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May 11, 2011
HUD Housing Counseling
Anyone requiring HUD housing counseling should jump in now before budget cuts obliterate the program later this year. Remember the looming government shutdown in early April? Well, the Republicans and Democrats decided one way to balance the budget was to slash HUD funding for counseling services that have helped thousands of homeowners avoid foreclosure.
I've referred many people to HUD housing counseling. Especially, those participating in Obama's Making Home Affordable program. MHA originated in 2009 as a way to help "millions" of homeowners stay in their home via loan modification. The program hasn't been very successful and is likely to be scraped as well.
Real Estate Investing article on "HUD Housing Counseling"
May 02, 2011
Improper Foreclosure
Improper foreclosure is something you'll be hearing about a lot. The media is abuzz over bank regulators launching a plan to provide monetary compensation to homeowners whose homes were illegally seized.
Improper foreclosure occurs when banks do not have proper mortgage assignment documents. In recent weeks, much has been publicized about mortgage lenders hiring robo-signers to forge signatures on loan documents; allowing banks to foreclose via fraudulent means.
Real Estate Investing article on "Improper Foreclosure"
March 17, 2011
House Foreclosure
If you're facing house foreclosure chances are you are uncertain of what to do. No one wants to lose their home, but sometimes there are no options left besides throwing in the towel. Believe it or not, even if you cannot save your home you can overcome this hurdle.
Let's face it. House foreclosure is scary. Not only do you lose a valuable asset, foreclosure has a tendency to strip away confidence and often leaves people feeling like a failure. As one who frequently talks to people facing tough decisions, I almost always recommend sitting down with a calculator and figuring out if saving your home is worth the effort.
Real Estate Investing article on "House Foreclosure "
December 01, 2010
Mortgage Loan Modification
A mortgage loan modification can help borrowers facing temporary financial setbacks, but able to afford future home loan payments. Loan modifications do not reduce the principal amount owed on the loan. Instead, the terms are extended or the interest rate is reduced.
Applying for a mortgage loan modification can be a time-consuming process. Borrowers must first contact their lender to determine if they qualify for a loan modification. Banks require borrowers to fill out a request for modification and affidavit (RMA) form to evaluate borrowers' financial status.
Real Estate Investing article on "Mortgage Loan Modification "
March 19, 2010
Loan Modification Hardship Letter
A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.
It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.
Real Estate Investing article on "Loan Modification Hardship Letter"
March 11, 2010
Loan Modification
Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.
In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.
Real Estate Investing article on "Loan Modification"
March 08, 2010
Making Home Affordable
Last year, President Obama unveiled Making Home Affordable to help borrowers struggling to make their monthly mortgage payments and those facing foreclosure. The primary goal of this program is to offer loan modifications and mortgage refinance to borrowers whose mortgage notes are secured by Fannie Mae and Freddie Mac.
The Making Home Affordable refinancing plan expires on June 10, 2010, while the loan modification program expires December 31, 2012. Two additional programs are currently in the works. The 2nd lien modification program is scheduled to be implemented in the first quarter of 2010. The foreclosure alternatives program is expected to debut in April 2010.
Real Estate Investing article on "Making Home Affordable"
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