Tag Archive | "workout plan"
Using a HOPE Now Counselor Makes Your Mod Go Faster
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...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...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...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...Your Lender’s Dirty Little Secret
Friday, January 15, 2010
Have you ever wondered how your lender or servicer decides what to do when you submit a hardship package to them? Come and see exactly how today!
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4
Thursday, January 14, 2010
There are several limitations and items to be aware of before you contact your servicer about a Payment Reduction Plan. For example, they can't stop your current forbearance to begin a PRP forbearance. They also can't charge you any additional fees during the PRP forbearance period. Come see the other limits and gotchas to be aware of.
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 3
Wednesday, January 13, 2010
Today we discuss the PRP process. The servicer must evaluate the borrower’s financial circumstances to determine an affordable monthly amount that the borrower can contribute towards the mortgage obligation. If the amount of the borrower’s contribution (minus any amounts required for monthly taxes, insurance, and other escrow payments for mortgage loans with escrow accounts) is at least 70 percent...
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 2
Tuesday, January 12, 2010
The PRP is available to borrowers who do not qualify or are not eligible for HAMP and who are either in default or are at risk of imminent default. If this describes you and you need a payment reduction while your servicer takes thie time deciding on your loan, check out part 2 of this article now!
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan
Monday, January 11, 2010
The Payment Reduction Plan (PRP) replaced the HomeSaver Forbearance (HSF) program in Fannie Mae’s Workout Hierarchy as of 31 Oct 09. The goal of the PRP is to allow additional time to identify a permanent foreclosure prevention solution. Come read part one to see if you're eligible...
Continue reading...HAMP Update — IRS Extends Submission Period for 4506-T/4506T-EZ
Thursday, January 7, 2010
On December 18, 2009, the Internal Revenue Service (IRS) published Notice 2010-8 (on IRS.gov) providing interim rules for Forms 4506-T and 4506T-EZ, which extend the period from 60 days to 120 days in which a signed and dated authorization must be received by the IRS in order for it to be effective. Come see exactly what this means for you and your mortgage workout plan...
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...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...Inside Loss Mitigation – How to Pick Your Workout
Monday, June 15, 2009
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.
Continue reading...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.
Continue reading...Home Affordable Loan Modifications Begin–Foreclosure Moratorium Ends
Wednesday, April 15, 2009
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.
Continue reading...President Obama’s Home Affordable Loan Modification
Thursday, March 5, 2009
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.
Continue reading...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...
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...Your Secret Weapon
Tuesday, December 16, 2008
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?
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...Some Houses Shouldn’t Be Saved
Monday, September 15, 2008
This post holds nothing back in the interest of "political correctness" or saving your feelings. The intent is to tell it like it is, not to hurt anyone's feelings. There are too many people out there today telling homeowners in foreclosure what they want to hear instead of what they need to hear.
Continue reading...
- Home Affordable Loan Modifications Begin--Foreclosure Moratorium Ends
- My First Rant -- The Foreclosure Industry
- Make Your Lender Reconsider Your Mod Eligibility
- Hope for Homeowners Equity Sharing
- Create Your Own Hope Rather Than Putting It In Your Servicer
- HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
- The 3 Steps Your Lender Must Take for a Home Affordable Modification
- Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
- HomeSaver Forbearance from Fannie Mae
- Interviewing a Professional Hardship Letter Writer
- lisamarie: Everybody fight! If they 'lost' all this paper wor...
- lisamarie: If it doesn't work-it should. Bottom line is, thes...
- jim renfrew: yes i used them we had a three way conversion with...
- Todd Temaat: Unfortunately, you don't have much choice except t...
- Todd Temaat: Thanks for your comment. We have no connection to...
Thursday, March 4, 2010
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