Articles in the Process Your Loan Category
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New legislation has been proposed that would provide a safe harbor for mortgage services who engage in specified mortgage loan modifications.
Many mortgage loan servicers have the opportunity to modify the mortgage rates of borrowers facing foreclosure, but could be discouraged from doing so for fear of lawsuits.
Bill Will Help With Loan Modifications
With the power to modify mortgage rates, it gives lenders more control in fixing the foreclosure problem facing Florida and the rest of the country.
Previously, lenders were afraid to adjust mortgage rates because it meant that the entire loan …
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State attorney generals of 21 states are pushing Congress to amend bankruptcy laws to help homeowners prevent foreclosures.
The Attorneys General note in their letter that despite the best efforts of state and federal government regulators to engage servicers in voluntary loan modifications to avoid unnecessary foreclosures, further action to spur meaningful modifications must be taken.
Under the amendment supported by the Attorneys General, losses and benefits would be shared between homeowners and investors. If a federal Bankruptcy Court ordered a loan modification, the homeowner would be required to pay …
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You may be considering doing a loan modification on your own, and are wondering exactly how difficult it is to conduct a loan modification by yourself.
First, let’s explore exactly what the benefits of a loan modification are:
1. You can stay in your home, by reducing your monthly payments
2. You can possibly have a reduction in principal through payment forgivenance from payments you may have missed
3. You can restructure your loan. Changing your loan from an ARM to a fixed-rate
4. You can preserve your equity in your home by avoiding default …
Process Your Loan »
A lot of homeowners are facing desperate times due to the housing crisis, and foreclosure seems like the only option.
In response, there has been a huge response in the mortgage industry to start practicing loan modifications. A loan modification is a process of reducing a monthly payment, so that a homeowner can keep paying their mortgage and stay in their home.
There are a lot of quality loan modification providers out there, but there are a lot of scammers too, and looking at a recent CNBC article below, they highlight just …
Process Your Loan »
It’s a little known fact that homeowners who need a loan modification can complete the process themselves, without hiring an agency or financial professional.
All of the paperwork, and documentation can be obtained from the FDIC.gov and other related websites. We’ve put together a quick and dirty list of steps you need to take to process your own loan modification application.
Be warned, however, this is a complex legal process, and just as you would hire an attorney to defend you in court, a loan modification specialist provides you the same advantages.
How …
