Posts Tagged ‘Loan Modification’
Saturday, March 13th, 2010
Bank of America is set to release a new report showing that to date it has approved approximately 21,000 permanent loan modifications under the federal Home Affordable Modification Program (HAMP). This is encouraging news for people looking for loan modifications, as this number indicates a dramatic increase in the number of modifications approved by the bank.
The number of modifications approved is due to a change in HAMP guidelines which require banks to approve permanent modifications before they receive federal modification incentive payments. Before this change, the banks placed thousands of borrowers into trial modification programs, collected federal funds, and then denied the borrowers a permanent modification. Read more... (164 words, estimated 39 secs reading time)
This is a preview of
Loan Modification Approval Rate Improves for Bank of America- Orange County, CA
.
Read the full post (164 words, estimated 39 secs reading time)
Tags: Attorney Loan Modification, california loan modification, hamp, home affordable modification program, Loan Modification, stop foreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | No Comments »
Thursday, 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 »
Thursday, 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 »
Saturday, 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 »
Monday, 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 »
Wednesday, November 25th, 2009
There are several reasons to choose a loan modification attorney rather than attempting to negotiate a modification with your bank alone. Attorneys have legal pressure that they can use against the banks, ensuring that the banks respond in a timely matter to the attorney’s requests. Handling a loan modification on your own and not having the experience is very trying, difficult, and will more than likely result in a denial. Would you represent yourself in court or have an attorney who has experience and knowledge of the law? Of course, the answer is the attorney. The same goes with an IRS audit; would you represent yourself or have your CPA there to handle the situation? Read more... (623 words, 1 image, estimated 2:30 mins reading time)
This is a preview of
Loan Modification Attorney or Loan Modification Lawyer?
.
Read the full post (623 words, 1 image, estimated 2:30 mins reading time)
Tags: Loan Modification, loan modification attorney, loan modification help, loan modification lawyer, mortgage modificaiton attorney, mortgage modificaiton lawyer, mortgage modification
Posted in Attorney Loan Modification, Loan Modification | No Comments »
Thursday, November 19th, 2009
Starting November 1, 2009, borrowers can have a little more assurance when it comes to loan modifications and how they impact credit scores negatively.
Previously, the effects of a loan modification on one’s credit score was something of a mystery. Some banks would not report late or partial payments to the credit bureaus during the trial modification process while others would. This led to confusion among borrowers, leaving many afraid of further damaging their credit with a loan modification. Read more... (574 words, 1 image, estimated 2:18 mins reading time)
This is a preview of
New Guidelines Affect Loan Modifications Credit Scores
.
Read the full post (574 words, 1 image, estimated 2:18 mins reading time)
Tags: credit scores, federal loan mod plan, govertnment loan mod, Loan Modification, mortgage modification
Posted in Industry Information, Loan Modification | 3 Comments »
Tuesday, November 17th, 2009
Ever since the introduction of the Making Home Affordable (MHA) and Home Affordable Modification Programs (HAMP) were passed it was expected that the rates of loan modifications approved by banks would increase and that foreclosures would gradually decrease. In fact, exactly the opposite has happened. Foreclosures are happening at a record pace while banks continue to deny homeowners modifications on loans that should never have been approved. How did this happen and what can be done to fix it? The blame is shared by both the government and the banks themselves. Read more... (558 words, 1 image, estimated 2:14 mins reading time)
Tags: bank modifications, Loan Modification, permanent loan modification, stop foreclosure, trail modification
Posted in Loan Modification | No Comments »
Tuesday, November 17th, 2009
How would it feel to lose your dream home for no fault of your own? Financial problems, due to lose of job, health problems, divorce, taking care of family members, characterize each of our lives and none of us really know what will affect us when. However, we cherish our dreams and make enormous efforts towards realizing them, oh which some of us come true, some do not, while some we lose reaching almost the threshold of acquiring. A breathing reality that is so much common in all of our lives is the threat of facing foreclosure and eventually losing home to some unwanted agency. Mortgages do have their benefits, but the slightest folly on your part can transform mortgages into deadly nightmares. Read more... (527 words, 1 image, estimated 2:06 mins reading time)
Tags: Loan Modification, save my home, Short Sale, stop foreclosure
Posted in Loan Modification, Short Sale | No Comments »
Sunday, November 8th, 2009
There are alternatives besides a foreclosure. Buying a house is a big investment. It really puts a dent on your financial resources. Of course, the expenses do not end with the down payment. You still have to contend with the monthly payments for the mortgage. This is a financial situation that you will have to live with for years until you have fully paid off your loan.
But what happens if you get behind in your mortgage payments? A delay in payment can have very serious consequences for your mortgage situation. If the delinquency in payments has become too severe then your home could be in danger of foreclosure. A foreclosure means that your property will be repossessed by the lending institution that gave you your mortgage. Read more... (568 words, 1 image, estimated 2:16 mins reading time)
Tags: foreclosure options, halt foreclosure, Loan Modification, save my home, stop foreclosure
Posted in Foreclosure | No Comments »
