Homeowners Equity Sharing
- Create Your Own Hope Rather Than Putting It In Your Servicer
- HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
- The 3 Steps Your Lender Must Take for a Home Affordable Modification
- Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
- HomeSaver Forbearance from Fannie Mae
- Interviewing a Professional Hardship Letter Writer
- lisamarie: Everybody fight! If they 'lost' all this paper wor...
- lisamarie: If it doesn't work-it should. Bottom line is, thes...
- jim renfrew: yes i used them we had a three way conversion with...
- Todd Temaat: Unfortunately, you don't have much choice except t...
- Todd Temaat: Thanks for your comment. We have no connection to...
23. February 2010
0 Comments