Loan modification redefaults growing

troubled homeowner's foreclosure notice

Loan modifications for troubled borrowers under the Home Affordable Modification program have come under criticism from the inspector general for the Troubled Asset Relief Program. "Already, 398,222 homeowners have not been able to keep up with their mortgage payments even though payments were lowered by HAMP," the report states. "Overall 29 percent of homeowners in HAMP have already fallen out of the program. However, the bulk of homeowners in HAMP who started participating in the program in … [Read more...]

Finding help with HAFA short sales

HAFA short sale program logo

HAFA is an improved short sale program that has standardized and streamlined the process, offering new incentives for servicers, protecting homeowners from deficiency claims, and providing $3,000 in relocation assistance. The program has been extended updated many times and is currently available through Dec. 31. HAFA short sales in California are streamlined for success; you just have to be with the right team for success. If you or your loved one is facing a financial crisis over your … [Read more...]

Loan modification: A bad report card

Loan modification logo feds

HAMP, the government-sponsored entity put in place to help troubled borrowers, is not doing its job for homeowners facing foreclosure. The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has issued a report sharply criticizing mortgage servicers for failing to keep up with the volume of applications for mortgage modifications through the Home Affordable Modification Program (HAMP) -- as well as the Treasury Department for failing to do a better job of … [Read more...]

Short sales fall to foreclosure by accident

Short Sales are a bit of a passion for me. Helping people avoid foreclosure has given me a great deal of personal satisfaction. Why else would I do them?? … They are a Challenge!!! Generally I am very even tempered and I do not go off on my professional associates ... Until today! I read an article that stated there are three main reasons a home goes into foreclosure. 1.  The seller wasn’t educated on their options. 2.  The bank simply foreclosed on the property. 3.  The … [Read more...]

Sellling your home Short? You are not alone!

Option ARM loans are resetting. Selling your home short?  You are not alone! Standard and Poor's reports about 93 percent of option-ARM buyers chose to pay a minimum amount less than the interest due. Many of these loans were taken out in 2004 and are close to their five-year reset when the loans convert to a standard amortization.  If the accumulated interest has pushed the loan-to-value ratio above 110 percent some of the more recent loans will reset early. One example of the … [Read more...]