It’s a normal occurrence to hear about how borrowers are suing their mortgage services for dragging their feet and how the lenders seem to lose files and give wrong information to the owner to slow the loan modification or foreclosure process down. Today, I learned about an owner who had already completed bankruptcy and is [...]
When should you consider a loan modification? - At the first sign of trouble because the process takes about four weeks. What a business owner should know about the process: - During an economic downturn or a prolonged seasonal downturn businesses and individuals who own commercial properties will be considered for a temporary reduction in [...]
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 [...]
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 [...]
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, [...]
Not yet. But soon. The housing market has remained at the center of the nation’s economic troubles throughout 2010. The housing market started the year flat on its back, and it’s ending the year in nearly the same condition. Home sales are still depressed, home-building remains near a 50-year low, and home prices are still [...]
Finding the right mortgage loan means balancing your mortgage options with loan modification loan your housing requirements and financial picture, now and in the future. The right mortgage is not just having the lowest interest rate but much more than that, it includes your personal situation. Ask yourself the following questions to help guide your [...]
After the recession and liquidity crunch of 2007, a lot of people are facing difficulty in repaying their unpaid bills. They keep looking for ways to make ends meet, including taking out payday loans. But what ends up happening, is they take out one to meet another bill, and they keep taking out another to [...]
The Wall Street Journal reported that the recession has affected everyone and that the number of people filing for bankruptcy over 2010 was expected to reach more than a million and half Americans. Since the recession, it has become more common for filers to earn more than $30,000 per year and have a college degree. [...]
Anyone can fall behind on their mortgage for a variety of unexpected reasons. If this happens to you, you should consider modifying your mortgage loan. Benefits of modification You can save your home from the lenders. The modification can make your monthly payments affordable within your monthly budget. There is no need to fear loan [...]
