Mortgage Loan Work-Outs & Modifications
As the foreclosure crisis continues to detriment many Americans, even more could now lose their homes due to a phony rescue loan company. Bill Whitaker reports on this mortgage relief scam from Woodland Hills, California. California led the nation in home foreclosures last month and mortgage fraud specialists seem to be setting up shop all [...]
Tags: foreclosure scams, loan modifications, mortgage relief
The current state of the economy has paved the way for mortgage companies and banks to provide loan modifications to mortgagors. Instead of going through expensive foreclosure court proceedings, lenders present another option to help borrowers keep their homes and make the necessary payments at the same time. The mortgage process of loan modification features an overhauling [...]
Tags: Loan Modification Hardship Letters
In a recent article Kelly Media Group president, Jason Cardiff, “The fact the mortgage lenders are willing to provide loan workouts to homeowners that do not qualify for traditional or FHA refinance loans is simply remarkable.” Cardiff continued, “The rate cut by the Federal Reserve clearly signals a monumental step by the U.S. to restore trust in our financial [...]
Tags: FHA refinance, Jason Cardiff, Kelly Media Group, loan workouts
The FDIC and many mortgage lenders are focusing their attention on foreclosure prevention remedies through loan modifications, short sales and forbearance. For prime loans at fixed rates, 0.34 % entered foreclosure proceedings in the quarter. For bad credit mortgage loans with adjustable rates, often cited as the catalyst to the financial crisis, 6.47 % of [...]
Tags: foreclosure prevention, loan modification
The big news this weekend was JP Morgan Chase ’s announcement that they would modify mortgage loans on their own balance sheet. Like anyone, I would like to see modifications help borrowers where possible. But while many continue to maintain that mass modifications would help limit foreclosures, there remain substantial reasons to be wary. Three [...]
Tags: foreclosure, loan modification, mortgage modification
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