by James Robert Deal | Sep 19, 2010 | Mortgage Modification
Anthony and April Soper’s financial troubles were only starting last October when they applied for a mortgage adjustment through the Obama administration’s Home Affordable Modification Program. Anthony and April live in Lake Stevens, Washington. Bank of...
by James Robert Deal | Sep 18, 2010 | Mortgage Modification
In the past it was argued that borrowers lacked standing to complain if servicers and lenders failed to modify loans because they were not parties to the Making Home Affordable modication contract between HUD and loan servicers and lenders. However, Judge Lorenz of...
by James Robert Deal | Jul 12, 2010 | Mortgage Modification
Wrap-around deed of trust and lease-option transactions are back. Buyers are having trouble getting financing. This reduces the number of sales. With fewer buyers prices drop. The solution in many cases is for buyers and sellers to do assumptions of existing...
by James Robert Deal | Jun 24, 2010 | Foreclosure, Mortgage Modification, Principal Reduction
Read the Hamp Handbook here. It will answer a lot of questions. Lenders may but are not required to reduce principal balances in a modification down to 115% of the principal balance owing. Lenders may not foreclose on a borrower who is in the process of modification...
by James Robert Deal | May 20, 2010 | Mortgage Modification
Lenders are starting to require income verification before putting borrowers into trial payments. Lenders are tightening modification requirements and turning down more applicants. Lenders are refusing to grant principal write-downs. Generally speaking, it is getting...
by James Robert Deal | Apr 8, 2010 | Federal Trade Commission, Modification is the Practice of Law, Mortgage Modification
On the mortgage modification front: Martin Andelman writes regularly regarding mortgage modification. This is latest article: The secret NPV formula used to qualify for HAMP loan modifications that no one is allowed to know. Transparency at it’s finest. Watch...
