The Homeowner Affordability Act went into effect March 5, 2009. Now all the unemployed mortgage brokers are mortgage modification specialists. Don’t believe the hype. They do not have special contacts, special numbers, they can’t wave a magic wand and get your servicer to answer the phone any better than you can. Do you really trust… Continue Reading
Tag Archives: mortgage. modification
Delinquency Rate Rises on FHA-Backed Mortgages
Home mortgages insured over the past two years by the Federal Housing Administration are falling into delinquency at a faster rate, adding to risks that could prompt the agency to request an infusion of taxpayer funds. Nearly 10.2% of borrowers who took out FHA-backed loans in the first quarter of 2008 had missed at least… Continue Reading
Judge States the Case for Judicial Modification of Mortgages
Financially ailing homeowners who find they owe more on their house than it’s worth could get some relief if they seek refuge in bankruptcy court. A key component of President Barack Obama’s plan to curb the rising tide of foreclosures is to give bankruptcy judges the power to write down mortgage debt for people in… Continue Reading
House Takes on Home Mortgage Reform
WASHINGTON — Top legislators on Capitol Hill are preparing to take up a comprehensive plan that would fundamentally reform the home-mortgage market, starting this year. Had the same rules and standards been in place earlier in the decade, say congressional supporters, it could have eliminated much of the funny-money loans, slipshod underwriting and Wall Street… Continue Reading
How To Really Help Troubled Homeowners
It may seem obvious: Increasing how much troubled borrowers pay on their mortgage leads to redefaults. But that didn’t stop America’s banks. Until the end of last year, the majority of loan modifications either increased homeowners’ monthly payments or left them unchanged. Not surprisingly, more than half of those borrowers fell behind again within six… Continue Reading
Dan’s Foreclosure Story
This is happening to millions of Americans across the nation. It is time to stand up. Stand up to special interests, to congress, and the senate. We need Judicial Modification and we need it now…. Continue Reading