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Posts tagged 'Home mortgage loan modification'
Written by: Timothy McFarlin | Publish date: November 8th, 2010
As a loan modification lawyer, many people ask me “how do I apply for a home loan modification?” Well, the short answer is, very carefully and deliberately! Loan modification is not a matter of simply putting in a request with the lender, it has become a long and drawn out process of faxing paperwork and following up constantly. Step 1 in How Do I Apply for a Home Loan Modification: Lender Requirements The first step when applying for a home loan modification, is to call the lender and get their guidelines or a list of requirements for loan modification. This [...]
Written by: Timothy McFarlin | Publish date: October 30th, 2010
It is, unfortunately, very common for lenders to simply foreclose at the conclusion of a temporary loan modification (trial loan modification), or worse, during the trial loan modification or temporary loan modification…while payments are current. With lenders having greater bargaining power and resources, they frequently roll over homeowners leaving borrowers with little recourse other than suing the lender for this unethical and shameful behavior. Temporary Loan Modification: A Prelude to Foreclosure Although they would never admit to it, it certainly seems like many lenders use the temporary loan modification or trial loan modification process to squeeze every last dollar from [...]
Written by: Christopher Gordon | Publish date: July 13th, 2010
A new survey recently released by Freddie Mac, the nation’s second-largest mortgage finance company, shows 30-year mortgage rates have plummeted to new, all-time lows. “With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Freddie Mac Vice President and Chief Economist, Frank Nothaft. There’s no question these more-than-friendly mortgage rates have “up’d the ante” as far as home refinancing loans are concerned. The survey, which started back in 1971, shows the average rates for 30-year, fixed-rate mortgages (the most common loan utilized) were 4.57% for the week ending July 8th, a drop [...]
Written by: Christopher Gordon | Publish date: June 21st, 2010
Those who take out home loans, guaranteed by the federal Housing Administration, may soon find themselves paying big fees as the House has recently passed a bill allowing the FHA to hike monthly premiums as they see fit. For instance, a borrower maintaining a $170,000 mortgage might possibly pay an additional $42 a month. Meanwhile, with the potential of having to deal with yet another principal limit reduction for the FHA’s reverse mortgage program, the US Department of Housing and Urban Development (HUD) is presently working on a quick solution to eliminate the necessity for the $250 million appropriation requested [...]
Written by: Timothy McFarlin | Publish date: May 29th, 2010
For many individuals, facing foreclosure once offers plenty of motivation to avoid future close calls with their lender. No matter how hard some try, however, they manage to find themselves defaulting on their modified loan, placing them at risk of losing their home again. Falling back into debt is not usually done on purpose; some folks are just unfortunate enough to hit more hardships after their loan is modified. Those who default on a modified loan but want to avoid a short sale or bankruptcy may still be able to stay in their home after defaulting. Unlike a bankruptcy protection, [...]
Written by: Timothy McFarlin | Publish date: May 28th, 2010
A temporary financial hardship is usually considered to last for approximately a month or two. This measure of the word “temporary” may seem short, but one must remember that in the financial world, one or two months of falling behind on certain payments is enough for lenders to repossess and / or foreclose on property for failure of the borrower to pay their debts. With that being said, many homeowners facing a temporary financial hardship wonder if a loan modification would be beneficial to them or if they would be better off by not modifying a loan and waiting out [...]
Written by: Timothy McFarlin | Publish date: May 28th, 2010
As our troubled economy continues to cause trouble for homeowners across the country, more and more people are looking for ways to recover from their financial slump without putting a strain on their credit scores. The home mortgage loan modification is the perfect way for those struggling to make their mortgage payments to lower their monthly payments and begin the process of their personal economic recovery. A loan modification can improve a person’s financial situation in more ways than one. Borrowers who are approved for a loan modification are able to begin the financial recovery journey almost immediately after they [...]
