Search Results for: loan modification

HAMP Loan Modifications Cause Frustration for Borrowers

If you’ve tried to get your lender to modify your loan, there’s a good chance you can relate to the people in this article from the USA Today. Maybe you’ve called your lender multiple times with no call back.  Or maybe you’ve had to provide the same documentation over and over and over again.  Or […]

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Treasury Report: 1 in 4 Loan Modifications Approved

A new Treasury Department report shows that only 25% of HAMP (Home Affordable Modification Program) applicants were successful in getting their monthly payment reduced. The report was discussed in an article in the Wall Street Journal.  According to the article, almost 266,000 applicants were rejected because they either didn’t submit the necessary paperwork or it […]

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Government Loan Modification Program Struggles

Here we go again…the government’s HAMP program (Home Affordable Modification Program) was recently re-evaluated by the Congressional Oversight Panel.  And big surprise…it’s not working.  In fact, it’s been a miserable failure so far.  A year and a half since the program started, HAMP is on pace to prevent only 700,000 to 800,000 foreclosures.  By the […]

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Denied Loan Mods Reviewed by Lenders?

Oh boy…this one might get your blood boiling, especially if you’re a homeowner who has been denied a loan modification under the government’s HAMP program. (By the way, I recently wrote an article about the shortcomings of HAMP, which might be worth reading for a little background). But back to the issue at hand: Kate Berry of American Banker recently wrote about yet another problem with the program, one that reeks of conflict of interest.

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Luxury Homeowners have more Pre-foreclosure Options

For high-end, luxury, or executive homeowners, there is typically more time to work out a foreclosure alternative with lenders, whether it be a short sale, a loan modification, a forbearance agreement, or deed-in-lieu.  Additionally, some lenders will even pay cash to the homeowner of up to $30,000 (this only happens in a short sale, and it actually […]

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North Carolina Receives Aid for Short Sales

In April, 49 state attorney general offices and several federal agencies reached a $25 billion settlement with 5 major lenders (Wells Fargo, Bank of America, Citi, Chase, and Ally/GMAC).  The settlement was the result of suspect lending practices and automated foreclosure processes (“robosigning”). The state of North Carolina received approximately $338 million from the settlement. […]

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NC Realtors Push for BPO Law Change

The North Carolina Association of Realtors (www.ncrealtors.org) has begun an email campaign to push for support of Senate Bill 521 – Broker Price Opinions. Below is the email that was just sent out by NCAR… A major piece of legislation is under consideration in the North Carolina General Assembly and we need your help! Click here to take […]

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Federal Disclosure Requirements to Protect Homeowners

By now, we’ve all heard of foreclosure rescue companies, loan modification services, and the like.  Many of these companies offer an invaluable service and are worth every penny they make in the process.  However, there are some groups out there who are either unknowingly charging illegal fees to underwater homeowners or who are complete and […]

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Bank of America Foreclosures Expected to Rise

Bank of America has figured out a way to foreclose on even more homeowners.  According to a recent piece in The New York Times, a new deal between the lender and investors who bought its bad loans could lead to faster approval of loan modifications but also shorter foreclosure processes.  According to BofA exec Tony […]

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Latest HAFA Report Shows Mixed Results

It’s been a while since I’ve written about HAFA (Home Affordable Foreclosure Alternatives Program), and that’s because there hasn’t been much to write about (unless you focus on the ineptitude of taxpayer-funded programs). According to a recent article on HousingWire.com, the Treasury Department says 10,438 short sales have been completed through HAFA since its start in […]

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