Tag Archive | "lenders"
Underwater? Thinking About a Strategic Default?
If you're severely underwater on your mortgage, it’s likely you’ve considered stopping your mortgage payments and letting the bank foreclose on you. If so, you’re not alone by any stretch of the imagination. I discovered a program today that might make it easier for you to decide to stick it out.
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...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...Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
Wednesday, September 9, 2009
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...Treasury Issues Mortgage Loan Report Card
Wednesday, August 5, 2009
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...Lenders for Home Affordable Modification and Refinance
Wednesday, May 20, 2009
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...More Lenders Join the Moratorium Bandwagon
Saturday, February 14, 2009
More lenders are agreeing to suspend the foreclosure process to wait on the Treasury Department's new Financial Stability Plan. Most are agreeing to suspend it for 3 weeks...come see if your lender is on board as well as my prediction about what to expect.
Continue reading...Are banks too greedy?
Wednesday, February 11, 2009
There’s been a lot of finger pointing about who’s to blame for the fall in housing prices and, by proxy, the economic slump the country is in right now. Was it lack of government regulation? Was it greedy mortgage brokers? Irresponsible lenders? Mortgage investors? Or was it us…the American homeowner? According to Zillow and other sources, 1 in 6 homes in America that have mortgages are in default. That’s about 18%...and way too many for one thing to be the cause. So was it the ‘perfect storm’ that got us here? Fact is we're all greedy...that's the problem...and the solution...
Continue reading...Refinancing Options for Upside Down Mortgages
Wednesday, January 28, 2009
Until the Hope for Homeowners program was announced, most homeowners that were upside down on their mortgage had no realistic way to refinance their home. Even if they still had good credit and had no hardship, they couldn't afford to bring tens of thousands of dollars to the closing table. Hope for Homeowners is designed for any homeowner whos wants to refinance their existing upside down mortgage(s). Of course there are strict guidelines to follow...read more at the site
Continue reading...Single Biggest Hardship Letter Success Factor
Monday, December 15, 2008
The single biggest factor in whether your lender can help you is usually whether your hardship condition is resolved. If it isn’t, it's unlikely your lender will be able to re-negotiate your loan. The reason is simple...they're legally not allowed to enter a new agreement with you if they know you're unable to meet the conditions of that agreement. What options do you have if you're in this situation?
Continue reading...State Attornies General Play Bad Cop
Wednesday, November 12, 2008
The mortgage industry would like to have everyone believe they are doing all they can to help homeowners in dire straights. Even with an improved Hope Now initiave, though, the Attornies General (AG) of many states do not agree. Iowa attorney general Tom Miller explained in an interview that he believes a systemic approach is necessary to aid homeowners. He said most of the industry's biggest mortgage servicers are setting up meetings or discussions with a state foreclosure prevention working group, of which he is one of the leaders. While most are considering a systemic approach, he said there are some holdouts that remain focused on taking a case-by-case approach to loan workouts and are reluctant to embrace a streamlined modification program. "That's not acceptable. That's not going to work as an answer or a policy," Mr. Miller said.
Continue reading...What I Forgot to Say
Tuesday, October 14, 2008
Yesterday's post about being proactive and calling your lender BEFORE you miss any payments left one important fact out. I was reminded of this when I tried to call my own lender this morning and got the cold shoulder. Find out why...and what you can do about it.
Continue reading...The Unfortunate Truth
Monday, October 13, 2008
It seems all the focus in the press and on the Internet these days is about homes in foreclosure and what you can do to exit foreclosure. But what if you're not in foreclosure yet? What if you haven't missed any payments? What if you're struggling every month to put food on the table and pay all the bills but so far you've been able to do so? First of all, let me say you're not alone! You have options...unfortunately, though, they're nearly all dependent upon your lender or servicer. Follow this checklist to start the process...be proactive rather than waiting for the inevitable.
Continue reading...Thinking Differently…Is Your Home or Your Life More Important?
Saturday, September 13, 2008
It's natural to assume you want to save your home from foreclosure. It's natural to want to protect what we have from danger and uncertainty. But sometimes this emotion gets in the way of doing what is truly best for us. I hope this post helps you break through that emotion. No matter what situation got you into foreclosure. Regardless of what your hardship is and whether it is resolved or not, you need to at least consider that it might be far better for you to leave your house rather than fighting to stay.
Continue reading...How Long Does a Foreclosure Take?
Wednesday, January 9, 2008
How long a foreclosure takes to complete and the process it follows depends on whether it is a Judicial or Non-Judicial foreclosure. There are similarities between the two as well. Find out what you can expect in your situation and how to be proactive rather than reactive.
Continue reading...Judicial, Non-Judicial, and Why It Matters to You
Tuesday, January 8, 2008
There are two types of foreclosure: Judicial and Non-Judicial. As you can probably tell from the names, Judicial goes through the court system while Non-Judicial doesn't. Judicial foreclosures typically take longer than Non-Judicial foreclosures. You can usually stay in your home until after the foreclosure sale in either type, but there are significant differences and you don't get to choose...the decision was made when you signed your mortgage paperwork.
Continue reading...
- You've Been Turned Down for HAMP...Now What?
- Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
- HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
- Plenty of Loopholes in New HAMP Writedown Plan
- Foreclosures Take 12 Months on Average
- Continuing the Predatory Lending Fight
- Net Present Value and Why It Matters to You
- Chase Plans Foreclosure Prevention Events
- Mortgage Modification Conversion Drive - Part 2
- HAMP Update – New Program Offers Borrowers Foreclosure Alternatives
- Todd Temaat: The bottom line is that once the home is sold, it'...
- Todd Temaat: First of all, just because the bank says you CAN s...
- Todd Temaat: 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...
Monday, May 10, 2010
1 Comment