The 31% Solution for Mortgage Modification
When I first got a place of my own, I was told that a week of income should cover my housing expenses. Today, the US Department of Housing and Urban…
Loan Modification
FTC Seeks Ban on Upfront Loan Modification Fees
Yesterday the Federal Trade Commission, in a unanimous 4-0 vote sought to protect distressed mortgage borrowers from one of the biggest sources of fraud in the loan modification business, charging…
Slide in Home Values Threatens Loan Modification Pace
Despite a concerted effort by the Obama Administration with its Making Home Affordable Program to modify and refinance home loans, data released this week shows that only 9% of the…
Washington Pushes for Permanent Loan Modications
When the carrot doesn’t work, apply the stick. On Monday, the Obama Administration started to enforce new rules to compel loan servicers into modifying more delinquent mortgages and converting the…
Caution: Sharks in the Water
Unfortunately, some of the same people who got us into the mortgage crisis, are now posing as experts to get us out. At the height of the real estate bubble,…
Loan Modifications Up
On Friday, the US Treasury Department reported that by pressuring mortgage lenders, it has doubled the number of temporary loan modifications made permanent. As of December 30th, 66,465 distressed borrowers have…
FTC Seeks Ban on Upfront Loan Modification Fees
Yesterday the Federal Trade Commission, in a unanimous 4-0 vote sought to protect distressed mortgage borrowers from one of the biggest sources of fraud in the loan modification business, charging…
Manage Your Other Debt Prior to a Loan Modification
The Obama Affordability Plan offers financial incentives to mortgage lenders to modify home loans until the Housing to Income Ratio (HTI) is down to 31% of a homeowner’s gross monthly…
Jumbo Loan Modification
From your perspective as a distressed homeowner with a jumbo loan, the task can seem daunting. You don’t qualify for the Obama Making Home Affordable plan. There’s a good chance…
What Constitutes Hardship for a Loan Modification?
Most programs developed by the Obama administration and mortgage lenders require the homeowner to demonstrate a ‘hardship’. A hardship is the term lenders use to differentiate between a homeowner whose…