I actually met a client yesterday who had negotiated the modification of her loan . Interest rate reduced to 2% for 2 years; 4% for 2 years; and 6% thereafter. Arrearages added to principal.
If that’s all you knew you might think that lenders were serious about making modification work. The remaining fact is that the [...]
Posts from ‘June, 2009’
Look! Look! a modification
Waiting for mortgage modification
Does the Obama Administration read the New York Times? Then perhaps today’s paper will point out that voluntary loan modification isn’t working. Papers lost, hours on hold, arbitrary denials, the litany goes on. The Administration can’t tell us how many loans have been modified.
The mere existence of a “program” such as the Times shows in [...]
New California Law Extends Time Periods For Foreclosures
An additional 90 days has been added, is some cases, to the length of time for a homeowner to cure a default in mortgage payments. The California Foreclosure Prevention Act went into effect on June 15, 2009. This bill extends the current 90 day period between notice of default and notice of sale to [...]
Mortgage Modification: What’s the Hold-Up?
Borrowers have reportedly been on the phone for a countless number of hours waiting to talk to someone about refinancing or modifying their home loans. So, what’s the hold-up?
Have the banks not staffed their modification programs with enough people? Are they simply using the Obama Administration’s plan as some kind of collection tactic to squeeze [...]
Share your loan modification experience
Between the Obama plan and the loan modification ads on TV, you’d assume that everyone who need a loan modification can get one. Is that your experience?
If you’ve tried to get a mortgage modification in the past three months, please share your experience with us. Were you offered a modification? What were the terms? Did [...]
Mortgage trouble? Call your Congressman
MoneyNews.com reports on the efforts of two member of Congress to help consituents find help with loan modification. It’s telling that one representative made no headway until she called the chief executive officers of Wells Fargo and Bank of America. Homeowners without that Congressional clout languish on hold listening to canned music and are shuffled [...]
Fatigue in the war on foreclosure
The Mercury News’ story on community resources in the South Bay for those facing foreclosure was wrapped in the tale of a woman worn out by two years of counseling those at risk of losing their homes.
Congress and, to some degree the press, has moved on from the foreclosure crisis, while the statistics report that [...]