Why can’t these homeowners get their mortgages modified?
Why can’t these homeowners get their mortgages modified?
The article in ConsumerAffairs.com linked below chronicles a few more unfortunate homeowners that have been misled when applying for mortgage modification with their lender.
In this article, the lender they focused on was Litton Loan Servicing. This points out a major flaw in these homeowner’s strategy. As a loan [...]
10 Costly Short Sale Mistakes – and how to avoid them
Below is a Cliff-notes version of Albert Stimer’s posted article.
This is concise and well-written. The link is at the bottom
Short Sale How Avoid Costly Mistakes.
Albert Stimer August 27, 2009 Short sales can be very confusing and as such can cause Realtors to make mistakes which may affect everyone involved.
ORLANDO, FLORIDA – August 27, 2009 – [...]
Mortgage Modification Licenses outside of court
Mortgage Modification Licenses outside of court
The article referenced below comes from the Las Vegas, Nevada Review-Journal. Although state-specific, the article highlights several issues well-documented in the new mortgage modification industry. Because these licenses will be specific to Nevada, lenders will be hauled into a Nevada court, not a US court. Still, stay tuned for the [...]
Five Mortgage Modification myths emphasized incorrectly
The article linked below begged for clarification. Catherine Tripp lists five myths in the mortgage modification process and attempts to dispell them. The problem is, she contributes to the misinformation.
1) I have to hire someone to do this for me. While tecnically correct, Ms Tripp fails to explain the real world. The homeowner can attempt [...]
Current Mortgage Modification Clarification
I took the opportunity to call in to the Ilyce Glink show today. This was in response to her article this last week that I have re-linked below. I wrote a comment on my blog earler this last week.
I learned my lesson. There is a preponderance of columnists and reporters that prefer to cry in [...]
Fairly accurate, if disconnected Mortgage Modification article
Ilyce Glink published an easy to read, if disconnected article on getting a mortgage loan modification negotiated successfully. She starts out with a sample letter received from a subscriber. I get the indication it’s representative of many, many letters. It almost spells out the path to success. “I have heard that people who hire [...]
Read MoreConcise short sale explanation
Explaining the short sale process has always been a hard task. Linked below is a very concise and easy to understand article. It is written to the buyer’s perspective, but a seller can fairly easily see the pros and cons.
To clarify however – lenders require that the prospective short sale property be listed for sale [...]
More mortgage modification misuse
Here are two examples of lenders telling homeowners to miss a paymebt – and then punishing them. If anyone else did that, they’d be prosecuted. A US attorney is the only fail-safe way to negotiate a successful mortgage modification
Read MoreDifferences between Short Sale and Foreclosure
Charlotte Ryan of Windsor Colorado posts the article linked below that does an excellent job of delineating the different repercussions of a short sale and a foreclosure.
Those of us in the business of trying to help distressed homeowners are continually amazed at the lack of understanding. Any distressed homeowner that has emotionally decided to [...]
Lenders prefer Foreclosure over Modification
I read about the speculation that mortgage lender/servicers might actually prefer foreclosure than modification a week ago. The argument seemed so specious that I couldn’t bring myself to repeat or comment on it.
Today I find two well-known and reputed sources saying the same thing. Now that gives credence, and demands comment.
There are so many reported [...]
