New home sales up, good news for the economy, Chapter 7 bankruptcies will decline, fewer foreclosures caused by homeowners walking away from underwater homes, right? Not so fast. Government interference in the free market, in the form of the first time buyer tax credit, makes things look better than they are. The big increase was…
Category Archives: mortgage modification
Mortgage Servicers Will Have To Tell You Why You Were Denied HAMP Modification
HAMP Guidelines Changing This policy is not effective until January 1, 2010, but the Government is requesting that mortgage servicers start following it now. I have talked to many people confused about the whole process, and even more confused when they are denied without any explanation. addthis_url = ‘http%3A%2F%2Fwww.michiganmortgageattorney.com%2Fmortgage-servicers-will-have-to-tell-you-why-you-were-denied-hamp-modification%2F’; addthis_title = ‘Mortgage+Servicers+Will+Have+To+Tell+You+Why+You+Were+Denied+HAMP+Modification’; addthis_pub = ”;
Government Claims Its Mortgage Modification Program Is Working
Paul Goodman of the N. Y. Times reports that the government says its mortgage modification program is working! Knock me over with a feather. Of course, the government mortgage modification plan, is where they pay the mortgage servicers to enter into trial modification periods, three months long. If all those payments are made on time,…
Can I Get A Short Sale On My Home?
Not if George Soros has anything to say about it. The Mandelman Matters blog has a great post detailing with how our government, through the FDIC, helps the rich get richer and hurts homeowners who want to stay in their homes. How? We all see the FDIC taking over more and more banks. Debts, like…
Can Filing Bankruptcy Help Me Keep My House?
Of course it can! Chapter 13 bankruptcy allows you to lien strip, or avoid, a second mortgage lien. It also allows you up to five years to catch up with payments on a first mortgage. Do mortgage companies want you to know this! Hell no! Robert Doggett, on the ForeclosureBuzz.org blog, has examined many of…
Why Can’t I Get A Mortgage Modification?
Well, because the mortgage companies think they can make more money by foreclosing on you. Seems they are as good at calculating that as they were in deciding who would get mortgage money. The “secret” government formula does explain why it is impossible to predict who will get a modification and who…
Suit Against Agencies That Rated Mortgage Backed Securities Survives
Joel Rosenblatt and David Glovin report for Bloomberg that a federal judge refuse to dismiss a lawsuit against Moodys and Standard & Poors. Good for him! The lawsuit alleges the ratings agencies hid the risks of securities backed by sub-prime mortgages, so called SIVs, for Special Investment Vehicle. Duh. They should have been called Special…
Congressional Hearings On HAMP
I hate to bet on Congress getting anything right, but, if they do, these hearings will show the failure of the government mortgage modification programs. Congressional Hearings On HAMP addthis_url = ‘http%3A%2F%2Fwww.michiganmortgageattorney.com%2Fcongressional-hearings-on-hamp%2F’; addthis_title = ‘Congressional+Hearings+On+HAMP’; addthis_pub = ”;
BBC Story On Collapse Of Lehman Brothers
British TV has made a one hour docu-drama of the last weekend of Lehman Brothers, the Wall Street firm that collapsed near the beginning of our current continuing crisis. If you ask me, the government should have let them all collapse; they richly deserve it. There is a saying in the casino business: Never bet…
Judicial Mortgage Modification, Second Chance?
Relief through voluntary mortgage modification is largely an illusion, fostered by the mortgage industry to prevent real reform. Judicial mortgage modification refers to changing Chapter 13 law to allow a bankruptcy judge to re-write the first mortgage on a residence, by lowering the balance on the mortgage to the value of the home. That is…
