A loan modification amends the original loan agreement. The terms of the modification must be agreed to by the parties.
Yet another loan workout or modification scam. I am disgusted by the number of calls we receive every week detailing a company or lawyer who takes someone’s hard earned money and fails to deliver on their promise to modify the home mortgage.
Housing counselors can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. Advice from housing counselors can be provided at little or no cost to consumers. Related Post New Mortgage Lending Rules – CFPB Protecting… The Seamy World of Debt Collecting Credit Card Fees Face New Scrutiny CFPB vs Morgan Drexen – […]
According to Bloomberg News: Fannie Mae will begin bulk auctions of mortgages, including some sales targeted for non-profit groups and small investors, as Fannie Mae moves to reduce the number of non-performing loans “sour mortgages” on its books. Related Post Consumer advisory: Don’t fall for a foreclosure re… Streamlined Modification Initiative HELOC – Can the […]
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The story is one that thousands of homeowners have experienced over the last 8 years: job loss, financial collapse, and possible bankruptcy. The homeowner diligently works with the lender to reduce payments, following the lender/servicer’s instructions only to find complete mismanagement by the lender/servicer to properly document agreements and then the initiation of a foreclosure. […]
For several years I have been explaining that no one can predict the length of time that FHA, Fannie Mae or HUD, or a specific lender will require a homeowner to wait to qualify for a new home loan after a prior foreclosure, short sale or bankruptcy.
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