Loan Modification
$25 Billion Settlement will help One Million Distressed Homeowners
On Thursday, January 9th, 2012 – 49 State Attorneys General and the federal government reached a $25 billion settlement with the nation’s five biggest banks with regard to the Foreclosure crises that came to light late in 2010. “First, the basic terms of the settlement: Under the deal, $20 billion will be allocated to principal [...]
Read Full Post | Make a Comment ( 1 so far )What is a ‘deed in lieu of foreclosure’?
During this Great Recession, as many as one in five American home owners have found themselves unable to keep up with their monthly mortgage payments. The first line of defense for most of these folks has been to pursue a loan modification. However, since a loan modification is based on the borrowers ability to make [...]
Read Full Post | Make a Comment ( 3 so far )Loan Modification Programs Falling Short
Joelle Berni, a Century 21 M&M and Associates Realtor in Madera, was not surprised to hear this week that more than 40 percent of homeowners applying to the federal Home Affordable Modification Program drop out. The HAMP program, the flagship of several federal loan modification plans, is designed to lower mortgage interest rates to counter [...]
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