Archive for February, 2009
Loan Modification Glossary
Loan Modification Attorney asked:
You know what a mortgage is, how it works, and what to watch out for. But when you go asking for mortgage assistance, your lender’s words make about as much sense as alien banter. That’s what makes the Loan Modification process so confusing for many homeowners—and why many of them simply [...]
Loan Modifications Can Fail
Mark Hodges asked:
The main reason is that the loan modification industry is currently flooded with ex mortgage brokers, loan officers and real estate agents that jump in with no knowledge of the law and little savy in the negotiating department.
Mortgage brokers and loan officers that jumped into the mortgage industry at the time of [...]
Why Do Lenders Prefer a Loan Modification Over a Foreclosure?
Loan Modification Attorney asked:
Lenders are known to be difficult when it comes to loan modifications. But did you know that they benefit at least as much from the process as you do? The main reason they balk at Mortgage Modification is that they have to train agents to handle them, and each case requires [...]
Mortgage Loan Modification Most Asked Questions
Adam Matheson asked:
The mortgage crisis has many homeowners becoming very anxious to get rid of a unaffordable home loan due to a number of reasons. Some solutions for homeowners are to either refinance or get a loan modification from their bank or lender. Since home values have been decreasing some homeowners simply walked away [...]
Sub Prime Loan Modification
Loan Modification Attorney asked: Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps [...]
5 Tips Every Loan Modification Firm Talks About
Loan Modification Attorney asked: Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.Do know your rights.More than 80% of mortgage contracts violate one or more lending laws—and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you [...]
Home Loan Modifications and Your Credit Score
Loan Modification Attorney asked: A Home Loan Modification can help you stop foreclosure and stay in your home. But if you’re like most homeowners, you’re probably wondering how it will affect your credit, and whether in a good or bad way. Unfortunately, there’s no single answer—it all depends on how far behind you are and [...]
How to Speed Up the Loan Modification Process ?
Loan Modification Attorney asked: Foreclosure is always a race against time. Although a home loan modification can slow the process, you have fewer options the longer you wait. Not all lenders have the staff or experience to handle mortgage loan modifications. Even with a capable attorney, the process can drag on for months.But you don’t [...]
Loan Modification Common Questions and Answers
Shawn M Peck asked: Many people have been asking what exactly is a loan modification. These are some common questions and answers.What exactly is a loan modification?:Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the [...]
Countrywide to Tighten Up Loan Modifications
Loan Modification Attorney asked: Homeowners hoping to get a loan modification with Countrywide may want to rethink their options. Countrywide Financial, best known for excessive lending practices that led to widespread defaults, now has so many bad debts on its books that it may have to tighten up its loan modification service.Home Loan Modification allows [...]
