All Posts Tagged With: "modification"
Servicers “Fail” Mortgage Modification Expectations
With more than a million borrowers signed up for mortgage modification programs the overall result is that most are wildly unhappy with their loan servicers.
According to J.D. Power and Associates, mortgage servicers often fail to deliver on certain best practices during the loan modification process, “including providing and meeting a time frame for approval; not [...]
100 to 1 — Obama Mortgage Modification Plan Tops Bush
Just about every posting regarding the Obama mortgage modification program says it’s a dud. Those on the left say not enough has been done, those on the right say too many homeowners are washing out of the program. What’s too often left out is any sense of context.
The reality is that the Obama loan modification [...]
Why Foreclosure Prevention Is Not Enough
Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.”
The site, Know Your Options.com, has the usual bells and whistles for a [...]
Can “Mortgage Loan Audits” Stop Foreclosures?
At first it sounds like a good idea for concerned borrowers: Stop foreclosure by showing that the lender has improperly calculated the amount owed. If the lender did not appropriately credit a payment, improperly charged a fee or used the wrong interest rate then the borrower would have grounds to contest a foreclosure action or [...]
7Jun2010 | Peter G. Miller | 0 comments | Continued
Feds Start New Short Sale & Deed-in-lieu of Foreclosure Options
Large numbers of people facing foreclosure have been helped by the government’s Making Home Affordable program, but what about those who can’t succeed under the plan?
Truth is, a lot of people who enroll in the foreclosure prevention program don’t make it. The government reports that through April 299,092 borrowers received permanent loan modifications under Making [...]
What Is A Mortgage Modification?
A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance.
There are times though when either the borrower or the lender will seek a mortgage modification, a change in [...]
Can “Equity Sharing” Prevent Foreclosures?
In the coming two years option ARMs worth $134 billion will be re-cast according to Fitch Ratings. This means more than 500,000 borrowers are likely to face steeply higher monthly costs, costs which in many cases will lead to foreclosure.
It doesn’t have to be this way. Stop foreclosures and you can stop the widespread erosion [...]
11Jan2010 | Peter G. Miller | 0 comments | Continued
Why Can’t We Treat Foreclosures Like Fires & Floods?
Loan modifications are just about impossible, say lenders — except when there’s a fire, flood or tornado. Then home mortgages are suddenly as flexible as taffy. Lenders in such situations magically discover an immediate ability to revise loan terms, defer payments, postpone foreclosures, forgive late fees and end negative reports to credit bureaus.
For its part, [...]
4Jan2010 | Peter G. Miller | 0 comments | Continued
How To Write A Successful Loan Modification Letter
More than 2.8 million homeowners faced foreclosure during the past year according to RealtyTrac.com. Honest, honorable people with every intent of paying their debts have found themselves with impossible financial situations because of the Nation’s massive economic downturn as well as the use of toxic mortgages. In many cases owners are both unable to sell [...]
21Dec2009 | Peter G. Miller | 0 comments | Continued
Mortgage Modifications: California Says “Prove It”
You see a lot of claims regarding the success of loan modification programs. There’s a ready market for such services because more than 300,000 borrowers per month are now receiving foreclosure notices according to RealtyTrac.com. If you were going to lose your home you’s be interested also.
The problem, of course, is that very few loans [...]
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