Category: Loan Modification

Streamlined Modification Initiative

California Real Estate

Struggling borrowers should be on the look-out for relief in the mail.  Under the new Streamlined Modification Initiative offered through the Federal Housing Finance Agency, mortgage servicers must (you read that correctly MUST)  now offer borrowers who are 3 to 24 months delinquent a plan to help avoid foreclosure….a little vague, but we’ll take it. […]

Stopping Foreclosure in California

Most homeowners believe the reason they’re behind on mortgage payments is important to their lender, but it is not.  Stopping foreclosure in California really has very little to do with why the homeowner stopped making payments.  It is much more about exercising legal rights, and working within the lenders guidelines to get the sale date […]

Bank of America Former Employees Speak Out

Although we had assumed this was this case, we had hoped it was not true. This week our fears were confirmed. Six former employees of Bank of America spoke out about the financial incentives they had received for delaying and denying modifications for homeowners. “We were told to lie to customers,” said Simone Gordon, who […]

Lending Institutions Getting More Rigid with Loan Qualifications

As regulators crack down on shady lending practices, banks and lending institutions are getting more and more rigid with loan qualifications. In fact, a recent New York Times article detailed one retiree’s struggle to obtain a mortgage even with excellent credit history and healthy retirement and brokerage accounts. In addition to demands for the usual […]

The State of Homeownership

The state of homeownership in this country is an interesting one right now. With home prices rising at a rate that hasn’t been seen since the boom several years ago, demand is strong while supply is lacking. The market would appear to be healthy, rebounding well, however, there’s a hitch; for a prospective buyer, rising […]

Home Affordable Refinance Program Extended

The government’s Home Affordable Refinance Program (HARP) was scheduled to expire at the end of April – until last week. The Obama administration’s program to help underwater borrowers, who are current with their mortgage payments, refinance at lower rates was extended an additional two years last week.  Regulators announced last Thursday, April 11th, that HARP […]