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How to Determine Imminent Default – Home Affordable Modifications
According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.
Continue reading...Lenders for Home Affordable Modification and Refinance
Here's the latest list of lenders that have signed agreements with the Treasury Department to process loan modifications and refinances through the Home Affordable program. Check to see if your is one...
Continue reading...Home Affordability Program Adds Second Mortgages
The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program, including an effort to achieve greater affordability for homeowners by lowering payments on their second mortgages. Under the Second Lien Program, when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program willautomatically reduce payments on the associated second lien according to a pre-set protocol. Read more on the site...
Continue reading...Make Your Lender Reconsider Your Mod Eligibility
If you've been turned down for a Home Affordable Modification for a Freddie Mac mortgage, you may be able to make them reconsider your eligibility!
Continue reading...Mortgage Relief Online
Trying to figure out whether you qualify for a Home Affordable Loan Modification or Refinance? You're obviously not alone...we've get getting tons of questions about it on many of our blog posts. While we've been doing our best to give you the qualifications for the programs, we've unfortunately been unable to provide information specific to your situation. But a project called Mortgage Relief Online can now do that!
Continue reading...Six Servicers Approved–Is Yours One of Them?
Six servicers have been approved by the Treasury Department to begin offering Home Affordable loan modifications. Is yours one of them? You can find out at the site as well as follow a link right to the right page on your servicer's website to begin processing your application if they are.
Continue reading...Home Affordable Loan Modifications Begin–Foreclosure Moratorium Ends
If you've been following our coverage of President Obama's Home Affordable Loan Modification program, you're well aware we've been waiting over a month for loan servicers to get their processes figured out. Ocwen Financial Corporation announced yesterday they've figured it out and are ready to begin taking applications. Find out how to apply, what will happen after you apply, and what to expect if Ocwen isn't your servicer by reading the rest of the story on our site.
Continue reading...Chase Opens Loan Mod Centers
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
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...President Obama’s Home Affordable Loan Modification
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...Impact of Freddie Mac’s Test Program
Yesterday, I posted an article about Freddie Mac's new workout plan for high risk loans and I promised my assessment of what it actually means to you. As with all new programs, the devil is in the details. And when things like this are announced, it takes a while for servicers to get up and running and get the new models in place. Overall, it seems like this is a step in the right direction and should be helpful, but rclick below to learn how.
Continue reading...Freddie Mac Launches New Workout Plan for High-Risk Loans
Freddie Mac said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages....
Continue reading...Fannie and Freddie Fast Track Modification Program
If you're thinking about trying to use the new Fast Track Loan Modification program to stay in your home, you MUST know what it's going to cost you before you sign anything. It could affect your future bankruptcy right, predatory lending rights, your credit score, and even your ability to sell in the future...check it out so you know what you're getting into.
Continue reading...Fannie and Freddie Fast Track Modification Program
Fannie Mae and Freddie Mac have announced a new "Fast Track" loan modification program. There are very specific qualification guidelines, but if you're in the right situation, it could really help you out. This article tells you how and gives you access to a 57 minute conference call Todd did with Brent Lane explaining it.
Continue reading...Short Refinance or Modify Jumbo Loans?
If you have an expensive home that has fallen in value and you're near or in foreclosure, you have some tough choices to make. Is a short refinance or a loan modification right for you? Our mortgage expert from California explains the difference and which is better...
Continue reading...Fast Track Workouts Available Now
If you're more than 3 months behind on your payments and have a mortgage owned by Freedie Mac or Fannie Mae, you may qualify for the newest federal initiative to help homeowners. Under the Streamlined Modification Program, mortgage and escrow payments can be cut to 38 percent or less of an eligible borrower's gross monthly income by one or more of the following steps as necessary...
Continue reading...New Foreclosure Prevention Effort To Be Announced
One day before House Financial Services Chairman Barney Frank (D-Mass) holds a hearing to see whether mortgage lenders and servicers are playing nice, the industry will announce later today a new plan to accelerate the modification of distressed mortgages and keep more people out of foreclosure, according to an industry official. It's unknown how lenders will actually implement these changes or what it means for lending guidelines, but we continue to make progress. Although for many it's too slow!
Continue reading...Project Lifeline Gives You 90 More Days…maybe
If you're 90 days or more behind on your payments, regardless of whether you've tried to negotiate a workout plan with your lender in the past or not, you may now have an additional 30 days to negotiate...if you're not in bankruptcy or have a foreclosure sale within 30 days, that is. But you have to ask for it.
Continue reading...- Todd: The bottom line is that once the home is sold, it'...
- Todd: First of all, just because the bank says you CAN s...
- Todd: I'd recommend going to your state attorney general...
- Jane Stewart: Dear Todd, We got behind on our mortgage and was ...
- D Weaver: I applied for the Home Modification program last m...
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