Tag Archive | "loan modification"
Chase Plans Foreclosure Prevention Events
Over the next five months, up to 40 Chase counselors will work with homeowners as long as 12 hours a day for four or five days in a central location, like a civic center or community college. Many of the counselors are based in the 51 Chase Homeownership Centers across the country. Come see if one of the sessions is nearby you...
Continue reading...What Happens to My Credit Score with a Mortgage Loan Mod?
Wednesday, April 21, 2010
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...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...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...New Proposal: Guaranteed Forbearance for the Unemployed
Monday, March 15, 2010
The Mortgage Bankers Association (MBA) announced it has developed a concept for a new MBA Logo forbearance program that would allow qualified borrowers who had lost their jobs to remain in their homes while they seek new employment. According to the proposed program, loan servicers would reduce the borrower's mortgage payment to an affordable amount for up to nine months while the homeowner looked for employment.
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...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...More Money to Save Mortgages on the Way
Wednesday, February 24, 2010
President Obama is announcing $1.5 billion in funding for innovative measures to help families in the states that have been hit the hardest by housing market stress and unemployment. States where house prices have fallen more than 20%. The $1.5 billion fund will be available for State Housing Finance Agencies and similar organizations to develop innovative programs help address the problems facing their communities. Come read the rest of the prepared White House release.
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...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...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...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...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...Calling Your Servicer About Loan Mods – Is Success Possible?
Tuesday, September 8, 2009
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
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...Home Affordable Mods Come to FHA
Tuesday, August 4, 2009
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?
Monday, August 3, 2009
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...
- 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...
Tuesday, May 11, 2010
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