In February 2012, a joint effort by the Department of Justice and 49 State Attorneys General resulted in mortgage servicers being forced to repay some of the billions of dollars they bilked from consumers. The agreement, called the National … [Read more...]
Homeowners may be under the false impression a short sale is better than a foreclosure when it comes to the impact on credit scores. This is simply not the case. Maxine Sweet, Vice President of Public Education for Experian says “"People are … [Read more...]
A deed in lieu of foreclosure allows you to return your home to the lender, without having to go through a formal foreclosure proceeding. As a last resort, you may be able to voluntarily "give back" your property to the lender. You will not be … [Read more...]
Get your lender to agree to a short sale instead of foreclosure. A lender may allow you to sell the house for less than the outstanding loan amount before foreclosure proceedings begin. The lender can forgive the remaining debt between the sale … [Read more...]
The Obama Administration’s Making Home Affordable Modification Program was introduced in March 2009. The Program is to address the growing foreclosure crisis and help stabilize the economy The Making Home Affordable Program is projected to offer … [Read more...]
Defaulted homeowners can agree to bring their mortgage current over a period of time by paying an increased amount with a mortgage forbearance agreement. Forbearance is an agreement between the borrower and lender that reinstates the delinquent … [Read more...]
Homeowners with FHA-insured loans may be able to avoid foreclosure by making a "partial claim" to get their loan out of default. Your lender may be able to work with you to obtain a one-time payment from the FHA-Insurance fund to bring your … [Read more...]
The hardship letter is a written explanation of an event which caused you to default on your mortgage. A hardship letter will be required when requesting a loan modification or loan workout from a mortgage lender. The hardship letter should be … [Read more...]
A mortgage loan modification also referred to as a workout or restructure plan permanently changes the terms of the original mortgage note. A loan modification may include decreasing the interest rate, re-amortizing the remaining balance, extending … [Read more...]
