Loan Modifications finally got a boost of media coverage last week when Bank of America unveiled their new loan modification scheme. This scheme promises to forgive up to $3 billion to eligible homeowners with underwater mortgages. Underwater mortgages are loans that have a principal balance larger than the current value of their home.It seems that overnight Bank of America … [Read more...] about Loan Modifications on Steroids: BofA Principal Forgiveness Analyzed.
Archives for March 2010
America's largest mortgage provider has stopped dragging its corporate feet, and seems set to take a huge leap in what may be one of the boldest steps in the mortgage industry. The details are still a little fuzzy but it seems that BofA is about to start a loan modification scheme that will actually reduce mortgage balances of underwater homeowners.Traditionally lenders and … [Read more...] about Loan Modifications: Bank of America Plans to Reduce Principal Balance of 45,000 Mortgages
HAMP, the Obama administration foremost measure against the wave of foreclosures triggered by the financial meltdown is not working as planned. What do you do when something does not work as planned? You clarify how it was never designed to work like that anyway, and patiently explain what it really was meant to do.When HAMP, the Making Homes Affordable Plan started, the … [Read more...] about Treasury Moves The Goal Posts of HAMP and Lowers Expectations for the Loan Modification Program.
There are few advantages to a financial meltdown, but they do exist. One of them is the significant drop in mortgage interest rates that generally comes hand in hand. You could save thousands of dollars by refinancing your mortgage now interest rates are at an historical low. The question is: can you? This article will look into the three factors that will determine if you are … [Read more...] about Refinancing: What Should You Know Before Applying for Loan Modification’s Rich Cousin
Loan Modifications are going through an interesting stage. Enormous efforts are being made to save homes from foreclosure, and while some results seem to be made, millions are still heading straight to a foreclosure. The government has increased the pressure on loan servicers and lender, and relaxed the requirements for a HAMP modification. What have been the results? Is there … [Read more...] about Loan Modifications Update: The Spin and the Truth