Truth in Foreclosure

Get Your Short Sale Approved

For those out there (like me) going through a short sale, I found this interesting interview on the Mortgage Servicing News website. The interview is with Kevin Beck who is the Foreclosure & OREO Manager for Fremont Bank in Northern California. He explains why short sales often fail and discusses the short sale process when you have a second mortgage. It's quite enlightening...

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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.

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HAMP for 2nd Mortgages

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.

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Home Affordability Program Adds Second Mortgages

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...

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Are banks too greedy?

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...

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