Last month House Banking Committee Chairman Barney Frank (D-Mass.) said modify my note programs may be helping more homeowners but they aren’t anywhere near the level they should be. These programs are coming in the form of the Obama’s Making Home Affordable (MHA) and HAMP, plus many more attorney mortgage modification options that are offered by the mortgage companies. In general, homeowners are very much in agreement with Barney Frank’s assessment about Loan Adjustment and Loan Modifications Programs.
Earlier this year, the “cramdown” legislation, passed the Senate but not the House. The “cramdown” permitted bankruptcy judges to Mortgage Adjustment primary home loans; basically it gave them the authority to force the credit unions to do a Note Modifications. The reason it didn’t pass the House is that mortgage lenders promised they’d take care of the problem and help families avoid foreclosure through Loan Modifications.
So far, mortgage companies are not taking care of the problem and are far from the Governments expectations of providing Note Workout to homeowners. Too many homeowners that should be qualifying for the Note Modifications are still being denied. mortgage companies such as Bank of America are at the top of the list for not meeting Government expectations on banks. Remember, these financial institutions received millions of dollars of Troubled Asset Relief Program (TARP) money or easier to say, tax payers tax money that was implemented during the Bush Administration!
Those in the credit unions industry must understand that if there are not a significant number of Loan Modifications to stop this problem that there is a strong argument to revive the bankruptcy “cramdown” legislation. It seems extremely strong that the way the servicers are handle Loan Adjustment that it is not sufficient enough to handle the current problem. It will surely strengthen the comeback of the “cramdown” legislation and this time it would probably pass.
Last month many cities hits double digit marks for unemployment. This can only follow with elevating homes needing Loan Modifications to avoid foreclosure as unemployment correlates to the number of foreclosures.
In addition, seniors close to retirement have found that their retirement is gone, lost by Wall Street. Or they had to borrower from retirement to pay their mortgage because they couldn’t get a Note Adjustment. Some have even borrowed money from their credit cards and have racked up a significant amount of debt to just pay their mortgage.
Some homeowners have filed for bankruptcy to relieve themselves of all debt but their home loan so that they can qualify for a Loan Adjustment. If you plan on doing this make sure your Attorney carves the home out of the bankruptcy and that it is written clearly in the paperwork. In general, you will need that specific information from the Bankruptcy Attorney in order to qualify for a Mortgage Workout. Consulting with a Loan Modification Attorney and having them handle your loan modification would be the best bet to get your Mortgage Adjustment done correctly.
Thursday, September 10, 2009
Tuesday, September 8, 2009
What Is The Reality Mortgage Workout And Making Home Affordable?
Why do we keep hearing in the news every day that the economy is making forward progress when one minute we are bailing out the lenders and several months later they are proclaiming 41% profits like Wells Fargo. Then we hear that bonuses to these mortgage companys executives are about to be paid, when homeowners are still struggling to get a loan modification affiliate.
Then when you talk to the homeowner, they can’t seem to get a loan mod from their lenders, are losing jobs, are upside on their Loan, and can’t afford their mortgage payment anymore. I assume these wonderful profits that the mortgage holders are making are going to the executives and not towards loan modifications or Mortgage work out programs to help people save their homes.
Homeowners are raping their retirement to just make a Loan payment to stay in their home. They call their mortgage companys constantly asking to qualify for Obama’s Making Home Affordable or even HAMP, or heck why not any other Loan Adjustements Program.
Time and time again, more than not, the homeowner is transferred to another resource in the bank, disconnected, or just lost in the maze and not helped with a Loan Workout by their bank/loan servicer. It took an act Congress to just define Making Home Affordable (MHA) and other Loan Modifications programs. Now it is taking an act of congress to actually get a Loan Modification under HAMP or Making Home Affordable.
As foreclosures continue to rise and more people are losing jobs, the reality of our economy coming from Walls Street is not the reality of the economy coming from Main Street. A huge majority of Americans are behind on their Note, can’t afford their Mortgage payments, and have credit card debt is increasing at an alarming rate.
The major concern is that when homeowners call their lenders they are told they have to be late on their mortgage to qualify for Obama’s Making Home Affordable. They are also told that they cannot have any equity in their homes to qualify for this type of Mortgage Workout. Both of these statements are not true; as the lenders are suppose to provide a Mortgage Adjustements under these situations. It is just one more lie and one more way the servicers are not qualifying homeowners when they should. It appears to be like one more excuse.
If a homeowner doing a Loan Adjustements on their own is actually lucky to make any progress on their own, then the financial companies takes their time completing the Loan Adjustements. There are stories that homeowners are waiting 9 and 12 months for a Mortgage Adjustements.
What is going here! The best way homeowners are getting help is thru Attorney Loan Workout, as the Attorney’s are putting pressure on the mortgage holders to modify home Mortgage and stop foreclosures. This process should not be so difficult; at least the Attorneys are successful with the Mortgage Workout. If you are at your last straw, check with an Attorney Loan Workout Company that offers 100% money back guarantee for help.
Then when you talk to the homeowner, they can’t seem to get a loan mod from their lenders, are losing jobs, are upside on their Loan, and can’t afford their mortgage payment anymore. I assume these wonderful profits that the mortgage holders are making are going to the executives and not towards loan modifications or Mortgage work out programs to help people save their homes.
Homeowners are raping their retirement to just make a Loan payment to stay in their home. They call their mortgage companys constantly asking to qualify for Obama’s Making Home Affordable or even HAMP, or heck why not any other Loan Adjustements Program.
Time and time again, more than not, the homeowner is transferred to another resource in the bank, disconnected, or just lost in the maze and not helped with a Loan Workout by their bank/loan servicer. It took an act Congress to just define Making Home Affordable (MHA) and other Loan Modifications programs. Now it is taking an act of congress to actually get a Loan Modification under HAMP or Making Home Affordable.
As foreclosures continue to rise and more people are losing jobs, the reality of our economy coming from Walls Street is not the reality of the economy coming from Main Street. A huge majority of Americans are behind on their Note, can’t afford their Mortgage payments, and have credit card debt is increasing at an alarming rate.
The major concern is that when homeowners call their lenders they are told they have to be late on their mortgage to qualify for Obama’s Making Home Affordable. They are also told that they cannot have any equity in their homes to qualify for this type of Mortgage Workout. Both of these statements are not true; as the lenders are suppose to provide a Mortgage Adjustements under these situations. It is just one more lie and one more way the servicers are not qualifying homeowners when they should. It appears to be like one more excuse.
If a homeowner doing a Loan Adjustements on their own is actually lucky to make any progress on their own, then the financial companies takes their time completing the Loan Adjustements. There are stories that homeowners are waiting 9 and 12 months for a Mortgage Adjustements.
What is going here! The best way homeowners are getting help is thru Attorney Loan Workout, as the Attorney’s are putting pressure on the mortgage holders to modify home Mortgage and stop foreclosures. This process should not be so difficult; at least the Attorneys are successful with the Mortgage Workout. If you are at your last straw, check with an Attorney Loan Workout Company that offers 100% money back guarantee for help.
Monday, September 7, 2009
US Homeowner Wanting A Loan Workout
As Every Day Citizens are trying to get their loan workout either on their own or by an affiliate loan modification Company it seems like many banks are just short on staff and also short on knowledgeable staff. The wait period for a Loan Modification and qualifying for any of the programs or even HAMP seems to be lengthy. The typically loan modification as far as when final terms are actually inked and sent to the American Homeowner can take anywhere from 60 to 90 days.
It seems like some of the largest lien holder are trying to add staffs to handle the ongoing wave of defaulting mortgages and help the homeowner save their home and stop foreclosure. As the lenders are seeing increased requests to amend their loan terms and to get a Loan Modification, it is only the hope of the American Citizens that the banks respond quicker.
Many American Homeowner are asking the question, why didn’t servicers staff up quicker as they knew they had this problem, else they would not have needed the bail out money or TARP money. They knew they have toxic or troubled assets and also received billions of dollars to handle them almost a year ago. Yet the American people saw lay off after lay off in the banking industry. Then they saw lenders showing records profits like Wells Fargo showing a 41% profit.
Bank of America only opened three offices in Southern California to handle Attorney Loan Modification and loan work outs for its clients but none in San Diego. Remember lien holder of America bought Countrywide and now owns almost 45% of the bank business in the United States. We as the US Citizens have to wonder why they could only open three offices and not one in San Diego. We have to also wonder why they are not meeting government expectations on modifying loans for homeowners. Their Attorney Loan Workout rate is extremely low.
JPMorgan Chase Bank, which acquired two large mortgage banks, including Washington Mutual, opened five offices in Southern California, to handle Attorney Loan Workout and loan work out programs. These numbers are appalling when we see a Bank of America or x-Countrywide building in every city if not several in every city.
The success rate for these Loan Modification and work out programs is less then acceptable by the American Tax Payers and also not acceptable by the Government. It is it up to the lenders to lend the money that was given to them by the tax payers to provide loan modifications and loan work out programs for struggling US Mortgage Holders to stay in their homes
The Every Day Mortgage Holders and the Government is seeing very clearly that each lenders is doing what they want to, which means if they feel like Attorney Mortgage Workout they are Loan Workout and if they don’t feel like modifying a loan they just don’t. Some servicers are telling a client they don’t qualify for HAMP because of LTV issues, well that is not correct as there are no LTV guidelines for HAMP.
So, in summary banks are doing it their own way, like they did when they gave American’s the home loan that they are in today. They are complicating the process and taking advantage again of the American Citizens that just wants to live the American Dream and own their own home.
It seems like some of the largest lien holder are trying to add staffs to handle the ongoing wave of defaulting mortgages and help the homeowner save their home and stop foreclosure. As the lenders are seeing increased requests to amend their loan terms and to get a Loan Modification, it is only the hope of the American Citizens that the banks respond quicker.
Many American Homeowner are asking the question, why didn’t servicers staff up quicker as they knew they had this problem, else they would not have needed the bail out money or TARP money. They knew they have toxic or troubled assets and also received billions of dollars to handle them almost a year ago. Yet the American people saw lay off after lay off in the banking industry. Then they saw lenders showing records profits like Wells Fargo showing a 41% profit.
Bank of America only opened three offices in Southern California to handle Attorney Loan Modification and loan work outs for its clients but none in San Diego. Remember lien holder of America bought Countrywide and now owns almost 45% of the bank business in the United States. We as the US Citizens have to wonder why they could only open three offices and not one in San Diego. We have to also wonder why they are not meeting government expectations on modifying loans for homeowners. Their Attorney Loan Workout rate is extremely low.
JPMorgan Chase Bank, which acquired two large mortgage banks, including Washington Mutual, opened five offices in Southern California, to handle Attorney Loan Workout and loan work out programs. These numbers are appalling when we see a Bank of America or x-Countrywide building in every city if not several in every city.
The success rate for these Loan Modification and work out programs is less then acceptable by the American Tax Payers and also not acceptable by the Government. It is it up to the lenders to lend the money that was given to them by the tax payers to provide loan modifications and loan work out programs for struggling US Mortgage Holders to stay in their homes
The Every Day Mortgage Holders and the Government is seeing very clearly that each lenders is doing what they want to, which means if they feel like Attorney Mortgage Workout they are Loan Workout and if they don’t feel like modifying a loan they just don’t. Some servicers are telling a client they don’t qualify for HAMP because of LTV issues, well that is not correct as there are no LTV guidelines for HAMP.
So, in summary banks are doing it their own way, like they did when they gave American’s the home loan that they are in today. They are complicating the process and taking advantage again of the American Citizens that just wants to live the American Dream and own their own home.
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