Comments on: The Ugly Truth About Loan Modifications

By: Major FHA Changes Coming on September 7th | The Chicago 77

Major FHA Changes Coming on September 7th | The Chicago 77 — Tue, 10 Aug 2010 14:00:42 +0000

[...] times of normal demand, the aforementioned process works pretty well, but with the demise of sub-prime mortgage options and collapse of the housing market, FHA loans have steadily grown in popularity. The [...]

By: Lowell

Lowell — Thu, 27 May 2010 15:28:11 +0000

I also lk to add that loan mod due to bailout have been virtually inaffective. I know someone will say there doing them left an right but that’s untrue. Unless u have a govt sponser loan there no help for you. HUD has disapproved of the method of strectching term over 30 yrs that not being done! No mod what so ever reduced principle even tho BOB says they will! Very few lender will lower your rates unless it’s a Fannie or Freddie back loan! The only thing that mods are doing at this point is forbearence tacking rearrages on the back end which produces more interest! Let’s faces it there no help for homeowners. Just the govt covering there own behinds an bailing out big banks

By: Lowell

Lowell — Thu, 27 May 2010 15:20:12 +0000

By law only lawyers are allowed to collect upfront money to do loan Modifications great article good understand of loan modification. I’d like to add the real reason you’ll never get any loan mods is due to the bailout. The bailout actually worsen the foreclosure situation! Giving banks that huge amount oF money stabalized them an made the liq! Loan mod are given by lender who financial situation is poor. It just as much about who your lender is as much as the homeowner financial situation! Is a bank is failing then they have to do mod to stay in business. If the bank is solvent an liquid like bank are after the bailout the have get no benefit from cutting you a break. That the real reason you won’t get a mod. If there wasn’t a bailout those bank an lender would have been force to mod poorly structure loan to survive!

By: Emmanuel Casillas

Emmanuel Casillas — Mon, 24 May 2010 23:19:42 +0000

I disagree entirely! I have done over 20 loan mods and i’ve only been working for Accurate Resource Financial for about a month now. What we do is have an attourney represent you, to your bank to inform your lender of hardships that may have accured.Your mortgage lender does not want to forclose your home! They would rather help you get another type of payment plan so they wouldnt loose so much money on forclosing your home. We do three types of mods. Home, Commercial, and auto loan modifications.

By: The Short Sale Process Part 1 – How to Hit a Bull’s Eye While Blind Folded | The Chicago 77

Wed, 10 Feb 2010 14:56:15 +0000

[...] [Day 1] A borrower finds themselves in a financial hardship and unable to afford their mortgage. At the same time they find out that due to falling home prices they owe more on their home than its current market value. The challenge is how to get out of this mortgage, being upside down on their home. A few options are, bankruptcy, foreclosure, short sale, or a loan modification. [...]

By: Increase in the Number of Real Estate Contracts, but Closings Difficult | The Chicago 77

Tue, 16 Jun 2009 14:28:04 +0000

[...] reach mid-month we are seeing the greatest impact on our clients as a result in the ever changing loan modifications, especially jumbo loans ($417,000 and higher in the Chicago market) resulting in an increasing [...]

By: The Ugly Truth About Loan Modifications « Mymiamiblog

The Ugly Truth About Loan Modifications « Mymiamiblog — Mon, 15 Jun 2009 11:32:22 +0000

[...] The following is an excerpt from The Chicago 77 written by Brad Walbrun for the complete story click here [...]

By: zarak khan

zarak khan — Sat, 06 Jun 2009 10:31:02 +0000

It is a great feeling to suddenly have a tool that I can use to keep people in their homes, rather than going through foreclosure or short sales, and killing your credit and ability to qualify for a home loan for a minimum of two years. That is the Loan Modification Program. It’s very little comfort when turning someone away because there is nothing I can do to tell myself, “I didn’t do it to them. I was trying to talk people out of it before it became a problem.” Loan Modification gives me a tool with a pretty decent success rate (sixty to ninety percent, depending upon the lender). It’s not a panacea, it doesn’t work miracles, and it doesn’t work for everyone. It also costs money. With that said, it’s a much lower cost than a short sale or foreclosure, and it will work for more people than probably any other measure to prevent those results in people on a course for them.

By: TaPitts

TaPitts — Fri, 05 Jun 2009 21:25:43 +0000

I agree, for the most part, but there are some things that are just plain wrong. *Yes, debt forgiveness is common, but a principal reduction is rare, even with the best attorneys! It’s just a fact of the times. *I agree that you should understand that the lenders are businesses and therefore run that way, but because of that they are WAY less likely to modify any loan w/o the proper paperwork, and sorry, but those with representation go to the front of the line! You’ll get shuffled in when they have time. Remember, there are thousands of people in this situation and they are all begging their lender for help! This includes yours, small or large! * Also, if you are current you CAN get help… just not from the lender or government programs. You need to do your research and find a good Co./Attorney. To help you that has a guarantee and takes payments-any that don’t won?t have very impressive outcomes! *It matters, to some extent, which the lender is, but not really. If you have the right representation(doesn’t have to cost and arm and leg) you’ll get a modification no matter what since there is threat of legal action and lenders would go under if they were audited with all the bad loans they have written/bought/traded.
* It is true that you CAN file the paperwork on your own, but you won?t have anywhere near the results with representation! You cannot serve the demands, petitions and papers that an attorney can. These things take you to the top of the lenders stacks and the best outcome-plus you wont spend countless hours on the phone, filling out paperwork, and re-filing b/c it got lost…again! Usually b/c it’s a tactic to run you out of time if you are 2+ months behind. Yourself/Gov’t/non-profit/financial help groups= 20% chance and Proper Representation=98%-this is proven, and that 2% is if you lied to your attorney or on your loan. *Beware of the ‘lost paperwork’ and ‘takes so long’ from the loss mitigation dpt! Especially when the collections dpt asks for $ and makes offers all the time. They are getting as much $ out of you before they foreclose-sad truth-they are a cold business! Take a look at the interest rate you are paying if you don’t believe me!*As always, DO YOUR RESEARCH! It is your responsibility, no one else?s! * Yes, don’t pay up front! There ARE scams out there just like every other industry, and yes… there are fees for any legitimate company/attorney! Of Course! Do YOU work w/o getting paid? Heck NO! I don’t! But if you want it done right, in your best interest, and legally… do the research and find a credible company that takes payments and has a guarantee-not one that still keeps admin fees! Legit companies will have better results if they give back all the $. Think about it, if you guaranteed the work you did, you’d do it well, right?! Same goes for legit mod companies/attnys!
Well, that’s my piece…sorry it was so long, but I hope it helped!

By: Bridget Magnus » Friday Figures for 5/29/2009

Bridget Magnus » Friday Figures for 5/29/2009 — Fri, 29 May 2009 18:32:55 +0000

[...] they could to stay in good standing, but have come to the conclusion that the only way to get their mortgage company to deal with them was to stop paying. You also need to know that mortgage interest rates are on their way back up [...]