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Source: blogtalkradio.com
Video: Mortgage Loan Modification – How Do Mortgage Loan Modifications Work?
Thousands of Borrowers to Get Mortgage Payments Reduced
By Les Christie Starting this week, hundreds of thousands of struggling borrowers could be in for a pleasant surprise: a quick and easy way to get their mortgage payments back on track — and save considerable money. Through a new effort called the Streamlined Modification Initiative, borrowers with mortgages backed by Fannie Mae and Freddie Mac who are at least 90 days behind on payments will start receiving offers from lenders to lower their mortgage payments. The Federal Housing Finance Agency, which oversees Fannie and Freddie, won’t say how many delinquent homeowners will receive the modifications, but the Mortgage Bankers Association reported in May that about 1.1 million borrowers are behind on their loans by three payments or more. Not all of those mortgage holders have Fannie or Freddie loans, however. The FHFA claims to have helped 2.7 million borrowers keep their homes through its other foreclosure prevention efforts, such as the Home Affordable Modification Program which was launched in March, 2009. Unlike those previous efforts, however, the Streamlined Modification Initiative won’t require borrowers to file any financial paperwork. Instead, they just need to make the new payments for a trial period of three months and then the modification becomes permanent. The FHFA said the extensive paperwork and procedures that other foreclosure prevention initiatives require has been a major obstacle in getting people the help they need. Paperwork gets lost, borrowers are asked to provide documents over and over again, and evaluating a borrower’s eligibility can be time consuming. “This is a no-brainer and should have been done years ago,” said David Berenbaum, who coordinates fair housing and fair lending compliance initiatives for the National Community Reinvestment Coalition, a nonprofit focused on fighting foreclosures. Lenders will lower a borrower’s monthly payments by either extending the term of the loan — usually from 30 to 40 years — and reducing the interest rate. The new program falls short of reducing the principal on the loan, a move FHFA acting director Edward DeMarco has consistently blocked. Nevertheless, the changes could mean big savings for anyone with a high-rate loan who was unable to refinance to the historically low rates of the past couple of years. Modifying a 30-year, $200,000 loan with a 5.5 percent rate to a 40-year term with a 4 percent rate will reduce the monthly payment to $835 from $1,135 — a $300 difference. The loans must be at least 12 months old, borrowers can’t be more than 24 months behind on payments and their principal balances must be 80 percent or more of the value of their homes. The new program is scheduled to last through December 2015. More on CNN Money: Best Advice Now for Homebuyers and Sellers Cities With the Best Parks Best Deals on Real Estate More on AOL
Source: aol.com
Loan modification and “stripping a 2nd mortgage” question
Hello! My husband & i filed for ch 7 bankruptcy without 1st and 2nd mortgage reaafirmation and was recently discharged. Our house in WA is now in process for foreclosure with auction date set for November. We really want to keep the house so we can come back to it but we’re almost 1 1/2 year behind mortgage (husband & family was transferred to CA (military) & we’re paying rent here). My questions are: 1) what are our chances of getting approve for loan modification if we have ch 7 bankruptcy record? 2) will loan modification request stop foreclosure process 3) does “stripping a second mortgage applies in WA. When i did my research, i found that in other states, there is a law that homeowner can “strip” or remove lien from the second mortgage if the value of the house is lower than the balance of the first mortgage that the second mortgage has no equity in the house which is my case. Thank you for any advice!
Source: zillow.com
Mortgage Loan Modifcation
4) Immediately contact the lender after the last payment is made under a trial loan modification to determine the next step. Unfortunately, we have run into several instances in bankruptcy cases where the borrower had continued to make reduced payments under a trial loan modification after the trial period had ended. Because a permanent loan modification had not been approved, the lenders claimed that the loans were in default because the homeowners had not resumed making their regular monthly payments after the trial period had ended.
Source: leidenandleiden.com
Permanent Loan Mods Surpass the 6.6 Million Mark Nationwide
HOPE NOW released its July 2013 loan modification data which found that an estimated 63,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The total number of loan modifications for 2013 currently stands at approximately 519,000. This compares to approximately 378,000 foreclosure sales reported for the year to date.
Source: nationalmortgageprofessional.com
Top Modification Concept: How Does the Mortgage Loan Modification Concept Work?
Final Tip: By researching and comparing the best mortgage loan modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.
Source: blogspot.com
Home Loan Modification Scams Persist
Since Jan. 31, 2011, the Federal Trade Commission’s (FTC)”Mortgage Assistance Relief Services (MARS) Rule,” designed to curb fraud, scams and rip-offs in the mortgage services industry, likewise has prohibited most services from collecting up-front fees. Attorney’s are exempt, under certain conditions in the federal law, but not under California’s law.
Source: realtytimes.com
Loan Modification Explained
There has never been a time in history where banks have been more willing to modify loans for borrowers, who are facing financial difficulties. When the housing market crashed it led our economy into a recession and many homeowners struggling to be able to afford their monthly mortgage payments. One of the major causes for the housing crash was so many borrowers being approved for loans they should have never gotten. During the years of 2002-2007, sub prime loans that were given out by mortgage brokers to people, who shouldn’t have qualified to get them in the place. Now all of those bad loans have to be modified to the conventional 30 year fixed, where the mortgage payment does not supersede 31% of your gross monthly income. The government is also pressuring banks to help homeowners that are facing foreclosure, or are in sub prime loans. This will continue to go on for several years to come because there are millions of Americans that need help. The only problem is that the banks have not helped as many homeowners as they should, therefore leaving millions of loan modifications that still have to get approved.
Source: blogspot.com
Lawyer Disbarred for Loan Modification Fraud
Appraisal Fraud Arizona Borrower California Colorado Connecticut Down Payment Fraud Escrow Fraud False Documents False Documents/HUD Flipping Florida Foreclosure Rescue Forgery Georgia Identity Theft Illinois Income/Asset Indiana Investment Scams Kansas Kickbacks Loan App. Misreps Loan Modification Maryland Massachusetts Michigan Minnesota Missouri Mortgage Fraudsters Mortgage Fraud Types Mortgage Loan Nevada New Jersey New York North Carolina Ohio Oregon Pennsylvania Ringleader South Carolina Straw Buyer Texas Virginia Washington
Source: mortgagefraudblog.com
New Federal Loan Modification Rules To Now Work With Chapter 13 Bankruptcy Laws
This will make it much easier for homeowners to seek modification of their mortgages and save their home while adjusting and discharging other debts in a single proceeding. The rules also allow use of the schedules filed in the bankruptcy case to be used as the modification application and other streamlined procedures that will make it easier to communicate with lenders. It also gives the homeowner the added protection of a Court Order approving loan modifications to prevent future mortgage problems caused by the mortgage company.
Source: mortgagemediation.biz
Mortgage Loan Modification Lawyers
While you will find individuals who complete loan obligations effectively, you will find individuals who may require the restructuring to keep status quo. Conditions for example high rates of interest that may have performed a job within the original loan are possible factors for the necessity to change. For instance, current loan rates of interest offered 2 yrs ago went as much as 5%, while current ones run limited to 2.5% the discrepancy is really a large one which is why you might want to pay better rates of interest the moment the chance opens up.
Source: stonecoldpipes.com
Having Financial Trouble? Mortgage Loan Modification vs. the Short Sale
But there are drawbacks with HAMP, too. For one, not everyone qualifies. According to the HAMP website, you must have obtained your mortgage loan on or before Jan. 1, 2009, and owe no more than $729,750 on a primary residence or single-unit rental property. You must also have suffered a financial hardship and be either delinquent in your mortgage payments or in danger of falling behind on them; and you cannot have been convicted of one of several finance-related crimes within the last 10 years.
Source: smartasset.com