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Loan Modification

Blown Mortgage

Blowing the lid off the Mortgage Industry
By Morgan Brown

Post Frequency: 12.5/day

Last Entry: April 29, 2010 at 09:23:46

Loan Modification Alternative by CitiGroup: Refinancing 30 Year Fixed Rate Mortgages

Posted on January 07, 2010
CitiGroup is busy advertising an alternative to HAMP loan modifications. The alternative is nothing new, the refinancing of mortgages with a 30 year fixed rate mortgage. What makes this option attractive is that interest rates are currently low. Homeowners that bought their house with a high interest rate can benefit from refinancing with improved conditions...

Foreclosure Re-default Drops by 26.5 When Loan Modifications Reduce Loan Balance

Posted on January 05, 2010
The problem with loan modifications is re-defaulting. Well, that is only one of many problems with loan modifications but it is certainly one of the most annoying ones for lenders and the Obama administration. This is because loan modifications cost money...

NPV Test, Your Personal Loan Modification Sword of Damocles

Posted on January 04, 2010
Understanding the factors that control the success or failure of your loan modification is vital if you want any chance of receiving a positive modification to your mortgage. Loan Modifications are not happening very fast and the modification rates for troubled homeowners are very low...

Wachovia Loan Modifications Help Only 3% and May Damage Your Credit Rating

Posted on January 04, 2010
Loan Modifications sponsored by Obama?s administration HAMP (Home Affordable Modification Program) program does not a have a very long history but Wachovia has lagged at the bottom of it from the very beginning. Wachovia has over 82,000 borrowers with home loans, the economy is doing pretty bad which has caused a large percentage of those borrowers struggle to make their payments...

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Loan Modifications Cannot Stop the Rise in Foreclosures

Posted on December 29, 2009
The Obama administration and all the agencies at its disposal are working around the clock to save troubled loans but it is simply not good or fast enough. In the third quarter there was a 6.2% rise of all seriously delinquent (i.e. 60 days or more past due) and 3...

Loan Modification Low Numbers, Why?

Posted on December 25, 2009
This is the question administration consultants and officials are asking themselves. After using every trick in the book and more to ?encourage?, ?bribe? and ?bully? servicers in providing loan modifications, loan modification conversion rates are still terribly low...

Loan Modifications, NPV Test the Key to Loan Modification Success

Posted on December 23, 2009
What is a NPV test? If you are trying to work your way through a loan modification you know what it is, if you are planning to get a loan modification you should find out soon. NPV stands for Net Present Value. It is a financial concept that allows lenders to work out if it is profitable to make a certain financial choice...

Loan Modifications, A Loose, Lose Story With No Winners

Posted on December 23, 2009
Loan Modifications have been touted as the solution to all evils brought about by the latest economic crises and as the worst idea an administration has ever had. The administration shouts out that the whole point of Loan Modifications is to help the middle class by giving them a break on their underwater mortgages while many commentators claim that it is just one more ploy to funnel money to big bank corporations that have already received billions in bailout money...

Loan Modification Administration Hawks Bring Out the Big Guns

Posted on December 22, 2009
It is no secret that the Obama administration has a lot vested in the success of the Loan Modification Program, also called the Home Affordable Modification Program (H.A.M.P). In order to help the program along the government has provided a long list of incentives, bonuses and other methods in order to encourage lenders and banks to do their part in making the program work...

Rogue Loan Modification Servicers, What Are The Signs?

Posted on December 22, 2009
The Loan Modification Program is not exactly 2009 success story. Out of the 750,000 trial loan modifications around 31,000 have become permanent, not great odds even if you are a betting man (or woman). What makes things worse is that in order to manage such a volume of trial loan modifications for HAMP (Home Affordable Modification Program) servicers are employed to do the paperwork and provide advice for the borrower...

Loan Modification Program, Good Intention Bad Idea

Posted on December 21, 2009
Obama?s Loan Modification Program is a nice idea with good intentions. A superficial look at the program, what it does and how it does it, would make you think it might or even should work. However the reality is different, unfortunately only a very small number of borrowers are benefiting from this program...

Loan Modifications Short Guide To Success Part 3 ? The Endgame

Posted on December 13, 2009
This is our last week in the Short Guide to Loan Modification series. Look out for the links to official websites and resource packages at the end of the article. Third Step. Tell the lender, giving you a loan modification is worth their effort. Lenders are not charitable organizations...

Loan Modifications Short Guide To Success Part 2 ? The Guide

Posted on December 11, 2009
Loan Modifications are not providing the help American homeowners need. Of the millions of troubled borrowers only a small percentage qualify for a loan modification trial and most of the lucky ones get stranded in the way. This article will provide you with a list of simple steps that will increase your chances of getting a permanent loan modification...

Loan Modifications Short Guide To Success Part 1 ? The Problems

Posted on December 09, 2009
Obama?s loan modification program can be seen as a failure, if you focus on the millions upon millions that are benefiting, or as a modest success with over 650,000 borrowers on trials and 375,000 on the fast track to getting permanent modifications by January 2010...

Loan Modifications: Why Did The Mortgage Crisis Occur

Posted on December 05, 2009
When looking at a crisis it often pays to see what got you there if you are to learn anything from it. The current mortgage and credit crisis was either unavoidable or a surprise depending who you ask. Loan Modifications are now being sold as the solution to the crisis as if changing the interest rate, tenure or principal of loans were the heart of the problem...

Loan Modifications Take Back Seat Due To Unemployment

Posted on December 03, 2009
The big news in town is that the American economy is growing. As Obama reported on Monday ?Our economy is growing again for the first time in more than a year?. This is good news for a president that has been hard hit by the economy and whose dream public approval ratings have dropped with the economy...

Loan Modification And Mortgage Crisis Could Bring Down New Banking Giant

Posted on December 01, 2009
The housing and credit crisis of 2007 showed the weaknesses of our banking system. In fact a whole international market of mortgage securities was based on bad loans that homeowners could simply not pay. Banks among other players had invested heavily in mortgage securities and other financial contracts...

Loan Modifications and Mortgage Modifications Can They Affect Your Credit Score

Posted on December 01, 2009
Loan Modifications and Mortgage Modifications are being sold like they are going out of fashion and both the Government and private banks are reporting successes in the number of loan modifications and mortgage modifications processed. If you are desperate to keep your home and you are finding it difficult to pay for your mortgage payments a loan modification might be the option for you...

Loan Modifications In California May Get A Brand New Bill

Posted on November 30, 2009
California has been one of the hardest hit states by the mortgage crisis. California has the second highest foreclosure rate in October with 85,420 California properties receiving a foreclosure notice which represents a 1 per cent improvement from September...

How to Tell if Your Mortgage Broker is Legitimate

Posted on November 30, 2009
Over the past few years the real estate industry has gotten a somewhat unsavory reputation.� Being in the industry myself, I’m biased to tell you that most real estate professionals are high quality, upstanding “business citizens.”� However, as with any big purchase or transaction, smart consumers do research independent of people who stand to benefit in some way...

Bankruptcy, Foreclosures, Loan Modifications and Ethics

Posted on November 27, 2009
It has been a surprise to see the number of comments on this blog that have revolved around the issue of ethics in mortgages and loan modifications. A pleasant surprise, but a surprise nonetheless. It is the single most popular controversy. Are easy roll-over Bankruptcies morally wrong? When should someone default on their mortgage payments if he is unemployed and with an underwater mortgage but still has cash in his bank account? How easy should banks make it for clients to get loan modifications, or how ?troubled? should homeowners be before they ?deserve? them? And, finally, what is probably the queen of controversy in the mortgage world...

Despite Loan Modifications, Foreclosures Will Continue To Rise Through 2010

Posted on November 25, 2009
Loan Modifications have been sold as the way out of this credit mortgage crisis. However delinquencies and repossessed homes are breaking records and are at their highest level since 1972, which is when the Mortgage Bankers Association started to keep records...

Loan Modification Alternatives: Short Sale Your Home

Posted on November 23, 2009
Short Selling your home could be the win-win-win alternative to loan modifications. Loan modifications can be expensive for lenders and borrowers. Foreclosures are even more expensive costing lenders billions of dollars. According to a study carried out by the congressional Joint Economic Committee (www...

Loan Modification Alternative: Is Renting Your Home a Good Option

Posted on November 21, 2009
Loan Modifications do not seem to be the solution Government hoped it to be. It is having some success, over 650,000 trial loan modifications, but the floodgates of foreclosure risk homes are not even close to being closed. Of the 650,000 trial loans only 1,711 borrowers got a permanent loan modification...

Loan Modification Alternatives: Is Renting Your Home A Viable Option

Details on the Home Buyer Tax Credit Extension

Posted on November 19, 2009
Home sales got a needed boost because of the Obama administration?s $8,000 tax credit for first-time buyers. With the national economy and housing market still fragile, the government recently decided to extend the tax credit through June 2010. The government also rolled out a new tax credit aimed at existing homeowners...

Mortgage Requests Continue To Drop Despite Mortage Relief

Posted on July 10, 2009
Mortgage Requests Continue To Drop Despite Mortage Relief � The efforts of Governments worldwide to rescue the credit and Housing industry from the pit they have dug for themselves are truly amazing. Banks have been bailed out, loans are� guaranteed, interest rates are kept low, mortgage refinancing relief programs are set up...

Freddie Mac educates borrowers via YouTube

Posted on July 09, 2009
A new video posted on YouTube on Wednesday shows borrowers how taking the time to gather a few financial documents before calling a mortgage servicer can speed the process of determining eligibility and applying for loan modification under the Making Home Affordable program or Freddie Mac’s other workout initiatives...

Home Loan Refinancing Anti-Foreclosure Effort Results Disclosed

Posted on July 07, 2009
Home Loan Refinancing Anti-Foreclosure Effort Results Disclosed � A lot has been said of the efforts of the Obama administration to curve the drop in the credit and real estate sector. You can love it or hate it but you can?t argue that an effort is being made...

Mortgage Refinancing For Underwater Borrowers Now Available

Posted on July 07, 2009
Mortgage Refinancing For Underwater Borrowers Now Available � The Obama administration is furthering its efforts to jumpstart the credit and real estate sector by widening and softening the requirements for home loan borrowers to qualify for mortgage refinancing relief...

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