A loan modification is a loan modification, right? If it helps you avoid a foreclosure on your home it is good news, right? Not necessarily. It is a little more complicated than all that.HAMP is a Government sponsored loan modification program. This might not give you much peace of mind but the truth is that mortgagees that are part of this program must follow certain … [Read more...] about HAMP Loan Modifications and â€œIn-houseâ€ Modifications, What Is The Difference?
Archives for January 2010
The million dollar question millions of Americans are asking themselves is â€œshould I walk away from my underwater mortgage?The situation is so dire that according to Moodyâ€™s Economy.com 17.4 million homes will be underwater by the end of 2010.That is worth reading again: By the end of 2010 17.4 million homes might be worth less than the value of their … [Read more...] about How To Walk Away From A Mortgage When A Loan Modification Doesnâ€™t Help
Loan Modifications do seem to have finally got moving. Trial loan modifications are heading towards their first million, there has been over a 100,000 completed loan modifications and even Bank of America, the sleeping giant of loan modifications has hit the 200,000 trial modifications line.However, what is not clear is if loan modifications are actually a good thing for … [Read more...] about Loan Modifications Are They Worth It â€“ An Overview In Simple English
Have you ever heard about having your cake and eating it? Thatâ€™s what many mortgage providers are trying to do with loan modifications. How so? As it is well known the Government offers lenders incentives for processing loss mitigation actions. Loss mitigation action is code for loan modifications. What has been the result of the Governmentâ€™s loan modification incentive … [Read more...] about Loan Modifications, Loss Mitigation Incentives and Other Greedy Games
The debate in the last months has centered on how the Government and lenders were not doing enough to get troubled borrowers into a loan modification. However, a recent report might indicate that this has actually a good thing for borrowers!A report released last week by the State Foreclosure Prevention Working Group disclosed that about 72 percent of the loan modifications … [Read more...] about Do Loan Modifications Make Things Worse By Increasing Principal Balance