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Mortgage Related

Loan Modifications. More PR Than ER. 57% of Monthly Payments in Modified Loans Are the Same or Higher.

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According to a recent study of loans that were modified by lenders, only 29% of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent. Now this is a good news, bad news story. The good news is that some loans did receive some needed modifications. The bad news is that for ... Read More »

Government Avoid Foreclosure Loan Modification Open for Refinancing

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It is important to note that this loan refinancing program is NOT designed for people that are behind or delinquent on their mortgages. You will have to contact your loan servicer and see if you are eligible for help under the Home Affordable Modification part of the program. To participate in the government backed loan modification program borrowers must meet ... Read More »

Guess What You Might Not Owe? Your Mortgage!

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Under the universal law of what you least expect, it appears that the rabid feeding frenzy of banks to initiate loads of subprime mortgages resulted in sloppy loans and sloppy documentation. Bankruptcy judges, foreclosure courts and lawyers are now getting a bit wiser to the trailing mess created as banks sold and resold pools of securitized mortgages. It appears that ... Read More »

Government Mortgage Assistance, Resources to Avoid Foreclosure, Homeowner Affordability and Stability Plan

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At this time the Obama administration is preparing to revel their new approach to help homeowners avoid the loss of their homes in foreclosure. I’ll use this post to provide new information as it is made available. Here is what I know right now. The Obama plan calls for: Helping borrowers who owe more than 80% of their home’s value ... Read More »

The Autumn of Mortgage Lender Abuse

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Center & Plaza, originally uploaded by Brad Gillette. Today a very important announcement is going to come out from the government with a plan to help people have at least a chance of dealing with the foreclosure mess, upon us, and to come. If we are lucky, the announcement will carry a provision allowing bankruptcy judges to have some input ... Read More »

Mortgage, Bankruptcy, Nonsense

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Not that long ago I wrote again about the pleas from banking to not allow bankruptcy judges the authority to modify mortgages, in limited situations, to allow people to stay in their homes and avoid foreclosure. See “Mortgage Bankers Association. A Bunch of Whiny Bitches?“. Today an article in the Wall Street Journal has got me going again. Todd Zywicki ... Read More »

Mortgage Bankers Association. A Bunch of Whiny Bitches?

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So in the Wall Street Journal the Mortgage Bankers Association answered a op-ed about the need for bankruptcy mortgage modifications with the following response. In “Loan Modification Can Stop the Foreclosure Crisis” (op-ed, Jan. 30), Rep. John Conyers shortsightedly calls for allowing unelected bankruptcy judges to unilaterally modify mortgage contracts to help keep borrowers out of foreclosure. Mr. Conyers talks ... Read More »

Another ‘Extreme Makeover’ Home In Foreclosure

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Back in August there was an Extreme Makeover home in Georgia facing foreclosure, now there is another. This time in Michigan. Extreme Makeover is a very interesting television show to watch. Who can’t be drawn into watching Ty Pennington and the nice looking makeover team roll up in their custom bus and then demolish the tattered home of a family ... Read More »

Mortgage Lender List of Loss Mitigation Contacts That Can Help You Avoid Foreclosure

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If you have a mortgage with one of the lenders below you can use the contact information to reach the person at the lender that should be able to direct you to the special terms or programs available to help you avoid foreclosure or to come to a solution regarding your delinquent mortgage. The contacts should be able to handle ... Read More »

Bankruptcy Judges Should Have the Power to Modify Mortgages

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The sagging home values are drawing attention to a gaping hole in bankruptcy protection, the ability for U.S. bankruptcy judges to be able to modify the terms of a mortgage to keep people in their homes that want to pay. A couple of recent article really caught my eye, “Delahunt: Empower judges to modify mortgages” and “A Win-Win Bankruptcy Reform“. ... Read More »

Worth Reading – New Tack in Default Battle: Cutting Mortgage Principal

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Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer that has shrunk the amount owed on 10,884 delinquent mortgages as of Sept. 30. That is 23% of all the loans modified by Ocwen so far this year. Ocwen estimates the company’s foreclosures result ... Read More »

Damn You June Reyno. Let Your Home Go And Move On.

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Not that long ago I wrote about a woman that chained herself to her front porch to prevent her home from being foreclosed on. I’m afraid the story has turned into the pleading mother begging for the return of her child, only to have murdered it herself. June isn’t an innocent victim here of banks gone wild, although I would ... Read More »

Financial Counselor, Credit Counselor and Foreclosure Counselor Stress

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The real world can never understand how much pressure a credit counselor, debt counselor or housing counselor deals with on a daily basis. Allowing your work to invade your walls is easy to do. Those of us who care can find ourselves worrying about the people that turn to us for help and not letting them down. But we often ... Read More »

How to Avoid Being Scammed by a Foreclosure Rescue Promise or Plan

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Foreclosures are increasing nationwide, and so are scams that promise to “rescue” homeowners from foreclosure. What these scams do is take your money, ruin your credit record, and wipe out any equity you have in your home. Foreclosure con artists take advantage of people who have fallen behind on their mortgages and face foreclosure. Con artists know that people in ... Read More »

Woman Chains Self to Home to Prevent Foreclosure

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I’m not quite sure how effective this particular approach is but one foreclosure specialist, facing financial problems of her own, has chained herself to the front porch while awaiting eviction. The woman chained to the porch is June Reyno. June Reyno, her husband and their five dogs have lived in their Mira Mesa home for nearly 20 years. Now, they ... Read More »

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