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Loan-modification Articles

Posted on May 17   By Justin McHood
In many parts of the country, a significant number of homeowners currently owe more on their mortgage than their home is worth. The result this negative equity problem is that many people are going into foreclosure or short selling their home -- or even doing something called a strategic default, where they can afford the payment but choose to leave the home. And at least one popular theory has the Obama administration pushing for more principal reductions (reducing the amount owed on the m.... Read More...
Posted on April 30   By Justin McHood
If you are a homeowner who has been struggling with making your mortgage payment and have felt like your mortgage servicing company isn't really doing enough to help you... You are not alone. Many people are reporting that mortgage servicing companies aren't helping them, are difficult to work with or are just plain not telling them everything that is available to help. And apparently there are enough people that are reporting these issues that the government is starting to look into the probl.... Read More...
Posted on April 29   By Justin McHood
Many people know that it is possible to get a loan modification under the Home Affordable Modification Program (HAMP) but what many people don't know is that it is also possible to get a 2nd mortgage modified and not just a 1st mortgage. Some of the biggest lenders in the country who hold many of the 2nd mortgages have started sending letters to 2nd mortgage holders who are struggling with their payments as to what options they have. Just a few of the lenders who have started notifying their cu.... Read More...
Posted on March 26   By Justin McHood
According to White House economic advisor, it is expected that somewhere between 10 million and 12 million foreclosures are going to happen over the next three years. And the White House along with other government institutions have released a plan designed to help at least some of the millions of people who may fall into the foreclosure statistics. Today, it was announced that the Obama administration is launching a plan to reduce the principal amount that some people owe on their homes as we.... Read More...
Posted on March 20   By Justin McHood
Many people who are getting a loan modification are finding out that their credit score is suffering. It appears that in some cases, when a lender agrees to a loan modification, the credit bureau is notified and the result is a lower credit score. Even if you have been on time with your mortgage payment, participating in a loan modification program (for example the Home Affordable Modification Program) can reduce a borrowers credit score by as much as 100 points - which will make the cost of g.... Read More...
Posted on November 15   By Justin McHood
Anyone who currently has a jumbo loan and has been trying to work with their lender knows that the "Obama loan modification plan" doesn't really apply to them - because they have a jumbo loan. Which means that whether or not someone with a jumbo loan gets a loan modification done is really going to depend on the lender - and it may even vary with a particular lender -- based on whether or not the jumbo loan has mortgage insurance on it. Let's say that someone bought a $2 million dollar hous.... Read More...
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