Mortgage Loan Work-Outs & Modifications
The New York Times has run a couple of articles in recent weeks about whether it makes sense to walk away from a mortgage that is bigger than the house is now worth. In a recent paper cited in an article on Sunday, “Underwater, but Will They Leave the Pool?” a University of Arizona law [...]
Since the housing crisis began, Arizona loan modification companies have made headlines from a range of loan modification scams. Local TV affiliate ABC 15 reported that Governor Jan Brewer recently signed into law legislation that will force those who work in this industry to have background checks and receive 20 hours of training. According to [...]
The state of Ohio charges are the result of an 18-month investigation by the Cuyahoga County Mortgage Fraud Task Force in conjunction with the Ohio Organized Crime Investigations Commission. Some 41 people and four companies have been indicted for engaging in a massive mortgage fraud scheme to purchase 453 homes using $44 million worth of [...]
According to Loan Modification Expert Jeff Morris, “Lenders are granting a very high percentage of loan modification requests.” The Law firm that negotiates most of my loan workouts recently informed me that CITI, WAMU, Chase, BofA, Countrywide, and Indy Mac are extending high volumes of loan modification agreements to struggling homeowners that can demonstrate a [...]
Tags: Jeff Morris, law firm, loan modification, loan modification agreements, Loan Modification Expert, loss mitigation
The Obama administration launched a housing rescue plan a few days ago that’s designed to address the problems at the root of the recession. It includes providing incentives to financial institutions that extend loan workouts or refinance loans. Many experts working on the front lines of the foreclosure crisis are hopeful that it can make a difference.
The [...]
Tags: foreclosure crisis, loan workouts, refinance loans, restructure loan terms
Loan modification agreements have been “re-defaulting” at an alarming rate.
According to the federal Office of the Comptroller of the Currency, 58% of mortgage loan modifications done in the first quarter of this year have re-defaulted, and fell delinquent within the first eight months of the year. Diana Olick, CNBC’s real estate correspondent, believes the government [...]
Tags: foreclosure crisis, mortgage loan 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
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