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Tag Archives: loan modifications

Loan Modification Programs Broken. Crippled by Lax Oversight and Bank Control

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by Kiel and Olga Pierce, ProPublica With millions of homeowners still struggling to stay in their homes, the Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by lax oversight and a posture of cooperation–rather than enforcement–with the nation’s biggest banks. Those banks, Bank of America, Wells Fargo, JPMorgan Chase, and Citibank, service the majority of mortgages. ... Read More »

My Husband and I Bought a Condo in Los Angeles in 2007 with 100% Financing. (Oh, No!) – Beatrice

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Beatrice “Dear Steve, My Husband and I bought a Condo in Los Angeles in March 2007. Terms were 80/20 loans each interest only for first 10 years. We did not put any money down. The value of our Condo has dropped more than 100k (per comparables mainly of short sales in the same building(yes, there have been a few). We ... Read More »

Tips for Getting Loan Modifications for FREE

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by Srinivas Rao, ProPublica ProPublica asked a simple question of more than 700 homeowners dealing with the administration’s mortgage modification program: Knowing what you know now, what tips would you give someone who’s struggling with a mortgage payment?Their advice: Get help, stay organized, and don’t give up. In total, 718 homeowners, all of whom applied for a loan modification through ... Read More »

Mortgage Loan Modification Problems. Delayed then Denied, Often Mistakenly

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Loan Mod Profiles: Delayed then Denied, Often Mistakenly by Karen Weise ProPublica, Today, 10:09 a.m. Download the audio. Listen to David Moe talk about trying to get a loan mod. Retired pastor David Moe describes the process of trying to get a loan modification — only to be denied after more than a year — as nothing short of “The ... Read More »

New York Jumps Ahead With Law Making Mortgage Companies Accountable on Loan Mods

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by Paul Kiel ProPublica, 48 minutes ago New York regulators have crafted new laws to give the state authority to punish mortgage servicers — something the Treasury Department, in administering its struggling mortgage modification program, has so far failed to do. The new rules set clear standards for how servicers must handle homeowners seeking a modification. “We will not hesitate ... Read More »

Loan Modification Program Still Limping Along

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New data released Monday by the Treasury Department shows continued delays and disappointment faced by homeowners in the administration’s mortgage modification program. 190,000 homeowners remain stuck in trial mods that have lasted over six months, still waiting to hear whether they’ll receive a permanent modification. Most of those homeowners will likely be dropped from the program. Even homeowners who’ve successfully ... Read More »

Loan Mods With Chase Going Nowhere Fast

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The new data the Treasury Department released show a number of problems with the mortgage modification program. But JPMorgan Chase leads the pack when it comes to those stuck in loan mod limbo. JPMorgan Chase, the data show, has the most homeowners waiting more than six months for a final answer on whether they’ll get a permanent modification. (What we ... Read More »

Trail Loan Modifications Trash Credit Report and Credit Score

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Carolyn Said of the San Francisco Chronicle wrote an excellent article “Loan modifications often damage credit scores” that covers the reality of the damage that occurs to credit from a loan modification. Here are some excerpts. You should read the full article for more information “Struggling homeowners who get a loan modification to reduce their mortgage payments are often unaware ... Read More »

Foreclosure and Loan Modification Consultants Get Jail Time

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In a clear “warning shot” to unscrupulous loan-modification consultants, California Attorney General Edmund G. Brown Jr. today announced that two women have each been sentenced to one year in jail and ordered to repay dozens of homeowners who were charged thousands of dollars in up-front fees for non-existent foreclosure-relief services. Marianne Curtis, 69, of Costa Mesa and Mary Alice Yraceburu, ... Read More »

Loan Modification Scams, “There should be a special place in hell for people who prey on people who are down to their last dollar”

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The Providence Journal had a great article on mortgage loan modification scams. Here is an excerpt. “Richard Godfrey, executive director of Rhode Island Housing, said that Rhode Island, which has been experiencing “800 foreclosures a month, virtually for two years, unabated,” has been fertile ground for loan-modification scam operators. Typically, scam artists charge up-front fees, make promises that are too ... Read More »

How Can I Qualify for a Loan Modification Program if the Home is Not in My Name? – April

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“Dear Steve, My credit score was too low so my mom decided to help me with my first condo. She took a loan under her name since I could not qualify, but I had been making the mortgage payments ever since. Our names are both on the property title but the loan is only under my mom’s name. Recently, I ... Read More »

Ohio AG Goes after Barclays Capital Real Estate, HomeEq Services for Unfair Loan Modifications

The Ohio Attorney general has gone after Barclays Capital Real Estate operating under HomeEQ Servicing for several issues but one of them was an attempt to get Ohio consumers seeking loan modifications to sign agreements that included provisions for the borrower to: Waive all defenses, claims or offsets with respect to the unpaid principal balance as adjusted by HomeEQ to ... Read More »

I Was Thinking About Bankruptcy. Would This Have An Effect On My Loan Modification? – Tim

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“Dear Steve, I have worked in auto sales for the last ten years and things have really gone down hill over the last few years. I was just let go at the begging of Feb. and have been collecting unemployment. I’m two payments behind on my mortgage and have a huge amount of credit card debt and unsecured loan debt. ... Read More »

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 »

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 »

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