November 11, 2010
Loan Modification
According to a recent posting on Bloomberg, Richard Neiman, the New York State superintendent of banks stated that mortgage companies make the loan modification problem worse because they actually lose paperwork. The California Reinvestment Coalition found in a survey they conducted of 40 counselors that represent around 14,000 homeowners, these counselors all said servicers had either ignored or even lost loan modification paperwork.
Regarding loan modification paperwork being lost, Joe Ridout, a spokesperson for Consumer
Action, an advocacy and education group based in San Francisco said, “It’s more common to hear that banks have lost paperwork than to hear that they received it and properly handled it”.
This sloppy and uncaring practice leaves HAMP participants open to the foreclosure nightmare, which has been further scrutinized by allegations of ‘robo- signing’. ‘Robo-signing’ is a process which mortgage companies signed and submitted court documents to justify the seizures of homes without verifying these documents were properly compiled and accurate.
Loan Modification To Lower Mortgage Payments
A HAMP loan modification is designed to lower mortgage payments to 31 percent of a borrower’s monthly gross income. This loan modification process often ends up in a bigger mortgage as accrued interest and additional charges are added onto the balance. Some HAMP loan modifications even add balloon payments to the loan that are must be paid when a house is sold or the mortgage paid off.
Loan Modification Programs Performing – Really?
According to a phone interview the loan modification program, Andrea Risotto, a spokesperson for the Treasure said, “The program continues to perform well,” she also stated “The target of affordability that HAMP put in place – this idea of 31 percent debt to income — which was far more aggressive than what was done historically, is helping homeowners sustain the modification over time,” but this does not take into consideration the many people that report having been put into foreclosure as a result of this HAMP process, discussed in other articles on this site and other sites.
I offer a Free – No Obligation Consultation And Preliminary Audit-review of your loan modification/mortgage situation as a first step to getting you help to stop foreclosure.
Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,
Click Here —>> http://help-to-stop-foreclosure.net/
Resources:
http://www.bloomberg.com/news/2010-11-02/mortgage-modifications-meant-to-save-u-s-homes-push-them-into-foreclosure.html
Thinking About A Loan Modification – BE AWARE!
Filed under avoid foreclosure, foreclosure process, loan modification by 
May 24, 2009
There is a place for bankruptcy in stopping foreclosure according to many foreclosure experts
Finding good foreclosure solutions is best for everyone and bankruptcy has a place. Bank foreclosures on homes are extremely costly to both the borrower and lender. To be blunt, lenders are in the business to make money and not use to peddling real estate, so they are likely to look for the easy way out of a default situation on a home.
If the bankers see that the foreclosure process is not going easy because the homeowner is fighting the foreclosure with bankruptcy and law suits, counterclaims and complaints of various sorts, the banker will be more likely to eventually want to negotiate fairly with the homeowner/borrower and settle the matter in the homeowner’s and/or borrower’s favor.
Bankruptcy is one of the dilatory foreclosure solutions or tactics that does stop everything for a while, and it buys you a little more time to develop a more permanent solution. Multiple bankruptcies have been used to delay foreclosure for years by some.
Unless you are one of the bankruptcy foreclosure experts within a few months to a year or so, depending on the banker’s counter measures, the end result of bankruptcy is almost always that the property is still sold at auction and of course you also now have a bankruptcy on you credit report as well as a foreclosure.
However, if you need a few weeks or months to develop good long lasting foreclosure solutions to stop your foreclosure filing bankruptcy initially may be the way to go. Then once you have gained the time from filing bankruptcy to have one of the foreclosure experts put together a good case for you to fight and probably beat the bank in court you can file your case before or after the bank obtains a release of your home from the bankruptcy in the bankruptcy court.
