Loan Modification

Loan Modification and the Second Lien Program

Posted on April 29, 2009
Image via Wikipedia The U.S. government yesterday announced details of new plan aimed at helping distressed homeowners modify second mortgages. The Second Lien Program is slated to work in tandem with first lien modifications offered under the government’s Making Home Affordable Program to deliver a “comprehensive affordability solution for struggling borrowers,” says the U...

Bank of America and Countrywide Home Loans Sued by United Law Group

Posted on April 28, 2009
Image via Wikipedia A law firm engaged in the practice of helping distressed homeowners negotiate loan modifications has filed a lawsuit alleging that Bank of America and its subsidiary Countrywide Home Loans deliberately and maliciously sought to harm its reputation with its clients in order to stall and mislead clients...

California Loan Modification Companies May Soon Become a Thing of the Past

Posted on April 24, 2009
If a group of consumer-minded California State Senators get their way, loan modification companies may soon find themselves out of business or scratching their heads as they consider how to successfully adjust their revenue model. California Senate Bill 94 (SB 94), which looks like it might be days away from being passed by the full California State Senate, would prohibit the charging of advance fees to homeowners in connection with a loan modification, and require anyone who wishes to charge a fee for loan modification services (after performing them) to provide a state mandated notice beforehand regarding the availability of non-fee options for the borrower...

Private Mortgage Insurance and Foreclosure

Posted on April 21, 2009
Image by stallio via Flickr In several blog entries here on KeepMyHouse.com, I point out that loan modification is a no-brainer for lenders. In short, when dealing with distressed homeowners, lenders essentially have the following choices: Loan modification Foreclosure Forbearance Deed in lieu Short sale All things being equal, offering a loan modification to borrowers is usually the best option for lenders, because they avoid the high cost of foreclosure (by some estimates $50,000 to $100,000 per foreclosure) and they continue to collect interest on the loan ? at a lower rate of return, but still more than enough to earn a profit...

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FICO?s Web Initiative May Help Those Seeking Loan Modification

Posted on April 18, 2009
FICO/Fair Isaac, the company that manages the all-important credit-scoring formula used by lenders when making mortgages, today unveiled Mortgage Relief Online, a new website that supposedly lets you know within seconds whether you qualify for a loan modification or refinancing under the Making Home Affordable Program...

Latest Foreclosure Statistics: U.S. Foreclosures Increase by 9%

Posted on April 16, 2009
RealtyTrac’s latest foreclosure statistics are now available, and once again the news isn’t very good. According to the U.S. Foreclosure Market Report for the first quarter of 2009, foreclosure filings ? default notices, auction sale notices and bank repossessions ? were reported on 803,489 properties, which sadly translates into a 9 percent increase from the previous quarter and an increase of nearly 24 percent from the same period in 2008...

Understanding How Long it Takes to get a Loan Modification

Posted on April 16, 2009
Image via Wikipedia Understandably, if you applied for a loan modification and failed to hear from your lender after two to three weeks, you’d tend to get a little antsy and perhaps even annoyed (especially if you continue to receive late payment notices and nasty phone calls from collection agencies)...

HOPE NOW?s Latest Initiative Gives Little Reason for Hope

Posted on April 14, 2009
Image by TheTruthAbout… via Flickr HOPE NOW ? a two-and-a-half-year-old alliance between HUD approved counseling agents, servicers, investors, and two of the nation’s largest banks ? issued a press release last week touting a campaign it feels will make a difference in the lives of distressed homeowners...

How Likely Am I to Get Approved for a Loan Modification?

Posted on April 09, 2009
Image by Getty Images via Daylife Nowadays, everyone wants to know the same thing… How likely are they to get approved for a home loan modification? While no one can answer that question with any level of certainty — after all, everyone’s situation is different from everyone else’s — there are contributing factors and circumstances that both increase and decrease a loan modification’s likelihood...

Answering Questions about Front and Back DTI Calculations

Posted on April 07, 2009
Image via Wikipedia Back on the 17th of March, I published a blog entry that generated a lot of follow-up questions (see “Understanding Debt-To-Income Ratio“). One such question–and its multiple answers–appears below. Question: Thank you for your article about DTI ratios...

Our Former Sponsor

Posted on April 06, 2009
With very little fanfare, something recently changed here on KeepMyHouse.com. If you were paying close attention, you may have noticed on Tuesday, March 31, I removed all advertisements and sponsorship images & links for a California-based law firm called Federal Loan Modification Law Center, LLP (FLM)...

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