Consumers are more pleased with the performance of mortgage company servicers in 2012 than they were a year ago. According to a report released early in the third quarter by J.D. Power and Associates (J.D. Power), overall borrower satisfaction has increased. Many within the industry believe satisfaction ratings may be higher now because homeowners are getting relief in the form of loan modifications at historically low industry rates.
Consumers who apply for and are denied a home loan modification do have a viable foreclosure avoidance option. They can choose to explore selling their home for less than what is owed on the mortgage. This transaction, called a short sale, is a tactic whereby the lender and borrower agree to sell the home, which acts as collateral for the loan, for less than what is due on the principal mortgage balance. The lender and the homeowner must agree on the particulars, especially the price.
Military homeowners at risk of losing their home to foreclosure should reach out to their mortgage servicers directly and request a VA loan modification packet. The servicer’s package should give borrowers specific instructions on how to apply for mortgage payment relief via a formal mod. Terms offered should be clearly outlined.
Entrepreneurs have taken a financial hit during this economy. While many grassroots business owners are weathering the storm, a great number have seen a reduction in take-home pay and are struggling to keep their doors open. As a result, homeowners who own businesses can benefit from home finance mods as they brave turbulent times.
Did you know your lender could get a financial bonus if they reduce your principal mortgage balance? Yes; it’s true. In a nutshell, banks, mortgage companies and even second lien investors get money to lower the overall amount owed on home loans via loan modifications. As a broad example, if you owe $200,000 on your [...]
The recent robo-signing settlement has yielded $60 million in foreclosure abuse prevention dollars for housing victims in New York State. The mega-housing scandal was one in which lenders and legal representatives falsely pursued foreclosures and defrauded home-owning consumers by altering paperwork, denying loan modification options, and performing other illegal activities.
Over two million families are facing losing their homes on the courthouse steps. Regrettably, at a time when homeowners need help the most to stop foreclosure actions, many programs aimed at helping borrowers keep their homes have been cut.
If you are a home loan borrower who has experienced financial harm as a result of improper handling of your mortgage by a servicer, you may qualify for an independent foreclosure review. For example, if you were denied a loan modification in error, you may benefit from this formal process.
More and more homeowners are seeking assistance from foreclosure counselors to keep their homes off the courthouse steps. This free assistance is available in cities and towns throughout the nation. Funding for non-profit agencies is provided in great part by the federal government.
According to data from the Office of the Comptroller of the Currency, a U.S. federal agency, a higher percentage of loans modified through the Home Affordable Modification Program have stayed current longer, compared to other types of mortgage payment lowering options.
Were you recently denied a mortgage modification? If so, it does not necessarily mean your home will go into foreclosure. There are alternatives for homeowners who wish to remain in their homes, even after they have been denied a loan modification.
If you’re a new home owner or in the market for your first home, you may be worried about all the news on foreclosures and what it means to you. For those who aren’t experienced with the world of home finance, the foreclosure process can seem strange and foreign. It doesn’t have to be. Some [...]
If you’re considering modifying your home loan and you have mortgage questions, reach out to a federally-approved housing counselor for assistance. You can double your chances of successfully modifying your loan.