mortgage modifications - Articles

New Warning on Mortgage Mods: Demand for Up-Front Fees Is a Sure Sign of a Scam

The housing market has been slowly recovering for most of the year, but the fact remains that millions of Americans are still underwater when it comes to what they owe on their mortgage versus the value of their home. As such, many may be looking for some relief, and scammers are now preying on that need. In recent weeks,... Continue Reading »

Avoiding Foreclosure: More and Better Options Available Now

If you're teetering on the edge of foreclosure, you may have a much better chance of finding your footing than in years past. Servicers of delinquent or at-risk mortgages appear poised to ramp up their use of alternatives to foreclosure this year, an industry shift that could enable many more homeowners to hold onto their... Continue Reading »

'Mortgage Prof': 5 Reasons Banks Would Rather Foreclose

"Why won't the bank just reduce the amount of my loan instead of taking my home and then selling it to someone else for way less than I would have been happy to pay?" It's a question that gets asked repeatedly these days, especially by people who are facing foreclosure or are upside down on their mortgages. Continue Reading »

Mortgage Modifications Get Some Real Help

Since California passed its new law mandating how lawyers can be paid for helping with mortgage modifications, Californians are finding it difficult to get assistance. Charles Martin used his 19 months of fighting for a mortgage modification for his own home in California to learn the ropes and now helps others, not only... Continue Reading »

Mortgage Modifications Scaring Away Lawyers

Saving your home from foreclosure with a mortgage modification has gotten much harder in California in recent months. The reason is a law passed by the State Legislature in September 2009 prohibiting lawyers from collecting any fees related to mortgage modifications from clients until the related work is finished. The law... Continue Reading »

Mortgage Delinquencies Drop: Trend or Trough?

Some good news from Debt City, U.S.A.: The rate of serious delinquencies on conventional mortgages -- those that are at least 90 days behind -- fell to 4.82 percent in July, from 4.99 percent in June. Freddie Mac's delinquency rate dropped to 3.83 percent in August, from 3.89 percent in July. Fannie Mae's delinquency rate... Continue Reading »

Government Projects Fewer Defaults on HAMP Mortgage Modifications

While some seem to think that all the Obama administration is doing is extending or delaying foreclosure procedures, others believe that, without these extensions, home prices would have fallen much further, much faster. Whatever you believe, the numbers seem to indicate that mortgage default and re-default rates are... Continue Reading »

HAMP Program Success Rate Much Lower Than First Reported

If you've been following the ups and downs – mostly downs – of the federal Home Affordable Modification Program, you know that the HAMP has been one big bottleneck, with just a fraction of homeowners who apply succeeding in getting permanent modifications to their mortgages. Then two weeks ago the federal... Continue Reading »

Fannie Mae Refi Solution Helps Underwater Homeowners

Are you stuck with high mortgage interest, but think you can't refinance because you owe more than the house is worth? You may still be able to qualify for a Fannie Mae Refi Plus loan. You can get a refi for up to 125 percent of your home's value. That means if the current market value is $200,000, you can get a mortgage... Continue Reading »

HAMP Drops More Applicants Than It Helps With Mortgage Modifications

Good intentions count, but cash is definitely better. The Treasury Department reported that fewer borrowers are receiving permanent mortgage modifications through the Obama administration's program to aid troubled homeowners. Some 530,000 homeowners, or 40 percent of 1.3 million enrolled in the HAMP program, have had their... Continue Reading »

Foreclosures Update: New York Urges Banks to Take More Action

Frustrated by the efforts of the federal government, New York City comptroller John C. Liu, pictured left, and six unions will initiate a campaign today to encourage big lenders to increase measures to prevent foreclosures in the New York metropolitan area, according to The New York Times. In a letter drafted by the group,... Continue Reading »

Are You Likely to Walk Away From Your Mortgage?

Do borrowers who decide to walk away from their mortgages by choice share certain characteristics? The answer appears to be yes. A leading credit bureau partnered with a management consulting firm to figure out who is strategically defaulting and how lenders can get a better handle on risky borrowers. Experian and Oliver... Continue Reading »

Foreclosure Rescue Scams: How to Recognize Bogus Mortgage Help

If you're a cash-strapped homeowner, an offer to modify your mortgage or help you avoid foreclosure no doubt sounds tempting. After all, you may be behind on your home loan. Credit card bills could be past due, as well. And you're likely struggling just to make ends meet. But when someone comes along promising to help you... Continue Reading »

Mortgage Default Update: Homeowners Staying in Homes Longer

More than 7.3 million home loans are in some state of delinquency or foreclosure, and there's no end in sight. That's because the number of homeowners who are 90 days or more delinquent jumped 9.2 percent in May 2010 over May 2009, according to the Mortgage Monitor Report from Lender Processing Services (LPS). When you... Continue Reading »

Principal Reduction: Who Deserves It?

Tuesday's hearing by the House Committee on Financial Services was ostensibly on "Second Liens and Other Barriers to Principal Reduction as an Effective Foreclosure Mitigation Program," as the mouthful of a title indicates. Many housing experts and regulators have come believe that principal reduction is the most effective... Continue Reading »

Permanent Mortgage Mods on the Rise. But Does it Matter?

It's still a relatively small number, but new figures from the U.S. Treasury and the Department of Housing and Urban Development seem to indicate that it may be getting a bit easier for some homeowners facing foreclosure to get a permanent mortgage modification. Permanent mods have been viewed as sort of the holy grail, if... Continue Reading »

Are mortgage mods robbing you blind?

I'm sorry, but this is just plain wrong. I don't care what explanation banks and other lending institutions might give, it is just plain and simply WRONG! What I'm steamed about is a new report that reveals that, in most cases, mortgage loan modification programs (provided you can actually convince your lender to modify... Continue Reading »

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