Category: Loan Modification

Modification Program May Need Its Own Modification

According to various reports, over 40% of homeowners receiving assistance from Obama’s program, created to support those facing foreclosure, have officially opted out. An estimated 530,000 borrowers, as of July, have left the program—this is according to the Treasury Department.  Meanwhile, since March of last year, roughly 1.3 million homeowners have joined and signed up […]

Cleveland HUD and Housing Woes

In Cleveland, Ohio, groups of advocates as well as area service providers have suggested poor communities have additional funding, in accordance with the introduction of the HEARTH law. There is growing concern high poverty neighborhoods will be hurt by these new regulations and unable to access funds. According to law, communities have to meet guidelines […]

BoA Introduces Customer Outreach to New England

Bank of America Home Loans has recently introduced a new, customer outreach center in Dedham, New England to assist their members throughout Boston and surrounding areas. BoA homeownership retention specialists are available at the center to meet one-on-one with mortgage customers presently going through financial hardships and unable to make timely payments. As well, BoA […]

Loan Modification to Lower Payments

There are several ways in which a loan modification can lower monthly mortgage payments.  A loan modification is an agreement between borrower and lender to change the original terms of a mortgage contract.  In most cases, the loan modification is awarded to borrowers facing foreclosure, and the loan modification is intended to help the borrower […]

Much to be Learned from the Loan Modification Forum

The great thing about the Internet is that it has the ability to bring together information and perspective from all over the world with the click of a few buttons.  The following explains how borrowers can learn about the loan modification experiences of other distressed borrower all over the country through the use of Internet forums. […]

Loan Modification Failure

Loan modification is often the preferred method of foreclosure avoidance for borrowers struggling to make their monthly mortgage payments.  When a borrower is faced with loan modification failure, they often wonder what other options are available to them to avoid foreclosure.  The good news is that there are several ways to avoid foreclosure if loan […]