Minnesota Home Ownership Center does a great job of helping struggling homeowners determine and exercise their options. Their blog post yesterday introduced me to a short article from Public Citizen that explains a large part of our problems in negotiating loan mods and short sales. … [Read more...]
Foreclosures More Profitable Than Loan Modifications To Loan Servicers
October 28, 2009 by 1 Comment
The Huffington Post has a story discussing a new report by the National Consumer Law Center regarding how the compensation structure for servicers make it more financially advantageous to service the loan through foreclosure than to help prevent the foreclosure by doing a short sale or loan modification. Sad but probably quite true. NCLC Report on Mortgage Servicers - … [Read more...]
Making Home Affordable Program Not Working
October 2, 2009 by Leave a Comment
Fellow local blogger and awesome mortgage broker Alex Stenback has a great post explaining how few people are being helped by the Marking Home Affordable program, which has only helped 93,000 borrowers so far when original estimates suggested up to 7 million could be helped. If we could do more successful loan modifications and short sales we would dramatically reduce the foreclosure problem in the future... more needs to be done at all levels to make this a reality. … [Read more...]
Freddie Mac Video on Preparing for a Mortgage Loan Modification
September 23, 2009 by Leave a Comment
Freddie Mac has released a 2 minute video with suggestions on what you will need to provide for a mortgage loan modification request. If you have everything prepared beforehand, the process will be quicker and smoother than if you do not prepare. As mortgage modifications can take weeks or months to complete, having everything upfront helps reduce delays. … [Read more...]
