FTC ban on upfront loan mod fees looming

On March 29, 2010 the loan modification realm is likely to see massive changes.  It appears that the FTC’s proposed ban on upfront loan mod fees will soon be in effect.
This is good and bad.
The good news is that hopefully most of the rip-off operations available through the internet will be out of business.  It [...]

HAMP can help foreclosures but increases risk

Why does HAMP help and hinder?  Simple.  Borrowers hope and believe that HAMP will somehow resolve their mortgage woes when in fact it can exasperates them but slowing the foreclosure process without resolving an inability to make the payments.
HAMP tends to instill false hope in borrowers many of who soon find out either:
a)     they have [...]

HAMP update…we bring you HAFA

When are they going to roll out the HEMP program so we can relax while being put through the agony of re-faxing 90 pages of paperwork over and over and over.   You asked for a new and improved HAMP and so now you get HAFA…say it with me now, HAFA, no, no, no, pronounced just like “half [...]

Midland Mortgage grants 37.5% reduction in rate for homeowner

Loan modifications offered through HAMP can be beneficial for some homeowners but if the homeowner is denied for HAMP or the offer is unacceptable, litigation may be an option.  This is a more costly alternative but in most cases results in more beneficial and permanent modifications.
Recently we helped homeowners with legitimate hardships due to medical conditions negotiate a settlement with Midland [...]

Why you keep ‘Chase’-ing your loan mod

This reporter does a good job at noting some of the more frustrating problems with securing a loan modification with JP Morgan Chase.    These kind of ambiguous and weak answers are a regular part of almost every client stpry who that walks through our doors.

Home owners are so exasperated by the entire process that many [...]

Modification is Not for Every Borrower according to a Treasury Adviser

Two questions borrowers frequently ask us,

“How did my neighbor get into HAMP (and/or get a loan modification) but I can’t?
“Do I have to be delinquent to get a workout plan?”

The best answers typically are:

The secret Black Box recipe may not mix well with your situation (read more here on this) because your loan may be [...]

Mind the P&L, as in Payoffs and Liens

This is a re-print of an article I wrote for Real Estate Executive Magazine for this month’s issue.
Mind the P&L, as in Payoffs and Liens
Understanding your seller’s complete financial picture has long been a best practice of top producing REALTORS but that task has become more important and more complicated.  It’s not just declining [...]

HAMP’s secret formula in a black box = black hole for homeowners

This is from a rather long article posted by MSNBC.  Here’s a quick summary of some of the more salient points. So much for full transparency from the U.S. Government.
Flaws plague foreclosure relief program
Millions of Americans who are struggling to save their homes from foreclosure are trapped in a labyrinth of disappointment and [...]

FHA loans are available to Short Sellers!

One of the fears that homeowner have is whether they will be able to secure a new loan to purchase a home in the future after short selling the current one.  The answer is yes.  In fact, the Department of Housing and Urban Development (HUD) released a letter to lenders regarding borrower eligibility for a [...]

Toxic Titles: Part Two – “Don’t mind me if I put an extra lien on your home”, says bank.

Continuing the “Toxic Title” issue
The second nasty title cloud appears when homeowners have modified their loan or taken the dreaded “HomeSaver Advance” which was rampant the last few years.
Let’s examine the result of a typical HomeSaver Advanced deal.  Imagine falling several payments behind and now you owe the bank $8,000 in past due payments.  We [...]

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