LoanMortgageModification.Us

Here are the latest developements on the Making Home Affordable Program signed by president Obama. The Federal mortgage modification program latest developements & updates are coming in.

*Rental option for homeowners instead of Loan Mortgage Modifications. 

Let the people rent the home they were foreclosed on as an option of the Federal mortgage modification program ‘Makeing Home Affordable.

*Obama Mortgage plan Modification administrations dissatisfication with loan modifications. 

Very few have been done and there are too many restrictions which box out many homeowners who really need it. Lenders moving way too slow. Are there accredited mortgage modifications for the Federal mortgage modification program?

*US Treasury working to improve loan mortgage modification programs.

The Obama administration is taking steps to improve the effectiveness of its mortgage modification program, but millions of Americans still face foreclosure even if it is a “total success,” a senior Treasury official said on Thursday. Much dissatifaction with the Federal mortgage modification program.

*Mortgage Loan Modification program questioned, protested with homeowners saying lenders are moving to slow. Mortgage helpers get bounced around on the phone when trying to help homeowners in distress.

*US Agencies pledge crackdown on Loan Mortgage Modification Fraud

Calling fraudulent mortgage rescue schemes an “epidemic,” several U.S. federal and state agencies pledged on Thursday to ramp up efforts to investigate and crack down on abuses as many Americans scramble to avoid foreclosure on their homes.

*N.J. man learns modifying mortgage to cut payments may impair credit rating under a federal mortgage modification program by his lenders. He even was able to get his second mortgage modification done from Citi along with a first mortgage modification from Chase Home Financial. Will this lower your credit score if you are given a mortgage modification? It may.

*The legislation, introduced today by Senator Jack Reed of Rhode Island, would require lenders to evaluate all borrowers for affordable loan modifications before initiating foreclosure. It would also require banks to offer and approve a loan modification if the restructured mortgage returns more money, the so-called net-present value, to investors than would foreclosure. The proposal would establish new penalties and would let borrowers overturn foreclosures if lenders fail to comply. It would also place new limits on fees charged in foreclosure.

* See how mortgage loan modifications are doing so far. Mortgage modification trends indicate that reducing the principal balances along with payments help in defaults. A loan mortgage modification works better if the borrower has the ability to pay. See the latest mortgage modification trends.

* Mortgage Modification bill in California will ban mortgage modification representatives from collecting upfront fees from borrowers. They can only collect their fees after the loan mortgage modification has been finalized. The governor of California has to decide soon on whether he will sign it or not…little opposition.

* Federal loan mortgage modifications not keeping up with reality? The government last week determined that its program to keep homeowners out of foreclosure may be far too small to face the increasing wave of defaults. Layoffs and furloughs now appear to be among the chief causes of foreclosures. One of the biggest problems is that despite having received billions in government aid, the nation’s biggest lending institutions have only recently begun to modify the mortgages at the root of the mess. With rising unemployment leading to higher rates of defaults, it’s hard to tell when the continuing wave of foreclosures will end.

*Is the Obama administration’s foreclosure relief program succeeding? According to the COP, HAMP’s initial results of  loan mortgage modifications have been underwhelming. As of Sept. 1, the panel reported, the program had resulted in just over 1,700 modifications—a sliver of the millions of mortgages on the brink of foreclosure. And as the watchdog’s report points out, those permanent modifications hardly guarantee long-term success.

*MGIC Investment Corp. who is the largest U.S. mortgage insurer, posted its 9th straight quarterly loss after a record number of homeowners failed to meet mortgage payments. The insurer fell (14) percent in New York trading. MGIC’s third quarter net loss quadrupled to $517.8 million, or $4.17 a share, from $115.4 million in the same period a year earlier. Delinquencies on prime loans, those to the least-risky borrowers, “are really beginning to accelerate now if you look across the mortgage market,” said Matt Howlett, an analyst at Fox-Pitt Kelton Inc. in New York, in an interview before the results were released. “Unemployment continues to go up. That is what’s driving it.” The jobless rate climbed to 9.8 percent in September, the highest since 1983.

*Government’s Home Affordable Modification Program, which requires loan workouts for troubled mortgage borrowers causing Citigroup an abysmal third quarter earnings report, revealing bad loans had sent the company to a $3.24 billion loss and blaming the government’s mortgage modification program for part of the debt. Citi partially blames HAMP for its troubles.

*Bank of America (BOA) is in last place when it comes to federal home mortgage modifications. Some are wondering why they are laging so far behind other lenders who are in the same boat. They just don’t want to help home owners like other lenders/banks do. They have many excuses but the fact is they are way behind and may not meet the Obama requirement deadline coming up shortly.

* Mortgage modification may affect borrowers credit once the loan is modified. Looking at your credit reports will tell you how your mortgage loan is being reported. The loan mortgage modification, once completed, may negatively affect your credit score. It all depends on how the lender reports the change. For example, if the modification is considered a new loan and your principal was decreased, the lender may report your original mortgage as “settled” or “charged off,” which would be a fairly big negative for credit scoring.

* Are mortgage modifications are becoming more common, and more lenient? Yes and mostly ‘no’. The bad news about modification is that many struggling homeowners still can’t get one, and more people need them as unemployment grows. At U.S. Bank, the biggest bank by market share in St. Louis, half the people who ask about mortgage modification don’t qualify.

LATEST UPDATES

11/01/2009Many people doing or considering a mortgage modification wonder how this will affect their credit score. Lenders were indicating to the borrowers doing a mortgage modification that it would bring ceredit scores down. Up until today, lenders reported mortgage modifications various ways. Some reported them as paid as agreed. But a lot were reporting them as partial payments, which have a very negative impact on a person’s FICO score. “That is a serious derogatory, in the same category as a foreclosure or short sale,” says FICO spokesman Craig Watts. Starting today, lenders have a new, more benign way to report government-sponsored loan modifications. Under guidelines put out by the Consumer Data Industry Association, lenders should report them as a “loan modified under a federal government plan,” says Norm Magnuson, a spokesman for the association, which represents credit bureaus.FICO – the leading provider of credit scores – will ignore this new notation for the time being. It will neither help nor hurt a person’s credit score until FICO decides how to treat it.

11/07/2009

Forensic Loan Audits used to be available only to banks and lending institutions to use for analyzing liability risk when buying large pools of mortgages. Now they are affordable for borrowers to obtain and use in their negotiation process to convince their lender to agree to mortgage modification.  Mortgage Auditor Forensic Audit Specialists help distress borrowers with loan modification in Oakland County, Southfield, Pontiac, Royal Oak, West Bloomfield, Farmington Hills, Wayne County, Detroit, Dearborn, Canton, Livonia, Westland, Macomb County, Sterling Heights, Warren, St. Clair Shores, and neighboring cities and communities.

11/11/2009

The Obama administration said Tuesday that its federal mortgage modification program has enrolled one in five eligible homeowners, a sign the effort is gathering momentum after a slow start. But so far few of those trial modifications are turning into permanent fixes. Still, some borrowers say their mortgage companies have kept them in limbo for months. Gerald Bullock of Cincinnati said he has made seven trial payments and provided J.P. Morgan more than 60 pages of documents, but this week got another request for documents.

11/11/2009

For months, housing advocates have complained that mortgage servicers are wrongfully denying homeowners’ applications for the administration’s $50 billion mortgage modification program. Last week, the Treasury Department took a step to address those concerns: For the first time, it issued guidelines requiring mortgage servicers to give homeowners details about why they’ve been denied. But the required disclosure will only be partial, and housing advocates say that means servicers’ denials of loan modifications will still be shrouded in secrecy and protected from scrutiny.

11/24/2009

Calls for More Mortgage Principal Forgiveness the main problem of the mortgage industry changes from house-price depreciation to unemployment, the mortgage market needs more programs “where there is principal reduction for borrowers with negative equity” in their home, “as opposed to just a loan restructure,” Mr. Das said from CITI. “The solution” of the mortgage crisis “has to move into the next gear,” he said. The government’s Home Affordability Mortgage Program, or HAMP, has “not quite addressed the issue of unemployment
11/30/2009

The U.S. Treasury Department will step up public pressure on lenders to finish modifying more home loans to troubled borrowers under a $75 billion campaign against the record tide of foreclosures. More than 650,994 loan revisions had been started through the Obama administration’s Home Affordable Modification Program as of last month, from about 487,081 as of September, according to the Treasury. None of the trial modifications through October had been converted to permanent repayment plans, the Treasury data showed. That failure is getting the administration’s attention.

12/02/2009

The U.S. Treasury Dept. indicated that the feds are going to get tough with mortgage servicers. Officials said the banks were moving too slowly in making lasting changes to the loans of struggling homeowners for mortgage modifications that work. Loan servicers that don’t deliver, warned Michael Barr, Treasury’s assistant secretary for financial institutions, “are going to suffer the consequences.”

12/04/2009

Federal government coming in to help borrowers trying to get a home loan mortgage modification. In an effort to improve home loan modification outcomes, the Obama administration has started a mortgage modification conversion drive. The biggest of the banks that service loans will be required to submit to the government their plans for every loan modification they are working on, including the decision made to either approve the modification or deny it.

12/06/2009The Obama administration is hoping to embarrass mortgage servicing companies into doing more to make trial mortgage modifications permanent by highlighting those that are not performing well. But it also could levy penalties or other sanctions against laggards based on the agreements they signed to participate in the program.

12/07/2009

Mortgage modification doesn’t seem to be helpibg homeowners from defaulting.Banks have been slow in converting mortgage holders from the trial program to permanent status. It may be that they have an idea of how high the default rate of home loans in the program is becoming. The news is a setback for the Obama administration’s efforts to help mortgage holders get affordable payments by reworking loans held by private-sector banks. These banks are losing whatever incentive they might have gotten from government payments to permanently modify home loans, because high mortgage-default rates undermine their balance sheets.

12/09/2009

Speaking before the House Financial Services Committee, Laurie Goodman, senior managing director at Amherst Securities Group, blasted Obama’s mortgage modification plan for failing to help struggling borrowers who owe more than their homes are worth and said Obama’s Making Home Affordable Program is destined to fail! The evidence is is irrefutable and negative equity is a predictor of default. Their must be changes in the Making Home Affordable Program.

12/11/2009

President Obama’s Making Home Affordable has a 1% success rate. Some government programs turn out to be moderately successful. Others turn out to be a disappointment. A few turn out to be disastrous failures. Then there’s the Obama administration’s mortgage modification program, which hasn’t done well enough to qualify for even the worst of those categories.

12/11/2009

Yet more proof, if proof be needed, of Bank of America’s Mortgage Modification dysfunctionality comes in the latest HAMP report from Treasury. BofA (BAC) has 1,018,192 loans eligible for modification — more than twice as many as anybody else; JP Morgan Chase (JPM) is in second place with 448,815. Of those million-plus mortgages, BofA has managed to turn the grand total of 98 into permanent modifications — a conversion rate of 0.0096%.

12/12/2009

California’s assembly majority leader is launching an investigation into the federal bank bailout. This follows a dismal report on the president’s foreclosure relief program to be used for loan mortgage modifications for homeowners. We knew TARP money was diverted away from modifying home mortgages. That happened before President Barack Obama took office. So the president put up $70 billion as incentives for the banks to modify loans. But from the numbers released this week, it doesn’t appear to be working.

12/14/2009

On April 28, the Treasury announced provisions for an expansion of the U.S. modification plan that would require second mortgages be reworked to reduce or forgive payments or whenever first-lien debt is changed. Officials said then the second mortgage modification program would be running in about a month. The government remains in “discussions with all the top servicers on the second-lien program,” Michael Barr, the assistant Treasury secretary for financial institutions, said on a Nov. 30 conference call with reporters. The administration is now focused on creating a “well-oiled machine,” with servicers, converting as many trial modifications as possible into permanent debt changes…

12/15/2009

Chase mortgage modification backlash with 1,000 homeowners protest at bank’s Manhattan HQ. An estimated 1,000 representatives of the Neighborhood Assistance Corporation of America (NACA) paid a visit on Monday morning to JPMorganChase (JPM) CEO Jamie Dimon. Carrying signs reading “Chase Get On the Bus,” “Chase Say Yes,” and “Don’t CHASE Us Out of Our Homes,” the protesters briefly occupied the lobby of 1 Chase Plaza, in New York’s financial district, where the company has offices in defience of their loan mortgage modifications…

12/20/2009

Lenders get an order: You Better Ramp up the rescues. The Obama administration is publicly pressing banks to modify more mortgages after a Treasury Department report showed dismal results in a federally funded foreclosure prevention program — including only 16,000 mortgages being reworked in Southern Nevada. BOA is the worst bank in this department. Lenders have appeared unable or unwilling to tap into the $50 billion that President Barack Obama made available this spring to rewrite loans for a loan mortgage modification to stem the tide of foreclosures, which some estimate will hit 13 million nationwide…

12/20/2009

Fine print in mortgage modification forms contain trap. Signer beware! Turns out the forms homeowners fill out to apply for lower monthly mortgage payments for three months while waiting for more permanent relief contain a potentially lethal booby trap courtesy of the U.S. Treasury Department…

12/22/2009More prime mortgages are defaulting  in the 3rd quarter. Troubled home loans continued to mount in the nation’s banks in the third quarter as even once-solid borrowers increasingly fell behind on their mortgage payments. For the first quarter, the number of homes in foreclosure with mortgages serviced by U.S. national banks and savings and loans topped the 1-million mark, according to figures released Monday by the Office of Thrift Supervision and the Office of the Comptroller of the Currency…

12/23/2009Mortgage modification horror stories… the loan-mod expert maintains that once you have been preapproved for a Making Home Affordable modification any collection or foreclosure activity should cease and should not resume until and unless you default on the trial payments or the lender determines you are not eligible for a permanent modification.

12/28/2009

loan mortgage modifications ruin your credit for now… In another blow to Obama’s HAMP mortgage loan modification program it has come to light that these modifications can damage the borrower’s credit score. This had previously not been reported to many homeowners’ seeking relief through the program.

12/29/2009The U.S. Treasury has ordered a review of all mortgage modification trials set to expire on or before Jan. 31, 2010, as part of the Obama Administration’s efforts to accelerate permanent mortgage relief and rescue more borrowers from foreclosure…

1/01/2010Bank of America has come under fire in the recent weeks over their lack of participation in the home loan modification program and many homeowners have voiced their problems with the financial giant and will hear nothing good said about the company. Even here at rwbpress.com, angry comments had to be censored when the slightest hint of a pro-Bank of America sentence with typed.

1/02/2010

Mortgage modification fails to bring relief…The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

1/02/2010

Loan Mortgage modification help lacking…At the close of November, just over 31,000, or 4.3 percent, of loan modifications granted by lenders under the program had been made permanent.

1/03/2010

Mortgage foreclosures still swamping federal efforts to help. Banks and other lenders are still foreclosing on Americans’ homes at a rate that’s outpacing the Obama administration’s main effort to stem the crisis. The Treasury Department’s Home Affordable Modification Program, or HAMP, has started the mortgage modification process on almost 760,000 homeowners who are at risk of losing their homes, less than 5 percent of those workouts have become permanent, government data show.

1/07/2010

Do borrowers taking part in the Obama administration’s mortgage modification program deserve a black mark on their credit records?…

1/09/2010Nine months later the Obama second mortgage modification HAMP program has yet to launch which is a major cause of problems in the housing market today…

1/10/2010

Mixed Signals from Obama’s Foreclosure Rescue Team…this week, blogs are abuzz on speculation that the second lien modification program was placed on indefinite hold. One blog relayed an e-mail reportedly from a government source saying the plan had not signed up any mortgage servicers…

1/15/2010Michael Barr, the assistant Treasury secretary for financial institutions, said the government is considering changes to permanently cut outstanding loan balances where borrowers owe more than the property is worth… because many are dropping out of the Obama mortgage loan modification program because of a failure to make their payments…

1/17/2010Only a few U.S. homeowners enrolled in a federal foreclosure prevention program have achieved permanent loan modifications, statistics indicate – data was released Friday by the U.S. Treasury Department…

1/17/2010As foreclosures are expected to rise from 2.8 million in 2009 to 3 million in 2010, analysts expect the Obama administration to modify the modification program to keep it from becoming another major political issue in a year when Democrats are facing a growing anti-spending sentiment among the voting public…

1/19/2010

The U.S. Treasury Department has failed to win agreements to get struggling borrowers’ home- equity debt reworked, among the biggest roadblocks to reducing foreclosures that may reach a record 3 million this year. None of the lenders holding a combined $1.05 trillion in the debt has signed contracts requiring participation in the second-mortgage modification plan announced eight months ago. The largest banks remain “committed” to joining, Meg Reilly, a department spokeswoman, said in an e-mail…

12/20/2010
Despite a concerted effort by the Obama administration to rebuild the housing market, it continues to languish. The government’s Home Affordable Modification Program (HAMP) failed to stymie foreclosures last year, and 2010 may not be any better…

1/21/2010
Federal Mortgage Modification Program Fails To Deliver. Despite a concerted effort by the Obama administration to rebuild the housing market, it continues to languish. The government’s Home Affordable Modification Program (HAMP) failed to stymie foreclosures last year, and 2010 may not be any better…

1/22/2010
Study fears jump in foreclosures. The number of homeowners struggling to make their mortgage payments continues to rise and could lead to more foreclosures in 2010 than last year, a new study from state regulators warned. “We are at risk of a devastating acceleration of foreclosures unless improvements are made in foreclosure prevention efforts,” said the fourth report from the State Foreclosure Working Group, a group of attorneys general from 13 states, including Iowa, and three state bank regulators…

1/23/2010

FHA loosens loan modification rules for qualifying for a mortgage modification. Homeowners can now apply for a federally backed mortgage modification program before they get behind on mortgage payments, the Federal Housing Administration announced Friday…

1/23/2010

Foreclosures Could Hit 3 Million in 2010. A second, more robust second mortgage loan modification program will soon be approved lawmakers say to help stem the tide of increasing forclosures.

1/23/2010

Why Mortgage Modification Isn’t Working. The in’s and out’s of why banks have no real incentive to help struggling homeowners and to ‘continue business as usual’.

1/24/2010

Mortgage modification programs has many faults and was doomed to fail from the beginning. Moody’s Economy.com chief economist Mark Zandi said he believed that mortgage servicers participating in HAMP were reluctant to modify loans, “given the high probability that homeowners will redefault because so many are so deeply underwater” – that is, owing more on a mortgage than the house is worth…

1/25/2010In the coming week will bring new guidelines for the Obama home loan mortgage modification foreclosure prevention program, which could be good news for some homeowners but bad news for others…

1/30/2010Homeowners in the main U.S. foreclosure-prevention plan will be required to provide proof of income earlier in the loan modification process as the Obama administration tries to make the mortgage program more efficient.

2/02/2010

Principal forgiveness is the only way to prevent foreclosure for borrowers when doing a loan mortgage modification. This certainly isn’t a new suggestion, it’s a proposal that’s beginning to gain more support. We’re at the point where it’s become pretty obvious that nobody wants to pay a mortgage for more than their home is worth. The easy solution would just be to rewrite the mortgage for a value more in-line with the home’s current value…

2/04/2010Of the 89 percent of Fifth Third Mortgage Company’s portfolio eligible for Home Affordable Modification Program (HAMP) consideration, nearly 35 percent of trial plans started have been converted to permanent modifications. According to U.S. Treasury data recently released for December 2009, that percentage is more than four times the national average of 7.4 percent.

 2/06/2010With expectations for millions of foreclosures on the horizon, the Obama administration is making changes to its $75 billion mortgage-modification program to speed up the conversion of troubled loans into more-affordable permanent loans, the Treasury Department said…

2/11/2010

Coming Foreclosure and Commercial Real Estate Storms…as if the foreclosure mess weren’t enough to keep you up at night, today we’re also digesting a new report from the Congressional Oversight Panel (that’s Elizabeth Warren & Co, the TARP watchdogs) about the looming storm in the commercial real estate market. The report predicts a wave of losses, totaling $200-$300 billion, from commercial real estate loans could “trigger economic damage that could touch the lives of nearly every American.”…

2/19/2010

Homeowners Can Process & Negotiate Their Own Mortgage Modification…AIM2MOD is designed to assist homeowners with every aspect of the modification process from creating a qualified budget, calculating the proposed modified mortgage payment, preparing the hardship letter, drafting the proposal letter and packaging the appropriate documents to complete the bank submission form. A2M also includes a foreclosure analysis that will indicate whether the lender should work with the homeowner to modify their loan or discuss the short sale option, if foreclosure is the only other alternative…

2/19/2010

Troubled mortgages at record highs, but mortgage bankers see glimmers of hope… “There’s good news and bad news,” said Jay Brinkmann, the MBA’s chief economist. The good news: the number of homeowners who were 30 days behind on their mortgage payments dropped from 3.79 percent to 3.63 percent from the third quarter to the fourth quarter, a time when it usually rises as homeowners face heating and holiday bills. The decline, Brinkmann said, “frankly surprised us”…

2/19/2010

Mortgage-modification program has little effect…Homeowners up to date on mortgage payments but who see delinquency down the road and apply for modification are likely to be rejected. Critics of the program say it is doomed to fail because it does not reduce principal balances or cover the growing number of unemployed homeowners. “Unless the federal program is expanded to allow a write-down of mortgage principal, said Mark Zandi, Moody’s Economy.com chief economist, it will struggle to have a meaningful impact on the foreclosure crisis”…

2/19/2010White House Considering New Steps to Delay Home Foreclosures…The Obama Administration is considering new steps to delay and prevent foreclosures as it seeks to qualify more struggling homeowners for its major mortgage modification program, financial industry sources said. The possible next moves would create numerous new policies and procedures for banks, investors and mortgage servicing companies that participate in the Administration’s $75 billion Home Affordable Modification Program [HAMP], which provides financial incentives to them – and homeowners — to modify loans…

2/21/2010

Homeowners exasperated with the BOA mortgage modification plan fear foreclosure and say it isn’t working. Process is a ‘joke,’ one says…

2/25/2010

Novel approaches to mortgage modification…If you get turned down for a permanent mortgage loan modification, is filing a lawsuit against your bank the way to go?…especially if it’s BOA one of the worst performing banks performing mortgage modifications.

2/26/2010

Fannie to U.S. – We need another $15.3 billion…

Battered by the housing crisis, mortgage finance company Fannie Mae said Friday that it needs another $15.3 billion in bailout money from the federal government…

2/26/2010Administration finds the right incentive for banks to act…under the terms of the proposal, banks would be prohibited from foreclosing on houses until mortgagees were screened for eligibility in the mortgage modification program or at least four verifiable contact attempts had been made. Banks will have to stop foreclosure proceedings while customers are in temporary repayment plans. Government officials estimate that nearly 90 percent of outstanding mortgages are eligible for inclusion in that program…

 For far too many homeowners, help still not on the way…when the Obama administration was bailing out the financial industry last year, it also offered relief to strapped homeowners trying to stave off foreclosure. It said the Making Home Affordable program would help up to 4 million borrowers reduce their monthly house payments…

2/28/2010

3/01/2010

Mortgage Principals May Be Reduced Under New Plan…under the FDIC program the mortgage principal reduction will apply primarily to the growing number of homeowners who are underwater. It will be limited in scope and will be tested later this year.

3/3/2010

Ocwen Financial Corporation (NYSE:OCN) President Ronald M. Faris, testifying before Congress, voiced the mortgage servicer’s support of the Administration’s Home Affordable Modification Program (HAMP) and recommended enhancements that Ocwen believes would make the program more effective at preventing foreclosures and helping distressed homeowners…

3/5/2010

FDIC Chairman Sheila Bair – a recognized champion of homeownership preservation whose loan modification model has set the standard for the industry – is throwing her support behind the administration’s Home Affordable Modification Program (HAMP) by support of loan modification principal reductions as a means to lesson foreclosures.

3/6/2010

GMAC Mortgage mortgage modifications, along with Citigroup, made either permanent or trial home loan modifications for 50% of their homeowners who potentially qualify for the program. This number puts a lender like GMAC Mortgage ahead of the vast majority of other lenders in the Making Home Affordable Program, but many wonder if their success will continue.

3/11/2010

Feb. foreclosure filings at year-over-year low…Severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states,” said James J. Saccacio, RealtyTrac chief executive officer…

3/11/2010

New Obama plan is going to pay people to leave their homes. Obama’s new plan is scheduled to begin taking effect on April 5. It is aimed to help the hundreds of thousands of people who did not get any help from the previous loan modification program…

3/11/2010

Short sales become foreclosure alternative – Beginning April 5, under new Treasury Department rules, short sales will be presented as the potential next step for homeowners who are rejected by or fail to make the grade for the federal Home Affordable Modification Program (HAMP).

3/11/2010

Making Home Affordable offers little hope, lots of frustration – The numbers are staggering. Over 1.1 million people have applied for HAMP, and the number of people who’ve been approved is still at about 14 percent,” said Tony Haddad of SBH Communications in Rochester, citing statistics he’s come across while researching MHA in an effort to get the word out on difficulties homeowners face in attempting mortgage modification through the program…

3/12/2010

Permanently modified mortgages grow by 45%, government says…the Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708…

3/18/2010

This week two influential House Republicans introduced a partisan flavor to the government’s efforts to reduce foreclosures by taking the Obama Administration to task for “misstating accomplishments” of its Home Affordable Modification Program and “trying to confuse the American people.”

3/17/2010

Mortgage-modification program has major flaws…what financial institutions don’t have to do is explain to homeowners how they applied the model. People have to accept a lender’s verdict on faith, and once the decision is made, borrowers have little recourse…

3/21/2010

Five More Ways the Obama Mortgage Modification Program Fails Americans…for an administration that once said that it would pay more attention to Main Street than Wall Street, the failure of the its signature initiative for Main Streeters — the mortgage modification program — should be a wake-up call…

3/26/2010

Obama help for struggleing homeowners…The administration wants to help two groups of borrowers at risk of losing their homes: the unemployed and the underwater — who owe more on their mortgage than their home is worth. The new effort is expected to cost about $14 billion, but no new taxpayer dollars will be needed.

3/29/2010

The Federal Housing Administration (FHA) will refinance some of those underwater loans and reduce the outstanding principal balance to qualified homeowners for their primary residences…

3/28/2010

Bank of America Forgives Deadbeat Debt…Bank of America is going to forgive up to 30% of the debt owed to it by 45,000 deadbeat mortgage customers.

3/31/2010

Wells Fargo loan modification program is one of the big lenders participating in the home loan modification program getting help from Washington…

3/31/2010Mortgage modification questions answered on Twitter…

4/3/2010

More walk away from homes and mortgages… voluntary foreclosure is fast becoming a major challenge to the government’s $75 billion effort to keep distressed borrowers in their homes…

4/3/2010

Walking away from your home Carries Risk…questions on whether to walk away from your underwater home…

4/4/2010

Here’s what happens to your credit when you chosse to go through a mortgage modification, forclosure, short sale, HAMP mortgage modification and other…credit and mortgage modification.

4/7/2010
Ask Jill: Mortgage Modification Questions Keep Coming…answers to the latest question on the new mortgage modification guidelines…

4/7/2010
Fed’s new mortgage modification program – Keep your house, lose your credit…

4/10/2010
Mortgage modification rules change…more homeowners may see their monthly mortgage payments drop, thanks to changes to mortgage modification program.

4/14/2010
Banks Resist Plans to Reduce Mortgage Balances……in a rebuff to the Obama administration, two big banks on Tuesday drew a line in the sand on cutting the mortgage balances of beleaguered homeowners, saying that the tool would be applied sparingly.

4/17/2010
Urgent mortgage moves need not destroy credit scores…
Financially stressed homeowners looking to cut mortgage payments through a loan modification, short sale or principal reduction under one of the Obama administration’s programs needn’t wreck their credit scores in the process.

4/18/2010
New BOA Bank of America mortgage modification plan…Bank of America wants to give struggling mortgage customers who are collecting unemployment benefits up to nine months with no mortgage payment. No job no payments.

4/20/2010
The Obama administration should consider forcing lenders to make principal reductions for struggling homeowners who owe more than their home is worth, the watchdog overseeing the $700 billion bank bailout said in a report released on Tuesday…

4/21/2010
Mortgage Servicer Profits May Threaten Obama Housing Programs…

4/28/2010
Bank of America completed more than 77,000 permanent home loan modifications in the first quarter and helped more than 560,000 customers with a permanent mortgage modification since 2008. The company also became the first lender to join and the first to extend offers to customers through the Treasury Department’s Second Lien Modification Program, as well as announced a new program that will allow earned principal forgiveness on certain mortgages as an additional strategy to help families stay in their homes…

4/28/2010
As percentages for permanent modifications in the government’s Making Home Affordable Program (HAMP) have increased to double digits, Fifth Third Mortgage Company is continuing to outpace the national average with its ‘You Have Options‘ program.

4/28/2010
Fifth Third mortgage modification conversion rate at 53 Percent. The 5th 3rd mortgage modification site, www.53.com/bettertomorrow, explains in easy-to-understand terms the program requirements.

5/3/2010
A senior Treasury department official closely involved with the Obama administration’s struggling mortgage modification program has called it quits apparently to volunteer for Habitat for Humanity…

5/3/2010
Homeowners going through a Citigroup loan modification program have had some difficult times and many homeowners feel that lenders need to do more to make foreclosures preventable…

5/3/2010
Treasury Secretary Tim Geithner for the first time acknowledged the depths of the problems, but didn’t offer any new solutions but is committed to releasing more detailed data on how banks and other servicers are faring—a promise Treasury first made six months ago…

5/4/2010
The Obama administration’s mortgage modification program is hoping to deal with underwater mortgages in the coming months through making principal reductions on homes where homeowners owe more than their home is worth. Many homeowners have been asking for principal reductions as homes have seen a drop in value in many areas around the nation…

5/8/2010
Walk away from your house and you may owe lots of taxes…

5/9/2010
The State of the government’s loan modification program
See what the actual numbers by the leading banks are up to date.

5/9/2010
Homes can be lost by mistake when banks miscommunicate…your home may be sold even though you are just approved for a loan mortgage modification.

5/10/2010
Feds trying to fend off foreclosure…About 12 percent of all defaults in February were by homeowners under water on their loans, according to an April report from New York-based Morgan Stanley.

5/12/2010
When the administration launched its foreclosure prevention program, it committed to spend up to $75 billion. By the end of March, more than a year later, only about $242 million had actually been paid out…

5/12/2010
The Treasury has recently signed up servicers for (2) other programs. One will pay incentives to lower homeowners’ payments on 2nd mortgages. The other offers incentives for servicers to execute “foreclosure alternatives” such as a short sale (allowing the homeowner to sell the house for less than the outstanding mortgage amount). We will see how successful those initiatives will be.

5/13/2010
BOA modifies 56,000 mortgages under government program since the beginning of this year. Under the BOA mortgage modification program, BOA was able to complete 600,000 modifications since the beginning of 2008…

5/14/2010
Bank of America mortgage loan modification trials slowing – it is seeing the beginning of a decrease in the number of active trial modifications, in part because of stricter HAMP requirements…

5/16/2010
Region still weighed down by foreclosure problems – Despite a foreclosure crisis hammering the nation for three years, distressed homeowners who want to keep their homes are facing a disjointed and uncoordinated process that has left many sitting in homes for months without knowing their fate…

5/16/2010
Phoenix home-loan modification delayed for many – When the federal loan modification program was announced in February 2009, many people were given hope of holding onto their homes.

5/16/2010
Online system streamlines mortgage modification – An industry group with an executive at the Philadelphia mortgage insurer Radian Group Inc. in a leading role has developed an online system to streamline the loan-modification process by using a method that gives servicers, investors, mortgage insurers, and housing counselors a common platform and repository for documents.

5/17/2010
Why did the number of homeowners who lost their mortgage aid under a federal foreclosure prevention program nearly doubled last month, according to Treasury data released Monday…

5/17/2010
Wells Fargo Co. WFC said the number of active or completed Wells Fargo home loan modifications fell in April from the previous month as the number of customers on trial modifications declined…

5/17/2010
Here’s some good news for people who had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure – You may not have to wait the typical (4) or (5) years to re-qualify for financing to buy another home…

5/17/2010
In a post on the Freddie Mac website last week, Don Bisenius, the head of the company’s home-loan guarantee business begged homeowners not to default on their mortgages…

5/18/2010
Bank Of America Loan Modification for 2nd mortgage – In many cases, the 2nd mortgage just waits and watches what the 1st mortgage does. In this case Bank of America has both mortgages. So you have 2 options at this point…

5/18/2010
The government’s mortgage-modification program has left some struggling homeowners worse off than they were before – What are the new loan mortgage modification answers now…

5/18/2010
More Homeowners’ Home Loan Modifications Denied, Announces American Residential Law Group…

5/19/2010
Tips on helping yourself get a faster bank mortgage modification – Representatives of loan servicers also offer tips for homeowners seeking a modification…

5/20/2010
Mortgage modification through principal reductions – more lenders are warming up to that as more homes go into foreclosure…

5/21/2010
A new online study found that 4 out of 10 homeowners would walk away from a mortgage that was underwater – meaning that you owe more on your home then it’s worth…

5/25/2010
Bank of America mortgage modifications are increasing and they are using more principal reductions for first mortgages as well as seconds…

6/1/2010
Home owners stop paying on mortgages and stop fretting – sort of homemade new mortgage modification…

6/2/2010
Bank of America announced today they will open the first of 3 outreach centers in Nevada to help distressed and underwater homeowners with a BOA mortgage modification to modify their mortgages…

6/3/2010
Mortgage modification help is best accomplished by following these simple rules when dealing with your lender…

6/3/2010
BOA has stated that they have offered its customers poor service in the mortgage modification process and are taking steps to fix this…

6/6/2010
Another BOA mortgage modification nightmare for this family…

6/7/2010
Using foreclosure as free rent as the new mortgage modification program

6/9/2010
California foreclosure bills waiting in Congress- California mortgage modification programs for homeowners in foreclosure…

6/14/2010
Countrywide Home Loans – now a unit of Bank of America was preditory and created much of the mortgage crisis leading to the increase in foreclosures.

6/15/2010
Paperwork problems delay mortgage modications for those who qualify – One way for some homeowners to avoid foreclosure is a process called mortgage modification. Qualified customers are having trouble getting a modification…

6/16/2010
Bank of America Corp finally coming around on mortgage modifications after a terrible start – said on Tuesday that it has completed more than 70,000 BOA mortgage modifications under the federal government’s Home Affordable Modification Program (HAMP) since the beginning of January 2010 to May 2010…

6/16/2010
Litton Loan Servicing bought out by Goldman Sachs is facing a wave of complaints from consumers over the business practices of its mortgage servicing unit…

6/17/2010
Denied for federal mortgage aid, homeowners seek alternatives for mortgage modifications…

6/20/2010
Federal officials have reached settlements with sixteen companies charged with falsely advertising to help troubled homeowners and then charging hefty fees and false promises. One of the many mortgage modification scams today.

6/21/2010
HAMP mortgage modifications an utter failure…mortgage loan modifications difficult…

6/24/2010
Mortgage servicers on told U.S. House lawmakers that multiple changes to the U.S. Treasury Department’s foreclosure prevention program have made it increasingly difficult to keep distressed borrowers in their homes making…

7/3/2010
Loan mortgage modification advice to help you stay on the right direction when modifying your mortgage…

7/6/2010
Frequently asked loan modification questions…

7/9/2010
Biggest defaulters on their mortgages are the rich in the US. They walk away as a strategic default instaed of a mortgage modification…

7/10/2010
Is this how most states will start to handle loan mortgage modifications – it’s working very well…

7/16/2010
Big places will be moving their big money out of the banks if banks don’t do a better job at modifying mortgages…

7/16/2010
Being penalized for a home loan mortgage modification is just plain wrong – see what Rep. Jackie Speier, D-Hillsborough is doing about it too…

7/19/2010
When one applies for a mortgage modification, the lender will apply a “net present value test” in deciding whether to go forward with your loan mortgage modification or not. The NPV test makes some guesses about the possibility that you’ll default or not, how much the home is worth now and how much it will be worth a year from now then they figure up how much it would cost to foreclose, and what price the house would sell for after a foreclosure is complete…

7/20/2010
More people are being kicked out of federal mortgage modification program HAMP than are being helped by it unfornately…

7/21/2010
Bailout watchdogs on Wednesday blast the Obama administration’s HAMP program to assist struggling homeowners stating the Treasury not only isn’t doing enough for borrowers but needs a program with more teeth in it.

7/23/2010
Many homeowners are getting help outside of federal program from the lenders who hold their mortgage for a lender mortgage modification…

7/23/2010
Fannie Mae has a refinance alternative to help borrowers who are underwater on your mortgage…

7/24/2010
Has the Obama HAMP program been a total flop or has this started a new mortgage modification trend…

7/26/2010
Protecting credit and mortgage modifications will become legislation soon…

7/28/2010
Disturbing practices by the large banks – so U S Senator Sherrod Brown (D-OH) sent a letter today to the executives of the nation’s (4) largest banks calling on them to work with responsible homeowners to avoid foreclosing on their homes and work towards a home loan mortgage modification program…

8/6/2010
A Fannie Mae consultant says she was fired after revealing that the troubled financial institution was hindering — not helping — homeowners in trouble. The former executive says Fannie Mae put improving its own bottom line ahead of an Obama administration program goal of helping homeowners avoid foreclosure…

8/7/2010
The top Republican on the House Financial Services Committee called on Friday for an investigation into charges that mortgage finance giant Fannie Mae steered borrowers into a mortgage aid program so it could receive incentive payments from the U.S. government…

8/7/2010
More HAMP homeowners falling behind on their HAMP mortgage modification payments…

8/9/2010
Freddie Mac needs $1.8 Billion in government aid after posting hugh loss…

8/10/2010
New York regulators have crafted new laws to give the state authority to punish mortgage servicers in which something the Treasury Department in administering its struggling mortgage modification program has so far not been able to do. The new rules set clear standards for how servicers must handle homeowners seeking a modification…

8/13/2010
Fifth Third Bank mortgage modification conversion rates higher then 70%…

8/16/2010
Underwater mortgage refinance is hard to find so try a mortgage modification for underwater mortgage…

8/16/2010
Mortgage modification failure by the Obama HAMP program…

8/17/2010

Dumb luck may play a big role in if your going to get a good mortgage modification or not…

8/17/2010

Bank of America mortgage modifications slow down big time…

8/19/2010
New bill would protect borrowers credit scores from loan mortgage modifications…

8/20/2010
Treasury mortgage modification dropouts rise – In its monthly report on the Home Affordable Modification Program, or HAMP, the Treasury said 48.1 percent of 1.3 million homeowners who started a mortgage modification through July have been dropped from the program…

8/20/2010
Timing has never been better for a loan mortgage modification – if you have good credit and steadt employment…

8/20/2010
The banking industry has taken a great deal of time to help troubled homeowners and done a poor job by some accounts and the problems are escalating…

8/21/2010

Few people are helped by th Federal loan modification as of this date and is considered a total flop…

9/15/2010
HARP is The Home Affordable Refinance Program which is really working well…

9/16/2010
Short sales through the Home Affordable Foreclosure Alternative (HAFA) for those who cannot get a mortgage modification…

9/21/2010
Fannie Mae issues second mortgage mortgage modification guidelines…

9/24/2010

Dropout rate hits 51% in the Obama mortgage modification program…

9/24/2010
Michigan Mortgage Modifications Negotiators Offers Free Seminar – 85% of all mortgages have violations…

9/28/2010
As many as 30 million U.S. homeowners would be able to refinance their mortgage at record low interest rates regardless of their credit situation under a plan unveiled on Tuesday by a Democratic lawmaker

9/28/2010
Most Loan Modifications Won’t Have a Negative Impact on your Credit Score…

10/9/2010

Group makes a loan mortgage modification much easier…

10/15/2010
The mortgage mess just keeps getting uglier…

10/21/2010
Saving the American Dream, One Mortgage Modification at a Time…

10/26/2010
Mortgage modifications slow even more…

10/26/2010
Nightmare stories on mortgage modifications seem like they are done on purpose by the banks…

10/28/2010

Foreclosures set to skyrocket because banks aren’t willing to work a mortgage modification for borrower’s…

10/28/2010

Three ways to get rid of your house when a mortgage modification doesn’t work out…

10/28/2010

Two ways instead of a foreclosure…

10/28/2010

Mortgage Forgiveness Debt Relief Act of 2007 helps you when your principal is lowered on your mortgage…

10/28/2010

Should you feel guilty about walking away when the lender doesn’t modify your mortgage…

11/05/2010
Alternatives to mortgage loan modification….

11/10/2010

Mandatory modifications on all mortgages on owner-occupied homes should be president Obama’s agenda… as soon as possible!

11/24/2010
FTC battling mortgage modification schemes with new laws with teeth..

12/14/2010
Obama mortgage modification plan never did and still is not working but much more foreclosures on the horizon…

12/18/2010
BOA is the worst of the worse when it comes to home loan mortgage modifications and Attorneys general in Arizona and Nevada filed civil lawsuits Friday against Bank of America Corp., alleging that the lender is misleading and deceiving homeowners who have tried to modify mortgages in two of the nation’s most foreclosure-damaged states…

12/18/2010
HUD foreclosure prevention counseling services by state for loan modification help…

12/24/2010

BOA may be the worst mortgage modification company today; but really why?…

12/27/2010
BOA loan mortgage modification help is the poorest…

12/29/2010
Wells Fargo Mortgage Modification Forgiveness Announces Plan For Mortgage Forgiveness…

1/12/2011
Get Rid of a Second Mortgage Without a Loan Modification…chapter 13 may be a good option for you…

1/27/2010
Inspector general states “Mortgage modification program a failure“…

1/30/2011
BOA mortgage modification program is the worst of all banks and it’s on purpose…

2/12/2011
Judge rules against bank in mortgage modification suit – sets a precedent…

2/13/2011
Over 13% of all mortgages are underwater…

3/1/2011
New Obama mortgage modification bill could finally put teeth into the foreclosure problem…

3/4/2011
Mortgage modification overhaul is now being sought by the states to help the overwhelming amount of troubled homeowners…

4/2/2011
Home loan mortgage modifications for second liens are approved under HAMP…

5/23/2011
U.S. Department of Housing & Urban Development (HUD) have announced the release of a new Web site, CheckMyNPV.com, designed to assist homeowners in calculating a net present value (NPV) evaluation of their mortgage for the federal Home Affordable Modification Program (HAMP).

5/23/2011
CitiMortgage’s Road to Recovery ten-city tour has completed events in its first four cities and is proceeding to the next six cities to help distressed homeowners.

9/10/2011
The Federal Housing Finance Administration confirmed Friday that it is re-evaluating the government’s home refinancing program, with an eye toward expanding it to more consumers…

10/25/2011
New Obama Home affordable plan will help struggling homeowners get refinancing by eliminating barriers…