All about Loan Modification

Here is a new Post at Teens to Obama: Leave Foreclosure Assistance Out of Stimulus ….

HowStuffWorks blogger Josh Clark writes about house parties in foreclosed homes.

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Foreclosure Assistance?

I would file Chapter 13. It is my understanding that NY has stiffer foreclosure laws? In Texas if you "look at them wrong" they will foreclose! Well not really, but NY is the toughest state. All of the laws are in favor of the buyer not the lender. Call and attorney and talk to them. they may be able to file a stay or a waiver to postpone the foreclosure date allowing them to come up with a Plan B such as reinstatement, refinancing, or maybe sell it to an investor? Best of Luck!

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County task force provides foreclosure assistance

by Alexander Mirabella This guest commentary was written by Alexander Mirabella, Chairman of the Union County Board of Chosen Freeholders. …

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Are you wondering if you might be a candidate for loan modification? Many homeowners - and by many, we mean thousands if not millions - are finding that a loan modification is the right solution for a failing mortgage. How do you know if you should pursue a loan modification?

• Been trying to refinance but can’t. Just about everyone that has an adjustable rate mortgage has attempted to refinance. The problem is that most are getting turned down. Ever since the housing market went into steep decline and lenders began collapsing, it has become seemingly impossible to get approved for a new loan using traditional means. However, many of those same homeowners have been able to get their loan modified in a workout agreement with their lender.
• Got laid off from work or suffered some other hardship. Life happens and there’s nothing you can do about it sometimes. Perhaps you got laid off from work. Maybe there was an illness in the family that required monetary support and kept you from working. Car accidents. Injuries. Unexpected events. Market affected your income. They’re all legitimate reasons that can get you behind on a mortgage that you can otherwise afford. Hardships such as these are often accepted by lenders as justification for loan modification.
• Home value has dropped. The market is in decline and home values are falling. In many cases, loan modification may not be an option when you get upside down on your home loan. A lot of people in this situation are better off with a short sale. Still, it is absolutely worth your time to at least explore the option with a loss mitigation specialist. At the very least, they can help you get approved for a short sale.
• Simply can’t keep up with the mortgage. In a tough market, many people have seen their income drop substantially through no fault of their own and can’t afford the home they once easily made payments on. You may be able to get a loan modification that makes that home more affordable. If not, again, a short sale is an option as well.

Do you think you need a loan modification? Get in touch with a reputable loan modification specialist that can negotiate on your behalf. You have options, but they only exist if you pursue them. Don’t waste any time getting help.

Tomas Loan Modification Loan Modification

Here is a new Post at Apply for a Stop Foreclosure Loan and Stay in Your Home.

The financial slowdown that began in the US and is now slowly sending shockwaves around the world has devastated thousands of people. Job cuts, credit losses and mortgage defaults have become the order of the day as millions scurry to …

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Is there a loan company out there anywhere that refinances under 500 credit score to stop foreclosure?

Yes, there are people who do that, but your rate will be 14% or way more.

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Here is a new Post at Streamline or modify - Loan Modification Forum - Loan Safe.

Hi, need some opinions and help, am new to this forum. I have owned my home for 23 years…never have missed or been late on a mortgage payment. 3.

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Can I still modify my loan if I am NOT three months behind as most banks require?

ok, first thing you do is call B of A and ask for the “loan modification” or “loss mitigation” department - not BILLING or COLLECTION, tell them the truth, that you took out an ARM (you could lie and say that the mortgage broker promised you it was a fixed rate loan and you didn’t realize it would adjust until you got to the closing table) and now that it’s adjusting you will not be able to carry these payments. Give them a hardship story that you can repeat verbatim, possible loss of job, possible health issue of a wage earner in the house, anything to let them know you are serious about paying the mortgage but not with it adjusting. The banks do not want your house, their REO’s are bulging at the seams, especially if you have little or no equity in the house, they may even lower the rate and then fix it for 30 years, the banks are doing crazy stuff these days to help keep people in their homes. I work with people in foreclosure every day, dealing with the banks on their behalf, your persistence will pay off, you can email me if you have other questions.

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Excellent article about Tim Geithner etc
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Kanjorski pushes measure to help modify loan terms

By David Pierce Mortgage servicers would be allowed to modify loan terms without fear that disgruntled investors will sue them, under a bill introduced by …

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Here is a new Post at Foreclosure: Octuplets Family $23225 Behind On Mortgage Payments.

Octuplets Family $23225 Behind On Mortgage Payments. By Meg Marco , 9:58 AM on Thu Feb 19 2009, 16031 views. CNN is reporting that the house that the octuplets mom is living in is currently in default, and the mortgage owner, …

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what is the best thing to do when you are behind on mortgage payments and you can’t re-finance?

well, let me tell you this is happening to my son right now….he has tried to sell the property but with the market being so down and falling more every day…he has been unable to sell. as of april he defaulted and on august 18th his home will be auctioned off.

you could let it go into foreclosure and walk away…that is happening everywhere right now. you will be able to purchase property again (federal law gives you that right 24 months after foreclosure date).

you should also contact your mortgage co. first and see if they can offer you any assistance.

lastly, let me suggest —do not accept any of these offers on the internet where they guarantee to REFI you…..it will again be a scam similar to the Arm and you'll be farther down than you are now.

what you are looking for is a refi with a 30 yr fixed no early prepay penalty and this is really hard to find in this market right now unless you have exceptional credit.

good luck and stay away from the scammers.

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Number seeking arrears advice soars - The Press Association

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Housing crisis trickles up

Luxury-home owners are falling behind on mortgage payments at the fastest pace in more than 15 years, a sign the US financial crisis that began with the …

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