That’s the latest headline from a recent story in response to data released by the government on the success of their much lauded foreclosure prevention plan- Making Home Affordable.
If you have visited the site MakingHomeAffordable.gov you’ve probably even seen the slogan- “don’t pay, walk away..” and to “..beware of loan mod scams…” (more…)
This weeks industry call was somewhat eye opening for 2 reasons.
First, lenders now have all of the info on the Obama housing plan and how it will affect them.
Second, is that to date, there have been NO takers for the public (94%)/private (6%) partnership to buy $1 trillion of toxic assets to get them off the lenders books. (more…)
B of A announced today that it’s dropping the Countrywide name from the troubled company it purchased and replacing the name with Bank of America Home Loans. Why is this significant and how does it apply to you? (more…)
I’m writing this post in real time as I’m on our weekly industry call. Here are some quick updates.
Lenders hoping to see some movement on the “toxic asset” plan to entice private investors to jump in w/ private equity to help move some of the bad debt off their books has produced little results. (more…)
Our weekly conference call with industry insiders has reported more of the same. Lenders still fighting modifications unless pressured by professionals to play ball.
We had two more clients that came to us last week (one with Wells Fargo, the other with Indy Mac) (more…)
This video interview details the issue of the “scam” loan modification companies that have received so much attention in the press as of late. Todd and Eric discuss how to tell if the modification company you are dealing with is qualified to help you, the reality behind the responses from the government and the press, and more.
Enjoy!
With the foreclosure rate averaging approx 7.200 properties per day and steadily rising, another week has passed and lenders in general are still sitting on their hands waiting on direction to implement the Obama housing plan.
Some lenders have experimented with online data forms to input homeowner financials for modification and here are the results of that test. (more…)
Today’s post was inspired by recent interactions with two loan mod clients (who will remain anonymous) whose current emotional state is just a snapshot of what is occurring on a larger scale.
One client, a female, is an acquaintance of one of my business partners. She works in a professional field, is educated, has children, etc. (more…)
Every week I’m on a conference call with industry insiders where I get updates on lender guidelines that may have changed, lender participation in loan modifications, and updates from any lenders that may be changing their policies and suspending modifications for a certain time period.
This quick update is to give you a snapshot of what is going on right now in the lending community with regard to loan modifications. (more…)
We’ve finally released what we believe is one of the most critical tools homeowners can have at their disposal when considering a loan modification. (more…)
