President Obama announced Wednesday that he will be making $75 Billion available to help some 9 million homeowners who are facing foreclosure. Obama declared the need for drastic action in the face of the growing economic crisis and stated that the funding will help to keep the housing crisis from wreaking further havoc on our [...]
Tag Archives: foreclosure
Do You Have A Loan With Freddie That Could Use A Workout? Help Is On The Way.
Freddie Mac Is rolling out a new plan to handle the influx of borrowers requesting loan modifications or other workouts. Freddie will be employing the help of third party servicers to help service Alt A and other types of High Risk Loans. The new plan will help keep at-risk borrowers in their homes and avoid [...]
Nation’s Major Banks Offering Loan Modification Packages
Major national lenders have announced they are aggressively reworking mortgage loans to help homeowners remain in their homes. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac loans, along with the HOPE NOW alliance of lenders, launched a “Streamlined Modification Plan” in December.
IndyMac Federal Bank also announced a systematic and streamlined loan modification program implemented by [...]
Pitfalls to Avoid during the Loan Modification Process
A Loan Modification is a valuable tool in helping homeowners get back on track with their loans and protect their homes from foreclosure, but often even after a loan modification people end up right back where they were, and sometimes even worse. In fact, more than half (55%) of loans modified in the first nine [...]
Posted in Loan Modifications Also tagged home loan, interest rates, Loan Modification, mortgage, mortgage rates, mortgages, real estate, San Diego Foreclosure, San Diego real estate Leave a comment
Know The Lingo; Postponement - Trustee Sale
POSTPONEMENT - Trustee Sales may be postponed by the Trustee at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.
PRIVATE MORTGAGE INSURANCE (PMI) - A policy of insurance paid for by the borrower to protect the lender in the event the [...]
Know The Lingo; Judicial Foreclosure-Notice Of Trustee Sale
JUDICIAL FORECLOSURE - A foreclosure action conducted through the courts instead of through a
foreclosure trustee. Judicial Foreclosures are very uncommon in California, particularly on residential
properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure.
JUNIOR LIENS - A lien, usually a mortgage loan, that is subordinate to a Senior [...]
Know The Lingo; Foreclosure Glossary B-F
Study up and learn the lingo from the following Glossary of Terms:
BENEFICIARY - The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the “Benny”.
CREDIT COUNSELING - Under the new bankruptcy law which took effect in October of 2005, those wishing to file bankruptcy must complete an approved credit counseling [...]
Take Notes And Review Everything Carefully
Always Be Prepared
In this stressful situation with so much information being exchanged, it is easy to forget things or miss the details. Don’t rely on your memory, it can fail you. Make sure you have everything written out in front of you. Never make a call without first reviewing your notes, and having a strategy [...]
Posted in Loan Modifications, Uncategorized Also tagged Forbearance Agreement, Interest rate, Loan Modification, mortgage Leave a comment
Loan Modification Directory
With the continuous crisis in national housing as well as the unending mortgage breakdown, more and more homeowners are now facing the risks of foreclosures.
One way to solve this problem is through loan modification.
Loan modification is a type of agreement between a borrower and a lender to change or modify the existing terms of the [...]