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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.

The 3 Steps Your Lender Must Take for a Home Affordable Modification

Monday, May 25, 2009

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Many people don't seem to realize that when their lenders elected to participate in the Home Affordable Modification Program (HMP), they also agreed to follow a very specific step-by-step process to get your monthly mortgage payments down to where your debt-to-income (DTI) ratio is as close as possible to 31%, without going under 31%. So while you may have created your own strategy for reaching payments that you can afford, if it doesn't follow the above steps, it won't matter how ingenious your ideas were. Find out how to join us at 9 pm EST this Thursday (May 28th) for a conference call where Todd and Becky how to write a hardship letter as well by visiting this article on the site now.

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...

Home Affordability Program Adds Second Mortgages

Monday, May 18, 2009

The Obama Administration today announced details of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program, including an effort to achieve greater affordability for homeowners by lowering payments on their second mortgages. Under the Second Lien Program, when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program willautomatically reduce payments on the associated second lien according to a pre-set protocol. Read more on the site...

Make Your Lender Reconsider Your Mod Eligibility

Wednesday, May 13, 2009

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If you've been turned down for a Home Affordable Modification for a Freddie Mac mortgage, you may be able to make them reconsider your eligibility!

Mortgage Relief Online

Monday, May 11, 2009

Trying to figure out whether you qualify for a Home Affordable Loan Modification or Refinance? You're obviously not alone...we've get getting tons of questions about it on many of our blog posts. While we've been doing our best to give you the qualifications for the programs, we've unfortunately been unable to provide information specific to your situation. But a project called Mortgage Relief Online can now do that!

Six Servicers Approved–Is Yours One of Them?

Monday, April 20, 2009

Six servicers have been approved by the Treasury Department to begin offering Home Affordable loan modifications. Is yours one of them? You can find out at the site as well as follow a link right to the right page on your servicer's website to begin processing your application if they are.

Home Affordable Loan Modifications Begin–Foreclosure Moratorium Ends

Wednesday, April 15, 2009

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If you've been following our coverage of President Obama's Home Affordable Loan Modification program, you're well aware we've been waiting over a month for loan servicers to get their processes figured out. Ocwen Financial Corporation announced yesterday they've figured it out and are ready to begin taking applications. Find out how to apply, what will happen after you apply, and what to expect if Ocwen isn't your servicer by reading the rest of the story on our site.

My Servicer Isn’t Participating

Thursday, April 2, 2009

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Since the announcement of President Obama's Home Affordable Loan Modification and Home Affordable Refinancing programs, we've been getting a lot of questions about particular servicers and whether or not they're going to participate in the program. Many of you have been asking what you can do if your servicer says they aren't. So many people have asked, I dug through more Treasury Department documents and found good news for some of you. We also found the only 3 ways you can find out if your servicer is participating...

Chase Opens Loan Mod Centers

Wednesday, April 1, 2009

In the past few weeks, JP Morgan Chase has opened 24 loan modification centers around the country staffed with customer service agents that will help homeowners one on one. If you have a loan serviced by Chase, WaMu, or EMC Mortgage you can get help from a real, live person...check it out...

Home Affordable Refinance and Modification Update

Tuesday, March 31, 2009

If you've been trying to contact your lender about refinancing or modifying your mortgage through President Obama's new plans, you've likely been frustrated. Few, if any, servicers have finalized their plans or trained their loss mitigators or how they're going to handle the new plans. And according to the Association of Community Organizations for Reform Now (ACORN) and a study they just finished, "76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the plans". But what's that mean for you and your mortgage? Come read the rest of this article to find out...

President Obama’s Home Affordable Loan Modification

Thursday, March 5, 2009

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This took a little longer than I wanted it to, but I wanted to be as thorough as possible for you. I'll start with the loan modification part of the President's plan first since I know that's what most of you want to know about. Come and read about the qualifications, the process, and the lack of principal reductions.

Obama Foreclosure Relief Plan Details

Wednesday, March 4, 2009

I'm still trying to make it through the 50+ pages of documents below to find the most valuable tidbits for you, but I wanted to post these links so you can begin your own research. I'll post more this afternoon...

Impact of Freddie Mac’s Test Program

Wednesday, February 4, 2009

Yesterday, I posted an article about Freddie Mac's new workout plan for high risk loans and I promised my assessment of what it actually means to you. As with all new programs, the devil is in the details. And when things like this are announced, it takes a while for servicers to get up and running and get the new models in place. Overall, it seems like this is a step in the right direction and should be helpful, but rclick below to learn how.

Freddie Mac Launches New Workout Plan for High-Risk Loans

Tuesday, February 3, 2009

Freddie Mac said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages....

Fannie and Freddie Fast Track Modification Program

Tuesday, January 13, 2009

If you're thinking about trying to use the new Fast Track Loan Modification program to stay in your home, you MUST know what it's going to cost you before you sign anything. It could affect your future bankruptcy right, predatory lending rights, your credit score, and even your ability to sell in the future...check it out so you know what you're getting into.

Fannie and Freddie Fast Track Modification Program

Monday, January 12, 2009

Fannie Mae and Freddie Mac have announced a new "Fast Track" loan modification program. There are very specific qualification guidelines, but if you're in the right situation, it could really help you out. This article tells you how and gives you access to a 57 minute conference call Todd did with Brent Lane explaining it.

Cheat the IRS

Sunday, January 4, 2009

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Will you have to pay income tax on the "phantom" income you recieve from your lender if your mortgage workout succeeds? The answer is probably no because in late 2007, Congress passed a bill that provides a special tax relief provision...see if you qualify...

Keeping Your Sanity

Wednesday, December 31, 2008

If you've found yourself trying to remember the name of the last person you talked to at your bank or when you talked to them, our contact tracker will help. It's not fancy, but it's essential to your sanity...and it's free! Get your copy now!

Short Refinance or Modify Jumbo Loans?

Tuesday, December 30, 2008

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If you have an expensive home that has fallen in value and you're near or in foreclosure, you have some tough choices to make. Is a short refinance or a loan modification right for you? Our mortgage expert from California explains the difference and which is better...

Fast Track Workouts Available Now

Thursday, December 18, 2008

If you're more than 3 months behind on your payments and have a mortgage owned by Freedie Mac or Fannie Mae, you may qualify for the newest federal initiative to help homeowners. Under the Streamlined Modification Program, mortgage and escrow payments can be cut to 38 percent or less of an eligible borrower's gross monthly income by one or more of the following steps as necessary...

Your Secret Weapon

Tuesday, December 16, 2008

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One of the most important things you can do to insure the success of your efforts has nothing to do with your knowledge, skills, or income. You have complete control over this secret weapon and can use it to snatch victory from the jaws of defeat. So what is your secret weapon?

State Attornies General Play Bad Cop

Wednesday, November 12, 2008

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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.

New Foreclosure Prevention Effort To Be Announced

Tuesday, November 11, 2008