Comments on: Loan Modifications

By: President Obama’s Foreclosure Rescue Plan: Loan Modification Analysis | Rain City Guide

Thu, 19 Feb 2009 03:38:25 +0000

[...] Loan Modifications [...]

By: Government Intervention in Foreclosure | Rain City Guide

Government Intervention in Foreclosure | Rain City Guide — Mon, 09 Feb 2009 02:24:38 +0000

[...] Losing the American Dream Part two: Options for Homeowners Facing Foreclosure Part three: Loan Modifications Part four: Government Intervention in Foreclosure Part five: Foreclosure; Letting Go and [...]

By: Foreclosure; Letting Go and Rebuilding | Rain City Guide

Foreclosure; Letting Go and Rebuilding | Rain City Guide — Mon, 09 Feb 2009 01:23:06 +0000

By: Options for Homeowners Facing Foreclosure | Rain City Guide

Options for Homeowners Facing Foreclosure | Rain City Guide — Fri, 16 Jan 2009 20:54:38 +0000

[...] Losing the American Dream Part two: Options for Homeowners Facing Foreclosure Part three: Loan modifications Part four: Government Intervention Part five: [...]

By: Jillayne Schlicke

Jillayne Schlicke — Fri, 16 Jan 2009 20:22:50 +0000

Here’s an announcement from Chase regarding their stepped up efforts to perform loan modifications:

http://www.housingwire.com/2009/01/16/chase-steps-up-mod-efforts-again/

By: Jillayne Schlicke

Jillayne Schlicke — Fri, 16 Jan 2009 06:43:51 +0000

There’s a great article in the New York Times today on loan modifications companies that have come out of nowhere, charging upfront fees and failing to deliver on their promises:

“Until recently, defrauders tried to bilk homeowners out of the equity in their homes. Now, with that equity often dried up, they are presenting themselves as “foreclosure rescue companies” that charge upfront fees to modify loans but often do nothing to stave off foreclosure.

The Federal Trade Commission brought lawsuits last year against five companies representing 20,000 customers, and state and local prosecutors have brought dozens more.”

http://www.nytimes.com/2009/01/15/us/15mortgage.html?_r=3&th=&adxnnl=1&emc=th&adxnnlx=1232041055-NrVTeTOJGva3vh4F6bKN3A

By: DFI Speaks Out on Loan Modifications : National Association of Mortgage Fiduciaries

Mon, 15 Dec 2008 00:31:21 +0000

[...] decide to pay for loan modification help, it seems more rational to just hire an attorney direct. I’ve surveyed 10 attorneys and so far almost all of them are quoting in the $1500 range for a loan modification. [...]

By: Loan Modification Salesmen in WA State Must Be Licensed LOs, Mortgage Brokers, or Work at Consumer Loan Companies | Rain City Guide

Sat, 13 Dec 2008 02:42:27 +0000

[...] Loan Modifications [...]

By: Kary L. Krismer

Kary L. Krismer — Tue, 25 Nov 2008 00:13:45 +0000

My answer to 24 would have been looking at it from an earlier stage of the process. My answer would be:

1. Don’t get a variable rate loan or a loan that has a balloon.

2. Make sure your loan payment is well within your abilities.

IMHO, people refinance way too often, but even ignoring that, planning on needing to refinance is very risky. You don’t know what the future will hold. Refinancing might not be possible. And I would have said the same thing 5 years ago.

By: Jillayne Schlicke

Jillayne Schlicke — Mon, 24 Nov 2008 22:26:29 +0000

“Is there something that is more long term and realistic to consumers so they don’t get in the same situations?”

Hi Carla,

Yes. There are many options. Two options are selling the home and re-entering the housing market as a renter.

With loan mods re-defaulting at a rate of 50%, we are pro-longing the recovery of the housing market.