Not HAMP mortgage modifications, but proprietary mortgage modifications, lead the way according to HOPE NOW Loan Mod statistics. Only 27,840 HAMP mortgage modifications, compared to 120,000 done by the mortgage companies themselves. HAMP is a gigantic government failure. It was supposed to lower the foreclosure rate. I think it was Mark Twain who came up…
Category Archives: mortgage modification
Mortgage And Foreclosure News
I have been remiss in keeping up on this blog, have another one going now, www.moneyhealthcentral.com, financial advice. So, potpourri of recent news and events on foreclosure and mortgages. People who are behind on their first mortgage, are still paying on their second. I know the payments are smaller, but still, the second mortgage cannot…
Current On The Mortgage Payments On Your Underwater Home?
Home underwater? That is, you owe more than it is worth. Like over half the homes in Michigan now, that have a mortgage. As I have been telling clients for many months, if you are current on your house payment, the mortgage companies have one hand in your front pocket getting that payment, and the…
Mortgage Modification Companies Targeted For Criminal Charges
Operation Loan Lies, an excellent name for a task force looking at the con men victimizing people in fear of losing their homes, mortgage modification outfits. addthis_url = ‘http%3A%2F%2Fwww.michiganmortgageattorney.com%2Fmortgage-modification-companies-targeted-for-criminal-charges%2F’; addthis_title = ‘Mortgage+Modification+Companies+Targeted+For+Criminal+Charges’; addthis_pub = ”;
What Is the Chance Of My Mortgage Modification Working?
Bad, because they are not likely to give you a real modification, one that would reduce the principal, and reduce your payment for the life of the loan. Barry Ritholtz blogs on some devastating statistics on mortgage modifications. addthis_url = ‘http%3A%2F%2Fwww.michiganmortgageattorney.com%2Fchance-of-my-mortgage-modification-working%2F’; addthis_title = ‘What+Is+the+Chance+Of+My+Mortgage+Modification+Working%3F’; addthis_pub = ”;
HAMP Mortgage Modification Changes
Thanks to Diane Thompson of the National Consumer Law Center for allowing me to use her email explanation of some of the HAMP Mortgage Modification Changes. It is reprinted below, with some revisions: HAMP Supp. Dir. 10-02 addresses the problem of foreclosure referrals and proceedings continuing during HAMP review, borrower solicitation for HAMP, and reasonable…
Foreclosure Avoided By Mortgage Modification?
Bank of (everything in) America becomes the first bank to SAY it will forgive part of the balance owed on a mortgage to help homeowners avoid foreclosure. Not that they are in any rush, the program does not start until May. You must qualify under the HAMP program guidelines, and have missed at least two…
Your Tax Dollars At Work
Bailout deals to make you puke. but, maybe false: >From the FDIC: FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank FDIC Director of Public Affairs Andrew Gray said, “It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement…
Mortgage Modification Scam
Another mortgage scam blows up, this one with a California lawyer and his buddies guaranteeing mortgage modifications in 90 days, 90% success rate, and so on. California is no the only state in a recession, in which lawyers, among others, are resorting to unethical scams to make money. Watch out! People guaranteeing results are lying!!…
Mortgage Modifications And Credit Scores
So, if you were really lucky, and got a HAMP or other loan modification before falling behind on your payments, and you made all the modified payments on time, your credit report shows your mortgage as having always been current, right? WRONG! Not sure why software cannot be quickly modified for things like this, but,…
