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Will You Qualify for a Loan Mod?
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.
Continue reading...HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
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...
Continue reading...Changes to How Fannie Mae Determines Imminent Default
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...
Continue reading...Net Present Value and Why It Matters to You
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...
Continue reading...Servicers Make More by Foreclosing than Modifying
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...
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4
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.
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 3
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...
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 2
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!
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan
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...
Continue reading...HAMP – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010
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!!!
Continue reading...Monsters, Mortgages & Making Sense of it All
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.
Continue reading...Mortgage Modification Conversion Drive – Part 2
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?
Continue reading...Obama administration Kicks off Mortgage Modification Conversion Drive
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.
Continue reading...Home Affordable Program for Short Sale & Deed in Lieu?
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...
Continue reading...Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
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?
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...Treasury Issues Mortgage Loan Report Card
The Treasury Department releases its first monthly "report card" tracking how the various banks and mortgage companies are doing in their efforts to prevent foreclosures. The Obama administration is pressuring the mortgage industry to do more. The latest figures indicate foreclosure rates keep rising. Come listen to the NPR report and then chime in with your experience.
Continue reading...Home Affordable Mods Come to FHA
Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!
Continue reading...Will Freddie Mac’s New Effort Help You?
Regardless of whether or not you have a Freddie Mac loan you’re trying to get modified, you know servicers are way understaffed to effectively help the tens of thousands of homeowners they hear from every week. Everyone knows the servicers need more help…and now Freddie Mac is doing something to address the problem. Come to the site to see what it means for you...
Continue reading...Making Home Affordable Road Tour
Government officials are joining forces with local leaders around the country to bring a nationwide promotion of the President's Making Home Affordable program to struggling homeowners. Initially, the road show will focus on cities hardest hit by the foreclosure crisis to build awareness around the country. As part of the campaign, officials are helping train local housing counselors and community organizers to help them be more effective. Come read the rest of this article and find out if the tour is coming to a city near you.
Continue reading...Imminent Default – An Example
This is a follow-up to our article on determining imminent default for a Home Affordable Modification, which lists the Freddie Mac guidelines for these calculations. If you were confused by the legalese of that article, this case study may ehelp you figure out whether your lender will consider you in danger of imminent default or not.
Continue reading...NACA – Home Save Program
As a follow-up to last week’s article introducing you to NACA, I decided to let you know about one of their programs aimed at helping people going through foreclosure. NACA’s Home Save Program provides four long-term solutions. All of the below solutions provide for an affordable mortgage payment over the long-term. In fact the Restructuring sometimes lowers the fixed interest rate to less than a NACA Refinance. As opposed to the refinance, a Restructure is...
Continue reading...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...Too Good to Be True?
Have you been looking for a trustworthy non-profit organization to help you out of foreclosure or save your home? We’ve been looking too…and this is what we found. An organization that offers low-interest home purchase and refinance loans to "high risk" borrowers. They have an amazing track record of successful advocacy against predatory and discriminatory lenders. It sounds too good to be true…but rest assured it isn’t. They’ve been around since 1988!
Continue reading...Inside Loss Mitigation – How to Pick Your Workout
Ever wondered how your lender determines what workout to offer you? It seems like black magic sometimes, but there really is rhyme and reason to it. They have standard guidelines they have to follow as they consider your hardship package and decide what workout option to offer you. By knowing what they're looking for and shaping your hardship package in a truthful, yet most beneficial, way, you can stack the odds in your favor.
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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