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Attorney Loan Modification News Blog |
March 11th, 2010
6. What are the HAMP loan modification guidelines?
Initial qualifications are as follows:
- Have a monthly mortgage payment over 31% of your monthly gross income.
- If the home is a single unit, the unpaid principle must be under $729,750.
- You must be the owner-occupant of the home.
- The loan must have originated before January 1, 2009.
- Must have a mortgage that is unpayable due to a documentable financial hardship.
7. Why should I hire a California loan modification attorney? Read more... (597 words, 2 images, estimated 2:23 mins reading time)
Tags: Attorney Loan Modification, california foreclosure, california loan modification, Loan Modification, mortgage modification, stop foreclosure
Posted in Attorney Loan Modification, Loan Modification | No Comments »
March 11th, 2010
Have questions about loan modifications? Below I’ve tried to address some of the most common questions and concerns about loan modifications in hopes of shedding some light on what can be a very stressful process. Hopefully this can give borrowers a general outline of what to expect from their banks and the loan modification process and some different ways of going about getting what you want out of it.
It is important to note that every bank has found their own way of interpreting the Home Affordable Modification Program (HAMP) guidelines, so experiences will vary depending on who your lender is. For specific information its important to contact your lender or attorney. Read more... (657 words, 3 images, estimated 2:38 mins reading time)
Tags: Attorney Loan Modification, california loan modification, Loan Modification, mortgage modification, stop foreclosure
Posted in Attorney Loan Modification, Loan Modification, Uncategorized | No Comments »
January 11th, 2010
In today’s market, having a high credit score is essential. Considering the lack of credit that is being made available for consumers these days, only the highest credit scores can expect to receive favorable loan terms, or even receive loans at all. The old standards for good credit scores have been thrown out the window, and the base scores needed to qualify for loans, mortgages and credit cards continue to climb. Additionally, more sources other than financial institutions have begun to use credit checks. Landlords will hesitate to rent to renters with low scores and employers can check credit to see if the applicant is trustworthy and responsible. Read more... (552 words, estimated 2:12 mins reading time)
Tags: credit repair, credit score, debt consolidation
Posted in credit | No Comments »
January 2nd, 2010
 Many mortgage holders, when working a note workout, in CA think they can hop a home Modification for every state. They think, they should be able to skip a note payment just like the one they skipped when they bought their house and when they refinanced. The homeowner, thought wow, skipping a home payment would be great and really help me, so let’s do this home loan note payment. Of course it did not make to me, as there is no free lunch and the homeowner never really skips it; instead the interest is rolled into the new note. In essence, the homeowner has paid the mortgage in advance, but may not really understand that, no matter how many ways you explain it to them. Read more... (309 words, 1 image, estimated 1:14 mins reading time)
This is a preview of What If I Skip A Monthly Loan Payment With A Home Loan Workout? . Read the full post (309 words, 1 image, estimated 1:14 mins reading time)
Tags: Attorney Loan Modification, california loan modification, loan mod, Loan Modification, temporary loan modification
Posted in Attorney Loan Modification, Loan Modification | No Comments »
December 16th, 2009
 Are you a California homeowner in danger of losing your home because of financial difficulties? The federal loan modification programs Making Home Affordable (MHA) and the Home Affordable Modification Program (HAMP) are here to help! Under the programs, homeowners who have loans originating before Jan. 1, 2009 and owe less than $729,750 and who’s loans are backed by either Freddie Mac or Fannie Mae will be eligible for federal government backed loan modifications. Homeowners that are delinquent on their payments or can show that they will soon have difficulty with payments are eligible as well! Read more... (579 words, 1 image, estimated 2:19 mins reading time)
This is a preview of Obama Federal Loan Modification Programs for California Homeowners . Read the full post (579 words, 1 image, estimated 2:19 mins reading time)
Tags: ca loan modification, california loan modification, federal loan modification, government mortgage modification, obama loan modification, obama mortgage modification
Posted in Attorney Loan Modification, Loan Modification | No Comments »
December 15th, 2009
My loan is not Fannie Mae or Freddie Mac backed, can the Making Home Affordable Program help me?
 The MHA and HAMP programs are designed to help homeowners with Freddie Mac and Fannie Mae backed loans only. However, there are other programs out there for homeowners who do not have loans with these institutions. Regardless of credit score or payment history, these programs are designed to help homeowners stay in their homes and avoid the foreclosure process. One of the first things a Lender will require from the borrower is a Letter of Hardship explaining the borrower’s situation and why they cannot continue with their current loan. Read more... (513 words, 1 image, estimated 2:03 mins reading time)
This is a preview of Questions about government loan modification programs . Read the full post (513 words, 1 image, estimated 2:03 mins reading time)
Tags: government loan modification, hamp, home affordable modification program, loan modification program, making home affordable, mha
Posted in Attorney Loan Modification, Industry Information, Loan Modification | 1 Comment »
December 14th, 2009
 Many people are confused about the loan modification process. Because different banks all have their own procedures and qualifications, this is understandable. When adding in the guidelines provided by the Making Homes Affordable (MHA) program and the Home Affordable Modification Program (HAMP), figuring out how to go about negotiating a successful loan modification can be a nightmare. As a result, many homeowners turn to third party Attorneys to help them with their loan modification. Read more... (726 words, 1 image, estimated 2:54 mins reading time)
Tags: Attorney Loan Modification, attorney mortgage modification, california loan modificaiton, Loan Modification, mortgage modification, save my home, stop foreclosure
Posted in Attorney Loan Modification, Loan Modification | No Comments »
December 11th, 2009
 Because of the lagging economy, credit card companies have been hit hard. High unemployment has lead to a large decrease in borrowing, as well as increasing the number of borrowers unable to make their monthly payments. As unemployment hovers at 10%, the near future for these companies is bleak. Delinquencies and late payments have skyrocketed as borrowers struggle to make ends meet, and while the threat of credit score dings is ever present, getting food on the table and staying under a roof has taken precedence. Read more... (444 words, 1 image, estimated 1:47 mins reading time)
Tags: bad economy, credit, credit card companies
Posted in Industry Information | No Comments »
December 10th, 2009
 With all the misinformation floating around out there, many people are uncertain what to expect from a loan modification attorney. While it is possible to conduct a successful loan modification by yourself with your lender, many people find the delays, poor communication and lack of information frustrating and overwhelming. This article is aimed at giving others a basic outline of what a loan modification attorney can and cannot do for you. Read more... (931 words, 1 image, estimated 3:43 mins reading time)
This is a preview of What to Expect from California Loan Modification Attorney . Read the full post (931 words, 1 image, estimated 3:43 mins reading time)
Tags: california loan modificaiton, california loan modificaiton lawyer, california loan modification attorney, loan mod attorney, loan modification attorney, mortgage modificaiton attorney
Posted in Attorney Loan Modification, Loan Modification | 1 Comment »
December 4th, 2009
 While a short sale can be an effective relief for a homeowner facing foreclosure, it can also benefit lenders. Believe it or not, property foreclosure is not only a hardship for the homeowner, but for the lending bank as well. The homeowner has to deal with the reality of losing their home and the financial worries that ensues and the banks must find a way to recover as much of its losses as possible. Banks do not want to own homes. They are not in the real estate business, and foreclosing on a home only adds more to their workload. Read more... (466 words, 1 image, estimated 1:52 mins reading time)
Tags: avoid foreclosure, california foreclosure, california shortsale, Short Sale, stop shortsale, what is shortsale
Posted in Foreclosure, Short Sale | 1 Comment »
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