Tag Archive | "Home Affordable Modification"
What Happens to My Credit Score with a Mortgage Loan Mod?
The companies behind the new VantageScore credit score just finished up a study of over 400,000 credit files to see what the impacts of different foreclosure workouts are. Their results aren't probably as bad as you think...some people could actually see an increase in scores because of modifications. Come find out how...as well as what to expect if you have a short sale, a foreclosure, or a bankruptcy instead of a mod. Plus, I share what's happened to my credit because of my short sale.
Continue reading...What Happens When I Can’t Complete My HAMP Trial Plan?
Friday, April 2, 2010
As part of The Administration’s new plans last week, they’ve clarified what you can expect to happen if you are unable to make your HAMP trial plan payments and want to try a short sale. In addition, they've released guidance that limits your servicer's ability to foreclose until they've evaluated you for HAMP.
Continue reading...Plenty of Loopholes in New HAMP Writedown Plan
Tuesday, March 30, 2010
If you’re more than 15% underwater on your mortgage and are eligible for HAMP, you could benefit from changes that will hopefully motivate lenders to writedown more principal in more cases. The changes will require all servicers to consider an alternative modification approach which includes writedown of some principal for loans that are over 115 percent of the current value of the property (LTV).
Continue reading...Details of HAMP Forbearance for Unemployed Released
Monday, March 29, 2010
The administration released the details of their new Temporary Assistance for Unemployed Borrowers last week. Here are the highlights....
Continue reading...5.66 Percent of Eligible Mods Go Permanent
Thursday, March 25, 2010
5.66% of eligible mods were permanent in January according to the Treasury Dapartment. GMAC leads the pack at over 19% and Wachovia is in last place according with 1.39%. Check out how your lender is doing...
Continue reading...President Obama, the Treasury, and the News All Have It Wrong!
Wednesday, March 24, 2010
Have you noticed the shift in the everyone’s language over the past few months? It doesn’t matter if you’re listening to President Obama, the Treasury Secretary, members of Congress, the news media, or even your lender. They’ve all started talking about saving homeowners from foreclosure rather than keeping homeowners in their homes.
Continue reading...7 Fatal HAMP Flaws – Why Servicers Won’t Modify Your Mortgage
Monday, March 22, 2010
If you’ve been struggling with your lender to get a Home Affordable Loan Modification, the fact that a measly 5% of ‘eligible’ homeowners (170,000 to be exact) have actually entered into a long term modification plan with their lender won’t come as surprise. It’s likely that your effort has drug on for months or, worse, you’ve been denied one or more times just to be told to reapply. Why is this? Well, as it turns out and we’ve reported before, there are actually 7 major flaws with HAMP that put its success in jeopardy and act as disincentives to lenders and servicers.
Continue reading...The Standard Second Mortgage Modification Process
Friday, March 12, 2010
Ever wondered how your lender decides how to modify your second mortgage in a HAMP modification? It's complicated and intricate, but we pulled this step-by-step guide off their administration website for your reference.
Continue reading...HAMP for 2nd Mortgages
Thursday, March 11, 2010
Under 2MP, when your first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer either to modify your second lien or agree to extinguish it. Come see if your second mortgage is eligible.
Continue reading...HAMP Trial Plan Fraud: What Can You Do?
Tuesday, March 9, 2010
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?
Continue reading...Using a HOPE Now Counselor Makes Your Mod Go Faster
Thursday, March 4, 2010
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?
Continue reading...Foreclosures Take 12 Months on Average
Wednesday, March 3, 2010
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.
Continue reading...Documenting Irregular Income for a Mortgage Modification
Tuesday, March 2, 2010
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.
Continue reading...President Obama Considering National Foreclosure Ban
Monday, March 1, 2010
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)...
Continue reading...Your To-Do List for a Permanent Mortgage Modification
Friday, February 26, 2010
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.
Continue reading...5 Most Helpful Foreclosure Resources
Thursday, February 25, 2010
Over the past 3 years, I’ve posted many links to organizations and websites so you could track down answers and help. But I’ve never collected those resources in one place. These are the 5 sites you should visit to get help and stay current on what’s going on in Washington D.C. that might be able to help you.
Continue reading...January’s Top 5
Tuesday, February 23, 2010
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...You’ve Been Turned Down for HAMP…Now What?
Wednesday, February 17, 2010
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.
Continue reading...Will You Qualify for a Loan Mod?
Monday, February 15, 2010
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”
Thursday, February 11, 2010
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
Monday, February 8, 2010
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
Friday, January 29, 2010
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
Thursday, January 28, 2010
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...Your Lender’s Dirty Little Secret
Friday, January 15, 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...HAMP Update — IRS Extends Submission Period for 4506-T/4506T-EZ
Thursday, January 7, 2010
On December 18, 2009, the Internal Revenue Service (IRS) published Notice 2010-8 (on IRS.gov) providing interim rules for Forms 4506-T and 4506T-EZ, which extend the period from 60 days to 120 days in which a signed and dated authorization must be received by the IRS in order for it to be effective. Come see exactly what this means for you and your mortgage workout plan...
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...
Wednesday, April 21, 2010
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