The Treasury Department is simplifying and standardizing key documents needed to apply for loan modifications under the government's Home Affordable Modification Program (HAMP), in hopes of speeding approvals for homeowners seeking mortgage relief.
A task force of state attorneys general and banking regulators is calling for principal reductions on "underwater" mortgages in order to stem foreclosures in areas that have experienced steep declines in housing values.
What are some of the main reasons people are turned down for loan modifications? Aside from the obvious - like not enough income to maintain even a modified payment schedule - there are any number of less apparent reasons that can trip up someone who otherwise might be able to...
Mortgage loan modifications have been big news lately.Unfortunately, that's largely because of all the difficulties homeowners are having getting one.What can you do to improve your odds of being approved?.
The combination of falling incomes and home values has many homeowners seeking loan modifications to lower their monthly mortgage payments.And while saving money is always a good thing, some may wonder - are there any downsides to getting a loan modification?.
A new online service to help homeowners submit and track the documents needed for a government-backed mortgage loan modification has been launched by HOPE NOW, a coalition of mortgage companies and credit counseling agencies.
Are you one of the lucky ones who's been able to lower your monthly mortgage bills through the government's Making Home Affordable (MHA) Program? Well, you may not be out of the woods just yet - lenders are reporting that large numbers of borrowers who obtained trial loan modifications under...
On legal matters, a borrower’s most reliable source of information is always to consult with an attorney who is knowledgeable about real estate and mortgage law.However, the following is general overview of some of the relevant legal issues.
Foreclosure processes vary from state to state, and homeowners faced with the possibility of facing foreclosure should find out how the process works in their state.Each state also has resources that homeowners can draw upon.