Posted July 21st, 2009 by admin
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
Posted February 24th, 2009 by admin
Each new term we add to the lexicon of financial disaster is a scary next step into the unknown. Last fall, there was the bank bailout, then the Detroit bailout. Next came the stimulus plan and last week moved from federal loan modification plans to more negative foreclosure news and now the great mortgage bailout. [...]
Tags: FDIC, loan modification, mortgage lending, mortgage loans, mortgage relief
Posted December 6th, 2008 by admin
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
Posted November 6th, 2008 by admin
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
Posted November 6th, 2008 by admin
In an effort to slow the pace of home foreclosures and stabilize California’s shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable. The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger [...]
Tags: foreclosure, loan modification, mortgage lender
