All about Loan Modification

Here is a new Post at Countrywide Loan Modification and Bank of America Loan ….

Countrywide loan modification Fact: Help is available if you know how to get it. The bank is offering some very aggressive loan workout plans for qualified borrowers. The trick is knowing how to complete your loan modification …

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Homeowners Say Banks Not Following Rules for Loan Modifications

After receiving his own trial loan modification from JPMorgan Chase, he's helped others apply for modifications through the program on his own time. …

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Tomas Loan Modification countrywide, loan, modification

Here is a new Post at Loan Modification Hell: 98 Loan Mods Done; 340000 (Or More) To Go ….

All Bank of America customers have been converted to Countrywide’s proprietary loan management system. The upside is that the system has allowed Bank of America to introduce some of the “robust” tools it uses to originate loans into the …

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Loan Modification Hell: 98 Loan Mods Done; 340000 (Or More) To Go

All Bank of America customers have been converted to Countrywide's proprietary loan management system. The upside is that the system has allowed Bank of …

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Here is a new Post at Public record request - Loan Modification Forum - LoanSafe.org.

Don’t know what good this will do, but I just sent a request for public records to the Florida Atty General concerning the Countrywide settlement.

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How many have had luck with Bank America (Countrywide) loan modifications?

Call me I have a relationship with someone at bank of america.
I can get you a step ladder program ending with a 5.25% fixed
818-730-2244

My name is Vic

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Gov't unveils rules to speed up 'short sales'

The plan is designed to help homeowners who don't have the income or debt levels to qualify for a loan modification under the Obama administration's $75 …

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Here is a new Post at citibank student loan consolidation: Countrywide Loan Modification.

Brought a great chance in the Countrywide Bank Countrywide Loan Modification Program. If you are collecting relevant resources for loan modification program with Citibank, then you should not do any more time into it. …

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Mortgage bailout help/Countrywide loan modification?

Andrew: My first advice will be to call countrywide or better yet got to their website and find out the requirements for the new Home Affordable Modification Plan. You will have to fax Countrywide proof of income and a hardship letter; make sure to include your Loan# in all the pages. Find out the phone for they Home Retention Dept and follow up at least twice a week during the process is not impossible to get a Loan Modification. The new plan consist of lowering the mortgage payment including Principal, Interest, Taxes & Insurance to 31% of your gross income.
Asked for the full name of the person that is working your case or acct; and ask for a direct phone number and be on top of it until the Modication process is complete.
Trust me I work as a Home Retention Consultant for a major Bank; it will take you about a month or two to complete the process.
The sooner you contact Countrywide the better.
What the other person said is true; but is also true that a lot of people have been modified and a lot more will get the help if they ask for it and work with their lender.

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Bank of America Mortgage Loan Modification – Success or Failure?

The Bank of America mortgage loan modification program definitely got off to a slow start. Many home owners and analysts were convinced that the Making Home …

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Here is a new Post at BOFA merger with Countrywide - Loan Modification Forum - LoanSafe.org.

Went to a face to face with BOFA rep yesterday at a MHA thru Homeownership center of cincinnati, was told I qualified for the program and would not.

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Countrywide loan modification?

I’ll get straight to the point.
You asked how often do these actually materialize into something decent?
well, that depends.
here is how a loan mod works:

let’s say your mortgage is 1000 per month.
and let’s also say you are 6 months behind.
that means you are behind $6000. with me so far?

okay, the way a loan mod works is this:

countrywide will take that $6000 that you owe and divide it up over the next 6-12 months and ADD it to the mortgage you already have. so let’s look at the most favorable example:

if they split it up over the next 12 months (which is all based on approval), that means your loan mod payment is $500. make sense? $6000 divided by 12 months is $500. okay?

here’s the kicker: that’s on TOP of your existing mortgage, because you still owe that.

so what will happen is you will end up paying your regular payment of $1000, PLUS the $500 for the next 12 months.
make sense?

a couple of statistics that may interest you:

89% of people who sign up for a loan mod never make their first payment. yep, you read that right. the reason is fairly obvious. if it was difficult to make your original payment, increasing that payment only makes it more difficult, doesn’t it?

the reason a lender is willing to do it is for that 11% of people. you see, foreclosure is expensive for banks. it costs them on average more than $30,000 per house after you account for attorney fees, holding costs, taxes, insurance, etc. they want to avoid it and squeeze every bit of money out of you before they do so.

hope this helps. if you have any questions, email me.

oh, by the way, you can check this out to see what other options you have:

squidoo.com/youstopforeclosurenow

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Watch Your Wallet - the Countrywide Team (ex Mozilo) is Back
A Complaint By Any Other Name… Maybe it’s NOT the Loan Mod Firm
Posts about Foreclosures as of August 2, 2009
REA Support Services – Is this a new scam by cockbrokers?

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Bank of America faces complaints over mortgages and stalled loan modifications.

… Florida's largest mortgage lender, concerning mortgages and loan modifications. With its acquisition of Countrywide Financial last year, Bank of America …

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Tomas Loan Modification countrywide, loan, modification