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Could New Rules Mean The End Of Mortgage Modification Madness?

The Treasury Department has just announced a set of new rules for the twenty largest servicers participating in any type of mortgage modification program including HAMP , the Home Affordable Foreclosure Alternatives Program, and even the private modification programs.  Mortgage servicers must now offer a single point of contact for new mortgage modification candidates and [...]

By |2018-11-07T22:39:26+00:00May 20th, 2011|Loans / Mortgages|Comments Off on Could New Rules Mean The End Of Mortgage Modification Madness?

How Bankruptcy Impacts Your Mortgage Modification

If you're considering bankruptcy, there are a few things you need to know: If you file bankruptcy during a trial mortgage modification your mortgage may revert to its original terms.  This is not to say that you can't reapply for the modification or work something out with the mortgage company while in bankruptcy. But you [...]

By |2018-11-16T19:00:27+00:00February 8th, 2011|Loans / Mortgages|Comments Off on How Bankruptcy Impacts Your Mortgage Modification

Homeowners Strung Along On Loan Modification Illusion?

The Texas-based EMC Mortgage Corporation is facing a class-action lawsuit accusing them of deceptive practices, illegal fees and manipulation that ultimately forced homeonwers to lose their homes in foreclosure .  The lawsuit filed on behalf of a Yakima homeowner, says the homeowner was strung along on a loan modification "illusion" that lasted four years, ultimately [...]

By |2018-11-16T23:44:54+00:00January 26th, 2011|Loans / Mortgages|Comments Off on Homeowners Strung Along On Loan Modification Illusion?

Mortgage Modification Mistakes That Will Land You In Bankruptcy

Homeowners facing rising housing costs, unemployment, underemployment and other financial issues are turning to mortgage modification to avoid foreclosure . But as many are discovering, modifying a mortgage can not only fail to stop foreclosure, it can often lead to bankruptcy. Let's take look at a few of the facts: One of the first things [...]

By |2018-11-08T18:56:00+00:00January 24th, 2011|Loans / Mortgages|Comments Off on Mortgage Modification Mistakes That Will Land You In Bankruptcy

Post-Bankruptcy Survival: The Harsh Realities Of Too Much Debt

While they don't represent the majority of bankruptcy debtors, they tend to get the most attention, debtors who are serial filers.  They've filed bankruptcy once, twice or maybe even three times yet continue to fall into the same financial troubles.  Well one of the biggest pitfalls of serial bankruptcy filers is that they don't understand [...]

By |2018-11-19T20:16:17+00:00January 21st, 2011|Loans / Mortgages|Comments Off on Post-Bankruptcy Survival: The Harsh Realities Of Too Much Debt

Are You Sitting On A Second Mortgage Time Bomb?

If you're a homeowner who is struggling with an underwater mortgage, facing foreclosure and have a second mortgage that won't be covered even if the home was sold, you may want to consider bankruptcy. Many homeowners are finding that when they are trying to resolve second mortgage issues outside of bankruptcy, they are facing a [...]

By |2018-11-12T19:00:27+00:00November 21st, 2010|Loans / Mortgages|Comments Off on Are You Sitting On A Second Mortgage Time Bomb?

Are You A Texas Homeowner With A “Pick-A-Pay” Loan?

Texas Attorney General Greg Abbott along with seven other states (Arizona, Colorado, Florida, Illinois, Nevada, New Jersey and Washington) have entered into an agreement with Wells Fargo which will provide $5 million in relief to more than 200 Texas homeowners who had pick-a-pay (POA) adjustable rate mortgage loans which originated with Wachovia Corp and Golden West Corp [...]

By |2018-11-14T18:59:05+00:00October 30th, 2010|Loans / Mortgages|Comments Off on Are You A Texas Homeowner With A “Pick-A-Pay” Loan?

Do Not Ignore Your 2nd Mortgage During Or After Bankruptcy

Many debtors filing bankruptcy have several mortgages attached to their home.  In most cases they have both a 1st mortgage and a 2nd mortgage attached to their principal residence.  We've talked before about how debtors are sometimes able to have their 2nd or even 3rd mortgage discharged as unsecured debt if the mortgages are worth [...]

By |2018-11-09T22:32:14+00:00October 27th, 2010|Loans / Mortgages|Comments Off on Do Not Ignore Your 2nd Mortgage During Or After Bankruptcy

Federal Housing Administration Announces New Reverse Mortgage Option

The Federal Housing Administration said that beginning Oct. 4th, it will offer a new reverse mortgage option with drastically lower up-front fees than its standard version.  The new saver option will allow the senior citizen homeowner to only borrow between 10 to 20 percent which is significantly less than the standard reverse mortgage. Here's how [...]

By |2018-11-08T18:43:32+00:00September 27th, 2010|Loans / Mortgages|Comments Off on Federal Housing Administration Announces New Reverse Mortgage Option

Should I Delay Filing Bankruptcy While Waiting For A Mortgage Modification?

Filing Bankruptcy While Waiting For Loan Modification Many debtors whether they are working full-time, part-time or are unemployed, feel reluctant to file Chapter 13 bankruptcy or Chapter 7 bankruptcy because they believe that they are only a few days or weeks away from winning a mortgage loan modification. But when it comes to saving your [...]

By |2018-11-07T22:27:17+00:00September 23rd, 2010|Loans / Mortgages|Comments Off on Should I Delay Filing Bankruptcy While Waiting For A Mortgage Modification?