Posted on January 12th, 2010, by DHW
Although the numbers are improving, a third of loans modified by Fannie Mae and Freddie Mac early last year were delinquent after six months.
These loans were modified prior to implementation of Obama’s Home Affordable Modification Program.
DHW asks: Do you think loan modifications are making a difference?
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Posted on January 5th, 2010, by DHW
While keeping your home certainly trumps living on the street with a higher credit score, a loan modification can knock as much as 105 more points off your credit score than a foreclsoure.
According to a published article in the Detroit Free Press, a “loan modification to get a lower mortgage payment and stay in your [...]
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Posted on December 20th, 2009, by DHW
Just one day before the Congressional Oversight Panel criticized the government’s loan modification program as outdated and under-performing, HUD secretary Shaun Donovan reported the pace of trial modifications are beginning to exceed foreclosures. “The fact we now have a pace of trial modifications that exceeds the pace of weekly foreclosures is a very important milestone,” [...]
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Posted on December 16th, 2009, by DHW
Ohio AG Richard Cordray sued Barclays Capital Real Estate, Inc. for forcing at-risk homeowners to enter one-sided loan modifications. Cordray also accused Barclays of “inadequate, incompetent customer service.” “In Ohio, we have zero tolerance for any more excuses,” Cordray said.
DHW asks: Have you applied for a loan modification with Barclays? If so, How was your [...]
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Posted on December 13th, 2009, by DHW
Of the 760,000 homeowners to apply for a loan modification under President Obama’s mortgage relief program since March, only 31,000 have received permanent loan modifications. Bank of America was the worst performer of all the big lenders, completing only 98 loan modifications out of the 160,000 applications filed by the end of November. Even the [...]
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Posted on December 11th, 2009, by DHW
Vice chairman of WL Ross & Co. and the former director of the Federal Housing Finance Agency, James B. Lockhart III, warned the US housing market may not be out of the woods just yet.
Lockhart predicts foreclosures will “spike” unless the the Obama administration gets more aggressive with loan modifications. The former director of the [...]
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Posted on December 6th, 2009, by DHW
The Wall Street Journal published an insightful op-ed piece by Edward Pinto. Mr Pinto sees two major shortfalls with the Treasury’s attempt to modify delinquent mortgages through the Home Affordable Modification Program (HAMP).
“The first shortfall is that the program doesn’t provide a clear process to triage the over 7.5 million delinquent loans.”
“It doesn’t take into [...]
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Posted on December 1st, 2009, by DHW
Finally, relief for those seeking a loan modification, short sale or deed-in-lieu of foreclosure. Lets hope these will be the game changers we’ve been waiting for.
Update for those seeking a loan modification using Making Home Affordable (a.k.a. HAMP)
New guidelines for streamlining short sales and deed-in-lieu of foreclosures (HAFA)
This information is also available under “Modification Center”
DHW [...]
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Posted on November 7th, 2009, by DHW
DesperateHouseWise.com added a new page to its site. Modification Center offers helpful information for homeowners seeking a loan modification or refinance. Find information about Making Home Affordable and local foreclosure prevention events. You can even find a free, HUD-approved housing counselor.
DHW also added Housing Tax Credits. This page provides in-depth information regarding the recent extension and [...]
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Posted on October 25th, 2009, by DHW
What do you do when your lender won’t return your calls or emails? DesperateHouseWise.com has a suggestion.
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