Banks Are Not Playing Fair During Home Loan Modification

National banks that took federal bail-out money also agreed to participate in government home modification programs.  These banks have created in-house loan negotiators to assist in home-loan modifications, which may reduce loan principle or interest to adjust the loan to an affordable rate. Many American homeowners have applied for these programs, but few have been approved. In many cases the …

Banks Are Not Playing Fair During Home Loan Modification

National banks that took federal bail-out money also agreed to participate in government home modification programs.  These banks have created in-house loan negotiators to assist in home-loan modifications, which may reduce loan principle or interest to adjust the loan to an affordable rate. Many American homeowners have applied for these programs, but few have been approved. In many cases the …

HAMP Calculator Helps Determine Modification Eligibility

The U.S. Treasury Department has developed an online calculator to assist homeowners in determining eligibility for assistance under the federal Home Affordable Modification Program. HAMP is a federally funded program that defines the process for borrowers who are in default, at risk of imminent default, or in foreclosure to modify their home mortgage to a more affordable monthly payment targeted …

Las Vegas Homeowners Have Options for Underwater Mortgages

If you are a Las Vegas homeowner who owes more money on your mortgage than your home is worth, there are a several options for saving your home. One of the latest is an $11 billion program through the Federal Housing Administration called “Short Refi.” Under this program a non-FHA borrower may be able to obtain a new FHA-insured mortgage. …

Three reasons why the foreclosure scandal isn’t as it seems

For Las Vegas homeowners worried about foreclosure, the media has painted the foreclosure scandal as a sort of “damned if you do, damned if you don’t” situation.  That is, the minor benefit to homeowners of delaying foreclosures is vastly outweighed by the economic consequences of dragging out the foreclosure crisis. However, maybe if we step back, it’s not all that …

Las Vegas Loan Modification: The right steps and the wrong result?

Does the following situation sound familiar? You pursued a mortgage modification on your own and did all the right steps: 1.  You contacted your mortgage lender when you knew you might not be able to make your mortgage payment. 2.  You provided all the information and documents requested by your mortgage lender in pursuing a mortgage modification. 3.  You’ve made …

10% of Nevada Homeowners Taking Advantage of Nevada’s Loan Modification Program

If you’re a Las Vegas homeowner facing foreclosure and you’ve thought about seeking loan modification help through the Nevada Foreclosure Mediation Program, you’re not alone. Approximately 10% of Nevada homeowners have applied for a foreclosure mediation session since July 1, 2009 according to data from the state program as reported in the Reno Gazette Journal. Since July 1 when the …

Should I intentionally miss mortgage payments to qualify for loan modification?

No, you should never intentionally miss a mortgage payment with the intention of qualifying for loan modification. Especially in light of this Boston Globe article about a couple that tried that strategy.  They were told they couldn’t qualify for a loan modification unless they were 50 days late on their payment, so they just waited 50 days without making payment …

Las Vegas Loan Modification: The NOT Making Homes Affordable Program

About 5 months in, the Making Homes Affordable Program does not seem to be achieving its goal of making homes terribly affordable, according to a Washington Post article (“Banks Slow to Modify Mortgages:  Most Facing Foreclosure Not Getting Help Says Treasury“). Then again, if you’re reading this post, you probably already knew that. Granted, it’s only been 5 months and …

Loan modification companies: Wolves in sheeps’ clothing

We knew the loan modification companies were bad.  But this New York Times article (“Subprime Brokers Back as Dubious Loan Fixers“) really lays it all out and shows you what’s been going on behind the scenes. The gist of it is that the same people who ran the subprime mortgage loan businesses that got us into this big foreclosure crisis …