Private Loan Modifications Better Than HAMP Program?

July 12, 2011 No comments yet

In some cases, yes. HAMP has been underperforming compared the overestimated numbers that the government hoped it would complete. HAMP launched in March 2009 with the promise of 3 million modifications. Through May, servicers started roughly 731,000 permanent loan modifications and have been averaging between 25,000 and 30,000 per month this year. Wellsfargo claims they […]

Short and Sweet Loan Modification Hardship Letters?

June 21, 2011 No comments yet

There are many examples of lengthy loan modification hardship letters on the internet. My guess is that many people copy them almost word for word and send them in as part of the required package. I suggest to you, don’t. Write something short and sweet but that explains your case and makes it personal. Things […]

Simply Put: Definitions of Loan Modifications and Short Sales

June 13, 2011 No comments yet

Loan Modification is a transaction between the homeowner and their lender that allows the homeowners’ monthly payments to be lowered. Lenders will sometimes allow a loan modification in a time of crisis or loss of income. Short Sale are when a home’s value is less than that of the mortgage amount and continues when a […]

Loan Modification Order! Great News for Home Owners

April 27, 2011 No comments yet

The Federal Reserve is ordering 14 of the nation’s largest mortgage service providers to give homeowners a single person to call and discuss their case. In comparison, right now you could call in and talk to a different person each time and receive different answers and information each time. These multiple points of contact has […]

Loan Modification is a Very Confusing Process

April 18, 2011 No comments yet

Each lender, bank, and government backed program have their own requirements that must be met before they will approve the loan modification. Thus, if you talk to a friend or relative about how their modification went, you will likely find that their information is of little use to your situation. With all the different nuances […]

Loan Modification Income Requirements – Don’t Guess

March 22, 2011 No comments yet

When you apply for jobs you have a general idea on whether you at least have the qualifications for that position. Just like hunting for a job, when you hunt for a loan modification you should know if you meet the qualifications before applying. After all, sometimes you can adjust your income by spending less […]

Should I Reapply For a Modification Loan Through HAMP?

March 14, 2011 No comments yet

Obama’s home affordable modification program or HAMP is being criticized from many groups of people as being useless.  After all, millions of homeowners have been denied financial assistance through this federal initiative for the past few months and if reports are to be believed, just one in four applicants have been successful in getting a […]

Creditors Say You have No Power. They are Wrong.

February 17, 2011 No comments yet

Your creditors will try and convince you that you have no power when it comes to settling your debts. They are wrong. While they will not negotiate with you, they will negotiate with a lawyer over a period of time. If you’ve grown tired of late-night collection calls from angry creditors and would like to […]

Bankruptcy Numbers Are Soaring

February 16, 2011 No comments yet

“Bankruptcy filings reflect the economy as a whole – and it’s clear we are not on a fast path towards recovery. Consumers are clearly struggling to pay off the debt they’ve accurued over the years, and are turning to bankruptcy as a last resort,” said The Warren Group CEO Timothy M. Warren Jr. The numbers […]

Limited Access to Credit and Housing Markets

January 8, 2011 No comments yet

Another big issue for the housing market this year was access to credit. Interest rates have been very low by historical standards. But many people can’t qualify for those low rates. Several specialists have said that the pendulum has swung too far and lenders are being too tightfisted. For example, Fannie Mae and Freddie Mac, […]

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