Tag Archive | "workout"
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...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...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...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...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...HomeSaver Forbearance from Fannie Mae
Wednesday, May 27, 2009
Today's update is about the HomeSaver Forbearance program from Fannie Mae, which provides an additional foreclosure prevention option for you if you're ineligible for the Home Affordable Modification Program. It's available to you if you are either in default or if your default is imminent. Your servicer should offer a HomeSaver Forbearance if you have a willingness and ability to make reduced monthly payments of at least one-half of their contractual monthly payment. Visit the site to see the rest of the plan details and qualifications...
Continue reading...Take Advantage of President Obama’s Plan
Friday, February 27, 2009
Our third of three posts on President Obama's Homeowner Affordability and Stability Plan. You can help yourself out tremendously by taking a few simple steps between now and when the program starts on March 4. You'll also learn what to do if you already have a foreclosure sale date and your lender hasn't notified you it's been suspended.
Continue reading...President Obama’s Plan – What No One Is Telling You
Thursday, February 26, 2009
Part 2 of my 3 part series on President Obama's foreclosure relief plan. Come read about the refinancing plan that won't help the people in the most heavily affected states like California, Arizona, Florida, and others. Will the fact the plan only covers your first mortgage be an issue for you? Did you know your lender might not participate? Find out more about these and other gotchas by reading the rest of the article on the site...
Continue reading...President Obama’s Foreclosure Plan – The Basics
Tuesday, February 24, 2009
You've probably heard a lot about President Obama's Homeowner Affordability and Stability Plan. He unveiled it last Wednesday in Phoenix and there was a firestorm of coverage about it. It's an intensive and comprehensive plan. He plans to put $75 Billion into three main programs to help homeowners in foreclosure and those that are approaching foreclosure. The is the first of three articles exposing everything you need to know about the plan...even what the news isn't telling you!
Continue reading...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.
Continue reading...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....
Continue reading...Cheat the IRS
Sunday, January 4, 2009
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...
Continue reading...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!
Continue reading...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...
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...Writer’s Block Keeping You from Writing a Hardship Letter?
Thursday, October 16, 2008
If you're in or nearing foreclosure, you need to write a hardship letter to explain your situation to your lender. You know that...everyone knows that. Are you stuck trying to decide what you should say or how you should say it? Do you know what your lender expects to see in the letter? If you're looking for info to help you break down your wall of writer's block...good luck finding it on the Internet. It's probably all there, but how do you know if it's correct or not. And do you have the time to devote to finding it and trying to figure out if it's true or not?
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...Feel Like Quitting?
Wednesday, October 8, 2008
With all the gloom and doom in the news today, it can be tempting to give up on trying to negotiate with your lender. The process is difficult, but all you all have to do is persist. The difficulty has a way of weeding out the weak and those that do not have the financial ability to stay in their home. Not all homes can be saved, but if yours can, I hope this encourages you to keep trying.
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...Banks Don’t Want Your Home
Monday, February 4, 2008
It's natural to think that your lender wants your home when they begin contacting you and demanding your past due payments plus additional fees and costs. However, this is rarely the case. Especially in today's market!
Continue reading...Discover How to Decide
Wednesday, December 12, 2007
Many homeowners can negotiate their own workout agreement with their lender. It takes persistence and determination. There are pitfalls to be aware of too, though. Find out if you are in the group that has a high likelihood of success or if you could benefit from some extra guidance and hand-holding along the way.
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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