All Posts Tagged With: "modification"
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 [...]
20Aug2009 | Peter G. Miller | 0 comments | Continued
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 [...]
5Aug2009 | Peter G. Miller | 0 comments | Continued
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 [...]
4Aug2009 | Peter G. Miller | 0 comments | Continued
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 [...]
28Jul2009 | Peter G. Miller | 0 comments | Continued
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 [...]
7Jul2009 | Peter G. Miller | 0 comments | Continued
Why Not More Mortgage Modifications?
Writing in the New York Times, Gretchen Morgenson notes 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 [...]
3Jul2009 | Peter G. Miller | 0 comments | Continued
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 [...]
2Jul2009 | Peter G. Miller | 2 comments | Continued
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