Legislation

Legislation

Government Greases the Wheel. Finally.

News flash (and it is really a news flash): the federal government is stepping into the 21st Century but not until after the first of the year. Hey, it's a start. As mortgage loan and loan modification applications are reviewed by lenders, one vexing bit of paperwork has always been the IRS form 4506-T. This [...]

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Will a Co-Borrower Help With a Loan Modification?

If you're in the process of modifying your home loan and your lender has said that your debt ratios are too high, can you get someone to co-sign with you to help bring those debt ratios in line? Part of the loan modification review is determining how to get your debt to income ratio within [...]

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Hold the Foreclosure Fone

Okay, I get this. You missed a mortgage payment. Then you missed another. Then you got a certified letter from your lender reminding you (as if you didn't know) that you missed two payments. Officially, that's called a Notice of Default, or an NOD, the precursor of the ForeclosureBot. When you miss your next payment [...]

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How Low Can We Go?

Sir Bernanke christened the great new ship, the QE3 today.  The QE3, whose longer moniker is Quantitative Easing, Round III, pledges that the Central Bank will print, er, buy $40 billion of mortgage backed securities each month. This monthly "investment" in the U.S. economy has a strict starting point, immediately.  Or at least when they [...]

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What poses the greater threat to homeowners during the current mortgage crisis, predatory mortgage modification companies or the costs of hiring an attorney to represent them during the modification or foreclosure process? According to California Governor Arnold Schwarzenegger, lawyers' retainers and fees represent the greatest threat to homeowners. Over the weekend he demanded  state legislature [...]

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