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Why is it harder now to get a Home Loan Modification?

In the past some banks would approve you just based on a phone interview or the submission

of a HAMP application. Not now, new home loan modification rules require homeowners to supply

financial documents upfront- including paystubs and tax returns.

The modification programs are designed to help homeowners who can no longer make their

mortgage payments .If homeowners meet a long list of eligibility [...]

Banks are still aggressively modifying mortgages despite all the bad press.

Close to 50,000 people received permanent home loan modifications during the month of November, bringing totals close to 7 million thus far nationwide. The good news is that there were 20% less foreclosure sales and the trend seems to be in favor of homeowner workout assistance.

 

Homeowners who have suffered hardships in the past who have [...]

Time is expiring on the governments Making Homes affordable; the time to re-apply is now!

To date, over 1 million people have received permanent modifications through Hamp. 1.6

million homeowner assistance programs are providing relief for struggling homeowners.

With time running out on the government programs (expires Dec.2014) and the fact that

the New York metropolitan area is stabilizing and home prices are rising, time is not on the

homeowner’s side. Homeowners, who are truly suffering and can

prove a [...]

Why does my mortgage company continually drag its feet and why does it take so long?

The nation’s five largest lenders settled a $25 billion settlement over mortgage abuses but still fail to end the maze of frustration and abuse.

 

The main reasons are as follows

1)         Banks receive a monthly servicing fee based on the outstanding balance.

2)         Banks charge borrowers in default fees tacked on monthly.

3)         Banks charge interest from the time [...]

Hamp’s Re-default Rate Over 30%

Since the beginning of the governments Home Affordable Modification program, over a million homeowners have received permanent modifications , and over 30% have defaulted again based on numerous reasons, mainly the economy and their inability to afford the homes in the first place.

 

According to Sigtarp”the longer a homeowner remains in Hamp the more likely they [...]

Can I still get a mortgage Modification?

Yes!  Are you overwhelmed by your mortgage payments, thought about giving up?  If you’ve suffered a verifiable hardship , help is still available.

 

What is a Home Loan Modification?

 

Quite simply it is an adjustment made by your lender to help you save your home. You are not refinancing, just modifying the terms of your current mortgage.

 

What [...]

Is time running out on Home Loan Modifications?

President Obama extended the Hamp program to run until the end of this year 2014, but that doesn’t mean that he won’t extend it further. Even if he does not extend the government program, banks can still do there own in house modifications. Modifications have existed for decades and if it makes business sense banks [...]

New Jersey Residents in Foreclosure Face a Scary Reality Just in time for Halloween

When hearing the term “Vampire house” or “Zombie Home,” many Americans would think of the haunted houses springing up just in time for Halloween. However, these two terms do not refer to the fake ghosts and goblins that surround us during October, but rather refer to the sad reality of many New Jersey residents whose [...]

Foreclosure Rates Increase in New Jersey Despite Nationwide Decline

 

While the national average foreclosure rate is 2.4 percent, New Jersey hovers around 6 percent, which is the second highest rate in the country. Late this September, a leading provider of consumer, financial and property information, analytics and services to business and government, CoreLogic, issued a press release revealing foreclosures in the U.S. have been [...]

Buyout For Hurricane Sandy’s Worst Victims, but Many are Opting Out

New York State Governor Andrew Cuomo announced, earlier this year, his plan to utilize four hundred million dollars of federal housing money to fund a buyout program of homes destroyed by Superstorm Sandy. Shortly after, Governor Cuomo, U.S. Senator Schumer and the federal Housing Secretary Shaun Donovan announced that the federal government had approved the [...]