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4 June 2009
A brand new loan modification initiative that's aimed specifically at home equity loan products has just been launched by the Obama administration.The program hopes to alleviate the burden of second mortgages, and offers financial incentives for lenders who successfully rework bad loans.
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25 May 2009
The Making Home Affordable loan modification program is now up and running.Learn how to find out if you're eligible.
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10 April 2009
Most companies that promise to help homeowners renegotiate mortgages aren't selling anything but pipe dreams.
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5 April 2009
The Obama Administration is acting aggressively to battle the slumping economy.One industry in which it has focused its attention is banking.Toxic assets touched off our current credit crunch, so the administration has rolled out a loan modification program to ease the rising foreclosure rate.
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3 March 2009
Just when you thought you'd seen the end of subprime mortgage lending practices, a new scam has entered the marketplace.Many of the unethical brokers who brought us the subprime debacle have resurfaced, and are now offering mortgage fraud disguised as loan modifications.
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12 January 2009
Home equity loans enjoyed popularity before the housing bubble burst, as Americans tapped their home equity and spent it like it was going out of style.But now, those same home equity loans are a big problem for people who want to do loan modifications to avoid foreclosure.
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13 December 2008
The government's massive $750 billion bailout plan was supposed to include loan workout provisions.Those provisions are beginning to take shape, based on recent modified loan programs released by Fannie Mae, Freddie Mac, and some private lenders.The big question remains: Will these efforts actually help homeowners?.
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21 November 2008
Countrywide Mortgage, now owned by its buyout rescue savior, Bank of America, earned a reputation for bilking borrowers.Now, the lender may be atoning for its sins by creating a model for loan modifications that may save homeowners, even if Countrywide isn't doing it voluntarily.
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12 November 2008
Federal Housing Finance Agency (FHFA) Director James B.Lockhart unveiled the US government loan modification program to great anticipation.With over 300,000 properties under foreclosure filing according to RealtyTrac, a foreclosure tracking company, the relief can not come quick enough.
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18 September 2008
Loan modification-which means officially changing the terms of an existing mortgage-is one of the best methods to prevent foreclosure.But those facing foreclosure aren't always eligible for loan modification, because the terms and conditions may be hard to meet.
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