mortgage bailout

Can I do a Loan Modification Myself?

February 3, 2010

Yes, you can do a loan modification yourself! You might not get the best results available but you can definately do it yourself. I would suggest getting educated on what mortgage bailout programs are available for you and how those programs work. I made the video below to answer this question in more detail.
If you enjoy [...]

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Do Loan Modifications Really Work?

February 1, 2010

Loan modification’s do work but not for everybody. When broken down a loan modification is simply a mathematical equation. This equation is based off several factors including your gross household income, your existing mortgage terms, and the guidelines for the mortgage bailout program you’re trying to qualify for.
If you understand the guidelines and the math [...]

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Choosing a professional for a mortgage bailout: Should I pay for assistance with my loan modification?

January 28, 2010

The housing crisis and ensuing recession have created an unprecedented demand for loan modification assistance as homeowners across the economic spectrum struggle to maintain their mortgage payments.  Federal and State agencies have mobilized a massive effort to provide additional funding and resources in an attempt to backstop approved counseling agencies as they strain to accommodate [...]

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Do Loan Modifications and Mortgage Bailouts Really Help to Preserve Home Values?

January 28, 2010

Loan modifications can do a lot to help our housing market recover but it’s really not enough.  You see, loan modifications, at least the ones that actually improve someone’s situation, are typically best for those that are delinquent and can’t afford their existing mortgage payment.  Unfortunately, there aren’t a lot of good programs out there [...]

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Is Your Bank Really There to Help With Your Loan Modification?

January 28, 2010

I’ve been doing loan modifications for quite some time now.  During this time I’ve had several clients tell me that their mortgage company is going to help them complete the loan modification.  Every time I hear this, I cringe because I know what they are about to go through and I know what the end [...]

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Forbes quotes Loan Workout Specialist that says “Go delinquent to take advantage of the Obama Mortgage Plan!”

January 28, 2010

Click here to read the article in its entirety.
When I read an article like this It kind of makes my stomach turn.  Not because the information is incorrect, but because there is missing information.  I’ve never encouraged any of my clients to go delinquent on their mortgage to get a mortgage bailout.  With that being [...]

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“Loan Modifications” aren’t working

January 28, 2010

The article below will tell you a sobering and depressing tale of borrower’s getting their loans modified only to redefault all over again.  The short conclusion would be that loan modifications are not working.  Of course, the definition of loan modification is never established in the article.
Allow me to propose the following arguement:  The reason these [...]

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I’ve got terrible credit? Can I still get a mortgage bailout or loan modification?

January 28, 2010

Yes.
In fact, your credit rating has little or no impact on the outcome of your loan modification request.  When approving a loan modification, there isn’t  a lot of consideration paid to your previous payment history.  Instead, lenders look at the likelihood that you can consistently make the lower, modified payment going forward.  That is why [...]

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Mortgage bailout help! I’m current on my payments, can I still get a mortgage bailout?

January 28, 2010

To qualify for a mortgage bailout, most lenders require that you have had, or will have, a documented hardship that makes it difficult or impossible to maintain your mortgage payment.  Of course, the most obvious evidence of such a  hardship is a delinquent payment history.  In this respect, homeowners who are current on their house [...]

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What’s the difference between a loan modification and a refinance?

January 28, 2010

Where to begin?  First off, a refinance involves the payoff of an existing loan with a new loan.  A loan modification is not a new loan, but rather a mortgage bailout that constitutes a change to the terms of an existing loan.  Loan modification is a compelling alternative when a homeowner is denied the ability to refinance [...]

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