All Posts Tagged With: "modification"
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 [...]
Why Not More Mortgage Modifications?
Writing in the New York Times, Gretchen Morgenson writes that “Alan M. White, an assistant professor at the Valparaiso University law school in Indiana, analyzed data on 3.5 million subprime and alt-A mortgages in securitization pools overseen by Wells Fargo. The loans were written in 2005 through 2007; data on their performance is provided to [...]
6Jul2009 | Peter G. Miller | 0 comments | Continued
Chase OKs 138,000 Trial Mortgage Modifications
In what may be the largest foreclosure relief effort reported to date, Chase says it has approved 138,000 trial mortgage modifications through the Making Home Affordable program. Chase absorbed Washington Mutual last year, a major source of option ARMs. In total, Chase services about 10.3 million loans.
“We have made terrific progress since April 6 in [...]
Administration Increases Help For Distressed Borrowers
Some 200,000 people have applied for help under the Obama Administration’s Home Affordable Refinance Program (HARP), but to date the program has been extremely restricted.
The problem? HARP has both a refinancing plan for those facing foreclosure and a separate modification plan for those who want to refinance but lack equity. Under HARP, you can refinance [...]
Can You Refinance Your Loan Under The Obama Mortgage Relief Plan?
The 2009 Obama foreclosure relief plan has two parts, first there is modification help for those who face foreclosure and, second, there is also a refinancing program for those with loans which are no longer affordable.
Under the details of the plan we can see how the refinancing program works, who qualifies and who does not.
In [...]
Facing Foreclosure? How The Obama Plan Can Help
It was in February that the Obama Administration first announced it would create a mortgage relief program for millions of distressed borrowers. The details of the plan are now out, so it’s possible to see who can be helped — and who can’t.
To start, we’re talking about help from Fannie Mae and Freddie Mac. Between [...]
How To Get A Successful Loan Modification (With Obama Update)
Is it possible to get a mortgage modification without being foreclosed or behind on your payments? For an increasing number of borrowers the answer is “yes” because recent changes in the mortgage industry now make loan modifications more likely than at any point since the financial meltdown began.
For much of human history mortgage lenders have [...]
Mortgage Modification Secrets Uncovered
There’s something lenders don’t want to tell you, a little secret that can save homeowners thousands of dollars.
It works like this: Rates have fallen and you want to refinance a fixed-rate loan. You contact your lender and discover that because you’re a great and wonderful person and all your payments have been full and [...]
Can I Bargain With A Lender During Hard Times?
Question: We’re in financial trouble. Anyway we can work-out something with the lender?
Answer: Maybe. The lender does not want to foreclose and does not want your home.
What the lender wants its loan repaid, in full, and with interest. But maybe that’s not possible. Some lenders, as an alternative to foreclosure, may be open to several [...]
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