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States Hardest Hit by Foreclosure Get More Money

10. March 2010

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The Obama Administration released the next steps in the recently-announced Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets ("HFA Hardest-Hit Fund"). States where house prices have fallen more than 20% from their peak will share $1.5 billion in funding. Those states are ...

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HAMP Trial Plan Fraud: What Can You Do?

9. March 2010

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Have you been offered a trial plan from your lender through HAMP? Did you complete all your trial plan payments but now your lender isn’t doing what you thought they agreed to do? What options do you have? Can you make them perform?

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Using a HOPE Now Counselor Makes Your Mod Go Faster

4. March 2010

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HOPE LoanPort gives HUD-approved counselors the ability to submit completed Home Affordable Modification Program (HAMP) applications directly to a homeowner’s servicer, and the Web portal allows counselors to track the status of the application in order to provide borrowers with more timely decisions. What's this mean for you and your home?

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Foreclosures Take 12 Months on Average

3. March 2010

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Several new proposals have made their way to the President to help you save your home from foreclosure. These are all proposals, but some of them will probably make it to law…only question is how long before they do. They include a 30 day HAMP appeal period and a possible re-working of the Net Present Value model.

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Documenting Irregular Income for a Mortgage Modification

2. March 2010

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I’ve been asked many times what you should do if you have irregular income and you’re applying for a loan modification. How should you report it in the forms to accurately reflect your situation.

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President Obama Considering National Foreclosure Ban

1. March 2010

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President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the government’s Home Affordable Modification Program (HAMP)...

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Your To-Do List for a Permanent Mortgage Modification

26. February 2010

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The Making Home Affordable people just released a video about what steps you need to take to obtain a permanent mortgage modification. Come watch it and share your thoughts! We've also included direct links to some of the most important and relevant resources we've found.

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More Money to Save Mortgages on the Way

24. February 2010

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President Obama is announcing $1.5 billion in funding for innovative measures to help families in the states that have been hit the hardest by housing market stress and unemployment. States where house prices have fallen more than 20%. The $1.5 billion fund will be available for State Housing Finance Agencies and similar organizations to develop innovative programs help address the problems facing their communities. Come read the rest of the prepared White House release.

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Foreclosure Assistance Programs by State

22. February 2010

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I found this list of state housing agencies. I haven't checked to see if each state has a foreclosure assistance program, but if you’re looking for assistance from your state, here’s where you can start. All 50 states plus Puerto Rico and the Virgin Islands are listed below in alphabetical order.

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You’ve Been Turned Down for HAMP…Now What?

17. February 2010

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I’ve been hearing from a lot of people lately that have been turned down for for a Home Affordable Modification Program mod. The reasons vary and some lenders won’t even give reasons. But did you know you can ask your lender to reconsider your modification request? And in some circumstances they’re actually required by law to reconsider your application.

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Will You Qualify for a Loan Mod?

15. February 2010

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When you’re beginning your research into whether or not your loan can be modified, it’s very hard to get anyone to let you inside the numbers at the bank. But without out some help, you could waste a bunch of time and energy…and your family’s hope…trying to secure a modification you’ll never get.

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HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”

11. February 2010

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According to the Obama Administration, HAMP's not about modifying loans! They're more concerned with helping homeowners "avoid foreclosure." With a paltry 66,000 loans permanently modified through the end of December, it sounds like the administration is pulling a bait and switch...and it may cost you your home...

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Changes to How Fannie Mae Determines Imminent Default

8. February 2010

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If your mortgage is held or serviced by Fannie Mae, whether or not you’re considered in danger of imminent default may be up for reconsideration..which may be good or bad....come see why...

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Net Present Value and Why It Matters to You

29. January 2010

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The Obama administration’s Making Home Affordable program requires that a modification be made when the net present value test is passed. Most servicers should be using net present value calculations to determine whether or not to offer a loan modification to homeowners in default. Today's article tells you what net present value is and why it matters...

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Servicers Make More by Foreclosing than Modifying

28. January 2010

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Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help borrowers stay in their homes. Come read more and download the free 60 page special report...

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4

14. January 2010

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There are several limitations and items to be aware of before you contact your servicer about a Payment Reduction Plan. For example, they can't stop your current forbearance to begin a PRP forbearance. They also can't charge you any additional fees during the PRP forbearance period. Come see the other limits and gotchas to be aware of.

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 3

13. January 2010

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Today we discuss the PRP process. The servicer must evaluate the borrower’s financial circumstances to determine an affordable monthly amount that the borrower can contribute towards the mortgage obligation. If the amount of the borrower’s contribution (minus any amounts required for monthly taxes, insurance, and other escrow payments for mortgage loans with escrow accounts) is at least 70 percent...

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 2

12. January 2010

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The PRP is available to borrowers who do not qualify or are not eligible for HAMP and who are either in default or are at risk of imminent default. If this describes you and you need a payment reduction while your servicer takes thie time deciding on your loan, check out part 2 of this article now!

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HomeSaver Forbearance Becomes Payment Reduction Plan

11. January 2010

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The Payment Reduction Plan (PRP) replaced the HomeSaver Forbearance (HSF) program in Fannie Mae’s Workout Hierarchy as of 31 Oct 09. The goal of the PRP is to allow additional time to identify a permanent foreclosure prevention solution. Come read part one to see if you're eligible...

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HAMP – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010

6. January 2010

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Effective December 23, 2009 and lasting through January 31, 2010, Treasury is implementing a review period for all active HAMP trial modifications scheduled to expire on or before January 31, 2010. Servicers may not cancel an active HAMP trial modification during this period for any reason other than failure to meet the HAMP property eligibility requirements. If you're in a HAMP trial period or have been kicked out of yours, you MUST read this post NOW!!!

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Monsters, Mortgages & Making Sense of it All

30. December 2009

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Someone asked me the other day in a message…. “and what has happened since your last post?” I realized that I had shared bits and pieces of the developments of our mortgage, without really going into detail. Come and read how the story of LaylaU's HAMP modification turned out and get some inspiration for your own journey/struggle.

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Mortgage Modification Conversion Drive – Part 2

28. December 2009

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The new Obama Mortgage Modification Conversion Drive includes more servicer accountability, web-based tools for borrowers, and engagement of local and state agencies; but will it be any better for borrowers in the end?

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Obama administration Kicks off Mortgage Modification Conversion Drive

26. December 2009

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The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) kicked off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration's Home Affordable Modification Program (HAMP) convert to permanent modifications. Come to the site to see what it means for you and your modification.

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Home Affordable Program for Short Sale & Deed in Lieu?

11. September 2009

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According to Housingwire.com, Congress expects to put out a program similar to the Home Affordable plan to help homeowners trying to short sell their home or give it back to the bank through a deed in lieu. And they expect to have the details out by late this month...come to the site to see what it may mean for you and me as we try to short sell...

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Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?

9. September 2009

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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...

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