Answers To Some Of The Loan Modification Questions

June 29, 2012 by  | Leave a Comment Filed under: Loans 

Thanks to the federal government, it is possible for homeowners who have been struggling to pay off their mortgage to retain their homes. This has been made possible by the program known as Home Affordable Modification Plan, whose acronym is HAMP. As much as the government has moved in to (read on...)

Loan Modification – Stop Making Monthly Mortgage Payments?

June 16, 2012 by  | Leave a Comment Filed under: Loans 

Going through a loan modification could provide you with lower monthly mortgage payments and help avoid foreclosure if successful. If you’re having a hard time making your mortgage payment currently, you may need to consider a loan modification to get the help you need. A common sentiment (read on...)

How Does a Loan Modification Impact Taxes?

May 16, 2012 by  | Leave a Comment Filed under: Loans 

When you can no longer afford to make your mortgage payment because of changes to your income or the interest rate on your loan, a loan modification is one option that could provide some relief. With a loan modification you can essentially change the original terms of your agreement so that you (read on...)

Lose Benefits of Chapter 13 Bankruptcy With Loan Mods

May 9, 2012 by  | Leave a Comment Filed under: Bankruptcy 

No one can predict what would happen back in late 2007 and 2008. Shortly after Congress modified the bankruptcy code to lower the amount of people filing bankruptcy by eliminating individuals they felt were abusing the system. Included in the changes to the bankruptcy code was a means test to (read on...)

How to Avoid Foreclosure Consequences

May 6, 2012 by  | Leave a Comment Filed under: Loans 

It often takes years to save enough money to purchase your own home. Combine that with ongoing monthly payments, insurance and taxes and most people are spending about one-third of their income, or more, on their home every month. Few things are more disheartening or frightening than to be told (read on...)

Six Months After Trial Modification Loan

May 4, 2012 by  | Leave a Comment Filed under: Loans 

The trial modification process enables the borrower to understand how the process will work. It also assures the lender of the capability of the borrower to make adjustments according to the modification loan that is sanctioned. The trial period gives a chance to both parties to see whether this (read on...)

How To Turn Loan Modification Complaints and Denials Into Lender Approvals!

April 27, 2012 by  | Leave a Comment Filed under: Loans 

I am a very experienced underwriter in loan modifications. I have seen over and over again how lenders are not following MHA / HAMP Guidelines when approving or denying a homeowner. Sometimes lenders just don’t want to approve anyone and sometimes lenders make honest mistakes. In any event, (read on...)

Mortgage Debt Troubles

March 18, 2012 by  | Leave a Comment Filed under: Loans 

Homes are succumbing to foreclosure on every street and home values are taking the plunge. The last few years have been quite rough on the housing market and the mortgage industry itself. While there is no question that mortgage lenders haven’t always been fair or willing, they too have (read on...)

Avoiding Chapter 13 Bankruptcy With a Loan Modification and Short Sale

March 11, 2012 by  | Leave a Comment Filed under: Loans 

What is a Short Sale and Loan Modification? Homeowners who are struggling financially and unable to make their mortgage payments may wonder what, if any, solutions are available to them. Although filing for Chapter 13 bankruptcy might at first seem as though it would be a viable way to avoid (read on...)

What Means to Have One Loan Modified Under Obama’s Plan?

March 2, 2012 by  | Leave a Comment Filed under: Loans 

The government presented the MHA program in February 2009 consisting of 2 main plans: refinance loans and loan modifications. The loan modifications are called HAMP. It was designed for reducing mortgage, homeowner’s pays per month to supportable levels. The name of refinance plan is (read on...)