All Posts Tagged With: "modification"
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 [...]
Mortgages: Which Lenders Are Modifying Loans?
Along with the Treasury announcement yesterday that 230,000 borrowers have started loan modification trials, the government also released figures showing the level of modification activity among leading lenders
The government looked at loans that were at least 60 days delinquent and then at the number of mortgage workouts which followed.
Leading the league was Lake [...]
Mortgages: Feds OK 230,000 Modification Trials
The Treasury Department says 400,000 modification offers have been sent out under the Making Home Affordable (MHA) loan modification program. So far, 230,000 borrowers have agreed to trial modifications.
These are enormous numbers compared to the Bush years. Under the FHASecure program about 4,000 delinquent conventional borrowers were able to refinance there has been just [...]
No Mortgage Note, No Foreclosure
A basic rule of law is that a lender cannot foreclose without physical possession of the note. No note, no foreclosure. To get around this, note-less lenders are telling courts that they want to use a copy or the note and not the original to justify the foreclosure. If the court will accept a copy [...]
3Aug2009 | Peter G. Miller | 0 comments | Continued
Can You Avoid Foreclosure With A “Second Look”?
We usually think of foreclosures as battles between lenders and borrowers, but in many cases there is actually a third party in the process, mortgage insurance companies.
Mortgage insurance companies have a big stake in bad times because when insured borrowers fail it’s the MI companies that can face big claims. The good news is that [...]
California Seeks $2 Million From Mortgage Modification Providers
Foreclosure is a terrible thing, the cancer of financial events. Little wonder that many people desperate to hold onto their homes seek whatever help might be available.
We know that loan workouts — whether modifications or payment plans — can mean months of delay and hopefully time to get homeowner finances straight. Unfortunately, we also know [...]
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