I Received a Mailer From Payment Reduction Service and Core Pac Solutions to Modify My Mortgage. – Charles

Charles “Dear Steve, My mortgage is upside down, I am one month behind, I cannot qualify for a re-finance given my credit score. I contacted my lender to see if I qualified for the federal loan modification plan (countrywide/BOA) and they indicated that they will contact me if they think I qualify-no word. I got … Read more

Mortgage Company Won’t Modify Loan Because it is an FHA. – Debora

Debora “Dear Steve, In January I lost my job. My husbands hours were cut. We have fallen behind on all of our bills including our mortgage. I have tried to refinance so that we can save our house but our home value came back at less then what we owe so that was not an … Read more

We Have Three Mortgages Against Our House, Started Our Own Business, and Finding it Hard to Pay the Bills. – Arthur

I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve Arthur “Dear Steve, Upside down mortgage due to declining property values. Our income is down 50% due to the economy. We’ve tapped all our equity to … Read more

I am Upside Down in My Mortgage. A Loan Remodification Company is Offering to Help. – Danny

I apologize in advance for the short response. I am currently away on vacation with limited internet but wanted to give you an answer as soon as possible. Steve “Dear Steve, I am upside down in a mortgage as most everyone else is. I owe 301,000 on a house that is wort about 200,000 according … Read more

FBI & FTC Investigating Foreclosure Rescue Companies and Loan Modification Schemes

The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close … Read more

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

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 … Read more

Government Avoid Foreclosure Loan Modification Open for Refinancing

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 … Read more

Mortgage Bankers Association. A Bunch of Whiny Bitches?

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 … Read more

Jeff Wants to Rob a Bank or Do Something Desperate to Pay His Bills

“Dear Steve, We’re not in foreclosure only because we pay the mortgage first, but several other bills are way behind, and it was our poor choices and taking loans against the house that got us here. No reputable lender would help us now, and it seems the only way out is to get rid of … Read more

Personal Finance Brain Trust – What Rights Should Debtors Have?

This weeks brain trust question was: Question: Bank of America is proudly telling people about their new loan modification program and how much it will help people. But this program did not materialize until Bank of America was sued by some states over predatory lending. The real world situation is that the majority of lenders … Read more