Mortgage Modification

Why Do Lenders Keep Losing My Modification Paperwork? Nothing Was Lost When I “Applied” For My Mortgage !!

Do you want to be considered for a mortgage loan modification?  Well, just stop making your mortgage payments. That’s the advice that Washington Mutual (WaMu), Countrywide & other lenders  gave some homeowners who called seeking for help with their mortgage payments.  And what happened later?  The lenders foreclosed. No loan modification.  No help. Some homeowners are [...]

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Caution: That Loan Modification Can Hurt Your Credit Score

Mildred, a homeowner who had recently applied for a New Jersey loan modification, was stunned to find that her near-perfect credit score of 735 fell by 110 points after getting a trial mortgage modification approved by her lender. The score drop occurred despite never having any late payments and all trial payments had been made on time. Nothing unique here.  I [...]

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Can You Sue Your Lender For Closing Your Home Equity Line of Credit?

It’s possible and it’s happening now.  Both JP Morgan Chase and Washington Mutual are facing lawsuits after both lenders have frozen borrowers’ home equity loans without proper cause. Written within the terms of many home equity loans is a clause that says banks will provide customers with (2) weeks notice to substantiate whether their incomes have dropped before taking action [...]

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Mom Raps About Mortgage Modification & Foreclosure

Mortgage Rates in New Jersey Click to Share on Facebook

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Are Homeowners Really Getting Loan Modifications Approved?

Short answer:   Not many.  On Monday, June 21, 2010, the Department of Housing and Urban Development (HUD) released a monthly report that revealed more loan modifications are canceled than approved.  This comes as no surprise to anyone who’s staying on top of the HAMP program.  And falls far short of the expectations of Obama and the Treasury [...]

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New York Attorney General Warns Loan Modification Companies To Cease Illegal Activity

Who’s that dude in the mask? He’s the guy you paid $2500.00 to modify your loan. Seem strange? Maybe. But that’s what thousands of borrowers have done and will continue to do out of desperation. Anthony Cuomo, New York Attorney General, is doing what he can to put a stop to bad loan modification companies [...]

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Watch Video About FDIC Perks That Encourage Bank to Foreclose Instead of Modifying Mortgage – You Will Be Astounded!

We all recall when IndyMac Bank failed.  Well, if you don’t recall, trust me, the bank did fail.  Not long thereafter, OneWest Financial purchased the assets of IndyMac from the FDIC.  Apparently, the FDIC felt it important to give OneWest a near-guarantee that not only would it not fail, but would rake it extreme profits from [...]

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Bank of America May Offer a Mortgage Solution for the Unemployed

Pretty soon, there may be good news for Bank of America mortgage holders who have fallen behind with home loan payments.  The bank’s pending plan is to:  (1) forgive payments for up to nine months, or (2) defer payments.  This would apply to borrowers who lost their jobs due to the recession. According to Bank of America, if the borrower finds [...]

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Here’s a List of Resources and Contacts to Help You Modify Your New Jersey Mortgage or Save Your Home From Foreclosure

If you can no longer afford your mortgage payment and need assistance and information to help you through the process, visit some of the sites below.  Information will be most critical as you work to stay in your home and/or lower your payment.  You must stay informed.  Do not depend or rely on anything or [...]

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Can I Get a New Jersey Mortgage Loan Modification if I Am Unemployed?

Late in 2008, Congress created a panel to oversee the $700 billion TARP program. The panel warned the Obama Administration that the HAMP program (provided under the TARP initiative) would not help the huge numbers of homeowners who would stand to lose their homes because of the growing unemployment problem. The Congressional panel warned that [...]

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Having Trouble Understanding “HAMP” – Obama’s Mortgage Modification Program?

Despite all the talk about mortgage modifications over the last year, there is still considerable misunderstanding and confusion about the who, what, when and how much. If you think mortgage modification might be an option for you, learn more by watching the 2 videos below. In the drop down box at the bottom of the [...]

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Mortgage Loan Modifications Can Be Lethal to Credit Scores

Literally thousands of homeowners are anxiously awaiting or applying for a mortgage modification.  What many fail to realize is that these modifications can devastate one’s credit score while the modification moves through the trial period. The trial period is the time during which the homeowner will make the modified payment that was pre-established by the lender.  [...]

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