Tag Archive | "Home Affordable Modification"
The Standard Second Mortgage Modification Process
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...HAMP – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010
Wednesday, January 6, 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...HAMP Update – New Program Offers Borrowers Foreclosure Alternatives
Monday, January 4, 2010
As part of the Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan. If you're eligible for a HAMP mod but can't complete it for one reason or another...you need to see the rest of this article now!
Continue reading...Monsters, Mortgages & Making Sense of it All
Wednesday, December 30, 2009
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
Monday, December 28, 2009
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
Saturday, December 26, 2009
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...30 Minute Hardship Letter Video Course
Saturday, October 31, 2009
I just finished making this almost half hour long video course. You can watch over my shoulder as I prepare, outline, and write a hardship letter and give you the tips and tricks I’ve learned over the years. I plan to sell this in the near future, but I need honest testimonials from people like you. So, for a short time, I’m going to put it out here for the world to see and leave feedback on. No sign ups or purchases required (right now)…all I ask is that you leave a comment as a response to this blog post.
Continue reading...Home Affordable Short Sale Program – Will it Help You?
Wednesday, September 30, 2009
I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.
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...
Friday, March 12, 2010
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