Mortgage Modification News and alerts
Hard times always bring out the scammers, and today is no exception. According to the Department of Housing and Urban Development (HUD), a multi-agency crackdown has targeted real estate scams and frauds, as well as bolstered state and federal action and efforts to protect homeowners. An online survey by the FTC found 71 distinct companies running suspicious ads, and a US Treasury committee found nearly 180,000 fraudulent mortgage reports. The FBI is currently investigating more than 2,100 mortgage fraud cases, up 400 percent from five years ago, according to ABC News. Among those involved in the effort are the U.S. Department of the Treasury, the U.S. Department of Justice (DOJ), the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois.
Tom Miller, the attorney general of Iowa said, “It’s becoming more and more clear to us that if you do real modifications, the default rate is significantly lower. They shouldn’t be called modifications if people pay more or approximately the same.”
(New York Times; Feb 19, 2009)
Most homeowners who received loan modifications from free government or lender sponsored programs actually had their payment go up. More than ever, troubled homeowners need professionals like us to navigate the bureaucracy of the lenders.
Washington Mutual is well-known for assuring homeowners of their good intentions and then stalling. If they do it, what is your lender doing?
President Obama is warning people to look out for programs where:
More Mortgage Stuff:
Hard times always bring out the scammers, and today is no exception. According to the Department of Housing and Urban Development (HUD), a multi-agency crackdown has targeted real estate scams and frauds, as well as bolstered state and federal action and efforts to protect homeowners. An online survey by the FTC found 71 distinct companies running suspicious ads, and a US Treasury committee found …
I have talked with quite a few individuals in the past few months who have asked me the question “who should I use to help me with a loan modification?” It is fairly common for this question to come up in South Florida because during the boom years investors bought many condominiums in the Fort Lauderdale, Miami and Palm beach areas. Most investors purchased units just to flip for a fast profit bu…
I have talked with quite a few individuals in the past few months who have asked me the question “who should I use to help me with a loan modification?” It is fairly common for this question to come up in South Florida because during the boom years investors bought many condominiums in the Fort Lauderdale, Miami and Palm beach areas. Most investors purchased units just to flip for a fast profit bu…
The new Stimulus Package Obama’s administration has put forth is a new initiative aimed at assisting struggling homeowners at risk of foreclosure or bankruptcy. Chase bank and others are involved with providing their customers with options from the government plan. In addition, they offer a jumbo, adjustable rate (ARM), interest only, or a fixed rate, among other measures to help homeowners keep t…
The new Stimulus Package Obama’s administration has put forth is a new initiative aimed at assisting struggling homeowners at risk of foreclosure or bankruptcy. Chase bank and others are involved with providing their customers with options from the government plan. In addition, they offer a jumbo, adjustable rate (ARM), interest only, or a fixed rate, among other measures to help homeowners keep t…
The Obama administration’s main housing rescue program showed signs of stabilization in December as those receiving permanent mortgage modifications during the month outnumbered those dropped from the program. The Treasury Department on Monday said 30,030 … Go to Source…
There are hundreds of loan modification sites online that are absolutely full of information for anyone trying to find a way to save their homes. The internet is always good for getting hard to find information, and there is no exception for loan modification. There are enough sites out there to help even the most uninformed or unsure of homeowners. On many of these sites, homeowners who have both…
There are hundreds of loan modification sites online that are absolutely full of information for anyone trying to find a way to save their homes. The internet is always good for getting hard to find information, and there is no exception for loan modification. There are enough sites out there to help even the most uninformed or unsure of homeowners. On many of these sites, homeowners who have both…
The economy has hit every household in America in some way shape or form. But a big part of being and American is surviving the waves and crashes and readjusting. Even mortgage terms can be adjusted. For those that are able, refinancing is a viable option to take advantage of the lower interest rates, but those that have been hit a little harder by the economy might not be as lucky, but there are …
The economy has hit every household in America in some way shape or form. But a big part of being and American is surviving the waves and crashes and readjusting. Even mortgage terms can be adjusted. For those that are able, refinancing is a viable option to take advantage of the lower interest rates, but those that have been hit a little harder by the economy might not be as lucky, but there are …
Posted in Refinance