Hiring an Experienced Loan Modification ...

Many families are struggling with job loss and many are seeking a loan modifications to save their home. Lenders are shown that they are not willing to easily modify a loan and often initiate steps for foreclosure the moment you default your secong monthly payment.   They dont care about your house, your family, or the economy.  They are simply in it for the money.  This is capitalism at its best peopole.  But you can avoid foreclosure by carefully planning steps to help you remain in your home. You will soon find that hiring an experienced loan modification team will work...

Foreclosure and mediation laws by state...

Arizona: AZ Law Help has developed a “Lawyers Helping Homeowners” program as an effort to help homeowners in working with lenders to avoid foreclosure.  This program is sponsored by the State Bar of Arizona, the Arizona Foundation for Legal Services & Education, and the Arizona Supreme Court.  Lawyers are encouraged to volunteer their time to assist with this program’s success Connecticut: The Foreclosure Mediation Program was established pursuant to P.A. 08-176 on June 12, 2008.  Beginning July 1, 2009 new legislation was enacted to make the voluntary mediation...

Loan Mod Report for January released...

ADMINISTRATION RELEASES JANUARY LOAN MODIFICATION REPORT The Number of permanent modifications nearly doubled previous month with over one million trial modifications started.   The Department of the Department of Housing and Urban Development (HUD) today released January data for the Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also...

Important Foreclosure Terms and Definiti...

Deed-in-Lieu: An agreement to turn real estate over to a lender as an alternative to foreclosure. Short Sale: A type of pre-sale in which the creditor agrees to let you sell property for less than the full amount owed and to accept the proceeds of the sale as full satisfaction of the debt. Foreclosure: A legal process to terminate your ownership of real estate that is collateral for a debt based on a mortgage or deed of trust. Deficiency: The amount a debtor owes a creditor on a debt after the creditor seizes and sells the collateral. A deficiency arises when the collateral...

Is a borrower who has received a prior L...

   When is a servicer’s SPA obligation to offer a borrower a HAMP modification considered satisfied? A borrower who has a received a HAMP offer is ineligible for a subsequent HAMP offer, and the servicer’s SPA obligation to offer the borrower a HAMP modification is considered satisfied, in the following circumstances: • the borrower received a HAMP modification and lost good standing, or • the borrower received a HAMP offer and made the first payment under trial period plan, but did not (i) make all required payments by the end of the trial period, or (ii) provide...

Changes to Affordable Modification Progr...

These updates are set to be released to lenders regarding the HAMP program and the servicers reporting requirements. Trial and Official Loan Setup The difference between the delivered Front Ratio Before Modification and the calculated Front Ratio Before Modification must be less than or equal to 1%. Front Ratio Before Modification = (Monthly Housing Expense Before Modification/Monthly Gross Income) Trial Loan Setup A trial loan is now allowed if a Government Monitoring/NPV Data Only Transaction has been submitted with a Trial Fallout Reason Code that disqualifies the loan for...

Florida banks move to speed up foreclosu...

If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months. The Florida Bankers Association, the 400-member-strong lenders’ lobby, has presented state legislators with a bill to upend decades of Florida law and establish “non-judicial” foreclosures in Florida by July 1. What’s a non-judicial foreclosure? Banks would accelerate foreclosures against defaulting homeowners by bypassing the courts. Judges would no longer rule on foreclosure cases. Some states — 37 in fact — already grant that...

FAQ Home Affordable Modification Program...

Frequently Asked Questions Home Affordable Modification Program-2009-2010 Conversion Campaign These frequently asked questions clarify the Supplemental Directives issued in connection with the Home Affordable Modification Program (HAMP). The questions and answers below should be reviewed by each servicer that has entered into a Servicer Participation Agreement (SPA) to participate in HAMP. These frequently asked questions constitute supplemental documentation that is included in, and shall be deemed part of, the HAMP Program Documentation described in Section 1 of the SPA.   Q0108-01...

Why we don’t charge Setup Fees...

Maybe I’m not supposed to be telling you this — Sort of like a car salesman revealing the cost for the clear coat sealant is actually bogus. At Captaloans we offer a free trial and make it a practice not to charge any type of new client setup fees. Our prices are low enough that we probably should charge a setup fee but we think its bogus. This is because there is actually very little “SETUP” that goes on when you register.  When you sign up to use our loan modification, short sale, or debt settlement software the whole thing is automated. There is no labor involved...

How To Prevent Foreclosure...

2010 could be the start of one of the worst decades the United States has faced economically since The Great Depresseion. People are losing jobs and the average American income has dropped considerable. The natuaral progression of this is that many families find themselves in a situation whey they cannot repay their mortgages. The economic situation is literally driving them out of their houses. Lenders are forced to take back the property if you fail to repay the loan. Some states such as Florida had a foreclosure mediation program in place where a mediator, who has gone through...