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Posts tagged 'Loan Modification Attorney'
Written by: Timothy McFarlin | Publish date: April 15th, 2012
With so many homeowners behind on mortgage payments and struggling to save their homes, many people are asking, will loan modification stop foreclosure? The short answer is yes! Loan Modification will stop foreclosure…if the lender agrees to it. Loan Modification Will Stop Foreclosure Generally, a loan modification to stop foreclosure is a voluntary arrangement between borrower and lender, both must agree. Most of the time the borrower is the one pushing for a loan modification to stop foreclosure because they don’t want to lose their home and have to move. This is a possibility when the borrower can show they [...]
Written by: Timothy McFarlin | Publish date: March 28th, 2012
There has been continuous discussion in the media and among homeowners about the available Obama loan modification programs guidelines and criteria available to struggling borrowers. The most common questions surround the qualifications and criteria for Obama loan modification programs. The Obama loan modification program is also commonly referred to as HAMP. Obama Loan Modification Program Criteria Qualifications and Eligibility To understand Obama loan modification program criteria and guidelines, here are some of the qualifications: 1. The home must be your primary residence; 2. The first mortgage loan amount must be less than $729,750; 3. The first mortgage must have been [...]
Written by: Timothy McFarlin | Publish date: December 18th, 2010
The US Treasury Department has produced a number of loan modification laws or mandatory guidelines requiring lenders to review homeowners’ loan modification requests and perform loan modifications where possible. Under the current loan modification laws, in exchange for fixing loan payments at 31 percent of the homeowner’s monthly gross income, the lender receives generous incentive payments (aka: your tax dollars). Loan Modification Laws Not Followed…Not Even Close Lenders representing 85 percent of the housing market have agreed to participate (and accepted incentive payments from Treasury). Homeowners must first go through a trial loan modification period before their final mortgage payments [...]
Written by: Timothy McFarlin | Publish date: December 3rd, 2010
With so many homeowners struggling to keep up with mortgage payments, federal government loan modification help through loan modification legal services have become a popular option for borrowers seeking to keep their home. Loan modification legal services is a general term sometimes used to describe the process of hiring a real estate lawyer to negotiate with your lender for more favorable mortgage loan terms including a lower interest rate, a lower payment, or recapitalization of past due payments onto the principal of the loan. The following is a brief description of the loan modification legal services process a lawyer would [...]
Written by: Timothy McFarlin | Publish date: March 7th, 2010
A guide to loan modification success can be a good motivational tool to keep from losing faith when waiting for your lender. Being told that your application for a loan modification has been approved is a great feeling of success and relief. After months of waiting and wondering, a loan modification success can be a great victory for homeowners during these tough economic times. Guide to Loan Modification Success 1: Fill Out the Application Completely Lenders have disclosed that a large percentage of loan modification denials stem from improperly filled out forms and incomplete documents. Homeowners should read every word [...]
Written by: Timothy McFarlin | Publish date: July 21st, 2009
There are many lenders out there who promise you low rates and seemingly “too good to be true” deals.
Written by: Timothy McFarlin | Publish date: November 25th, 2007
A Loan Mortgage Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. Through Loan Modification, even the interest rate and payment amount can be negotiated and adjusted. QUESTION 1 – In utilizing the Mortgage Loan Modification option to bring a mortgage loan current, can the mortgagee include all fees and corporate advances? ANSWER – Mortgagee Letter 00-05, page 21, paragraph F, “Allowable Provisions” states: “All or a portion of the PITI arrearage (principle, interest, Taxes and Insurance) may [...]
