Category Archives for "Loan Modification"

News and information relating to Loan Modifications

Bailout Watchdogs Call Mortgage Program a Bust

Many distressed homeowners were excited to learn of new beneficial goverment programs designed to keep their homes out of foreclosure. With over $50 billion allocated to bailout the mortgage program, there are still only 1 of 10 people getting the mortgage modification necessary to keep their home. Rising foreclosure rates will continue to force down home prices. With almost half of Charlottes homes being sold proced under $150,000 these effects are hitting close to home. After learning if you are eligible for a modification, it is important to consider the option of doing a short sale. This keeps the number of foreclosures off the market and will help keep home prices up. For more information on Short Sales in Charlotte, NC, contact Showcase Realty.

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April 16, 2010

What is the Making Home Affordable Plan?

Helpful video to find out if you are eligible for help from President Obama’s mortgage plan. Some key take-aways from the video include: 1) Home Affordability Refinance Option – If your current mortgage is equal to the current value of your home, you may be eligible to refinance. 2) Home Mortgage Modification Program – Refinance […]

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March 15, 2010

Servicers Complete 170,000 Permanent HAMP Mods

It’s been a year since the government’s Home Affordable Modification Program (HAMP) was implemented and only 170,207 troubled homeowners have received permanent loan restructurings. The number of modifications in thepermanent column did increase 45 percent from 116,297 in January, but it’s still a mere drop in the bucket when you consider the Treasury’s own estimate […]

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Owner’s Choices: Short Sale versus Loan Modification

Recent legislation encourages loan modification in an effort to decrease the number of foreclosures. If you are meeting with homeowners, see if one of their goals is to keep their home. The new rules on loan modification provide relief for people who have had financial difficulty, but remained current on their payments. There are also […]

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February 8, 2010

Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications

WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications […]

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