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.
Posts Tagged ‘save my home’
Questions About Loan Modifications
Monday, December 14th, 2009How Short Sale Can Benefit The Seller
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.
What Alternatives Are There Besides a Foreclosure
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.
How To Save My Home From Foreclosure
Monday, September 7th, 2009How Do I Save My Home From A Foreclosure?
Many homeowners are just not able to make their monthly payments and are receiving foreclosures notices left and right. They do everything they can from calling their bank, borrowing money from friends and family, taking it out of credit cards and then finally taking out of their retirement. They make the endless calls to their lender with no help just trying to get a loan modification and getting no help. When their banks aren’t responding and usually don’t they pick up the phone and call a loan modification attorney to help them save their home. This is their last resort in hopes of qualifying for Making Home Affordable, HAMP, or just any loan modification program that is available to get them into a more affordable mortgage payment.
Eligibility for Home Affordable Modification Program (HAMP)
Thursday, August 20th, 2009How do I know if I am Eligible for a Modification under the Home Affordable Modification Program (HAMP)?
Step 1 is to see if you may be eligible for a Loan Modification under HAMP:
1. You must occupy your home as a primary residence, i.e. owner-occupant of a one to four unit home; and also have an unpaid principal balance that is equal to or less than:
- 1 Unit: $729,750
- 2 Units: $934,200
- 3 Units: $1,129,250
- 4 Units: $1,403,400;
2. Have a first lien mortgage that was originated on or before January 1, 2009;
New Foreclosure Freeze Spur Loan Modifications
Thursday, August 20th, 2009
The California Foreclosure Prevention Act, signed by Gov. Schwarzenegger, adds 90 days onto the time period between when homeowners defaulting on a loan and when their home can be repossessed in foreclosure. Banks can avoid the 90-day holdup by having a comprehensive program in place to make mortgages more affordable by reducing the interest rate, extending the loan terms, or reducing or deferring some of the principal. Such programs must be approved by regulators.
Troubles in the World of Loan Modifications
Thursday, August 20th, 2009Needless foreclosures are happening all around us. It happens every day; banks are foreclosing on properties even though it costs more to foreclose then to provide a loan modification. In this case, common sense tells any sane person that it is a needless foreclosure. So, be aware that the banks these days just don’t have common sense!
For example, it can cost the investor who held the mortgage about $50,000 to foreclose on a home. It may have cost only $25,000 to make the mortgage affordable to the homeowner by reducing the interest rate. Modifying the loan contract would keep the homeowner in their home and save the investor money.
Stop Foreclosure through Loan Modification
Thursday, August 20th, 2009Stop Foreclosure through a Loan Modification
If you’re looking for loan modification help, you’ve come to the right place. Our expert services will assist you with how to stop foreclosure on your place of residence. A loan modification can be reached when you as the homeowner experience difficulty in repaying your mortgage. Your lender may work with you and your hardship, which can in turn reduce your monthly housing expenses.
