From the category archives:

Loan Modification

Facing Foreclosure? With Document Scandal, It’s Vital to Act

Facing foreclosure? With document scandal, it’s vital to act The foreclosure document scandal is a monumental mess. For financially distressed homeowners, being notified that their mortgage company is lowering the boom and seizing their home is now compounded by the question of whether the firm even has the right to foreclose. Allegations have arisen that [...]

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When Bad Financial Times Happen to Good People

I have recently tried to help several homeowners try to stay in their homes amidst trying financial times. Family A has been in their home for 20 years, they have raised their family there and lovingly maintained it. Recently a job loss and major medical problems fell on this family and they could no [...]

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Company Profile: Bank of America Home Loans Works with Real Estate Professionals to Offer Buyers a Better Purchase Experience

The housing market is showing signs of life. Historically low interest rates and greater home affordability in many areas are beginning to attract prospective home buyers to the market. And with a slow yet steady economic recovery, consumers and real estate professionals are positive about opportunities for today’s first-time and repeat buyers. Enabling Success With [...]

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Homeowners in Financial Trouble

So many homeowners find themselves in dire financial straits. From job loss to illness the reasons vary. No one buys a home expecting to not pay the mortgage and not meet their financial obligations but somewhere along the way…life happened! The banks enacted several programs to try to help homeowners first and foremost now [...]

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Bill Would Protect Credit Scores During Mortgage Modification

If you are lucky enough to get your lender to modify your mortgage, you shouldn’t end up dogged by a miserable credit score. That’s the essence of a bill introduced in Congress recently by U.S. Rep. Jackie Speier, D-Calif. It would insulate people from taking a credit score hit going through loan modifications. Speier is [...]

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Growth in HAMP Program Cools

The number of trial loan modifications offered by loan servicers participating in the Obama administration's Home Affordable Modification Program appears to be reaching a plateau, although the number of borrowers moving into permanent modifications continues to show steady growth. The latest HAMP report from the Treasury Department showed 38,728 borrowers starting trial loan modifications in [...]

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FHA Reform Act and Annual Mortgage Premiums; What an Increase Means for Borrowers

The House of Representatives recently passed the FHA Reform Act (H.R. 5072). The bill, sponsored by Representative Maxine Waters (D-Calif.), would give authority to the Federal Housing Administration (FHA) to increase premiums (a.k.a. mortgage insurance) on loans guaranteed by the FHA. It passed by a vote of 406 to 4 and now heads to the [...]

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New Loan Modification for the Unemployed

I have good news for some you who have experienced a job loss and are behind on your mortgage payments or soon will be. As part of the new Home Affordable Modification Program (HAMP), that the government released April 5, 2010, they are now adding another arm called The Home Affordable Unemployment Program (UP). [...]

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Foreclosure Dictionary

Assumable Mortgage A mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer, the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage. Bankruptcy Federal law whereby a [...]

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The Truth About Mortgage Modification

More than 1 in 10 homeowners are upside-down on the mortgage and don’t know what to do. The search for a solution can be filled with misinformation and fraud. If you or someone you know is among the many homeowners who owe more money on their home than it’s worth, know that there are options [...]

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