Extreme misinformation about credit score ramifications after a mortgage Loan Modification
I am totally at a loss as to why a consumer would turn down an approved modification because of their precious credit score. Why anyone would trust their lender to offer the best terms for the homeowner is beyond me.
Read MoreForeclosure Mediation Isn’t Working, Says National Consumer Law Center
Mortgage mediation efforts, where lenders reach out to borrowers in trouble in an attempt to bring loan payments current, suffer from the same lack of industry accountability that haunts voluntary federal mortgage modification programs
Read MoreDebt Settlement compared to debt consolidation and credit counseling
To make a long story short, if the consumer owes more than $10,000, debt settlement is most probably the essential option.
Debt settlement works to actually reduce the principal that a consumer owes.
Explaining the mortgage modification mess — Part 4
FICO credit scores will suffer because of late payments, not because of any mortgage modification per se. Investment property mortgages can be modified providing that the primary, residential mortgage is in good standing. Second mortgages can be modified as well.
Read MoreDebt Settlement Offers Consumers ‘The Most Immediate Form of Debt Relief Available’
‘debt settlement’ offers “the most immediate form of debt relief available to consumers in today’s tenuous economy,” and may even improve the odds for a sustainable economic recovery.
Read MoreA concise definition of debt settlement
debt settlement remains a reliable tool for relief, especially when compared to taking the dramatic step of filing for bankruptcy.
Debt settlement companies can often negotiate with creditors to settle for less than the full amount owed.
Explaining the mortgage modification mess – part 3
Mortgage modification applications are not time stamped. How much your payments may be reduced depends on the ability of the person negotiating your loan modification! The homeowner who wants to get to the front of the modification line need not submit a modification application personally or by an agent close to the distressed mortgage property.
Read MoreRamifications of debt settlement and debt negotiation
many debtors are so far underwater because of the current economy that without some kind of mitigation, they will never recover. Any debtor that investigates some kind of negotiation rather than just running away deserves serious consideration.
Read MoreMortgage Modifications before the Making Home Affordable Act
An article that focuses on mortgage modifications negotiated before the March 3 passage of the Making Home Affordable Act. A mortgage modification that doesn’t significantly reduce the monthly payments is basically worthless. Success of a modification often depends on negotiating unmanageable consumer homeowner debt.
Read MoreMortgage Modification – part 2
It absolutely is not a refinance; there is no credit score, closing costs, or property appraisal. Professional, attorney-driven loan modifications typically accomplish:
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