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News (85)

Real estate crime is so prevalent in Brooklyn, even a former city councilman was duped, the Brooklyn DA announced yesterday.

The DA’s Mortgage Fraud and Real Estate Crimes Unit has recently locked up 18 people on a variety of scams including reverse mortgage scams that prey on the elderly and loan modification schemes like the one that duped former councilman Dr. Kendall Stewart, DA Charles Hynes said.

In three loan modification cases, including Stewart’s, scammers posing as financial service specialists solicited up-front fees -- which are prohibited -- to process loan modifications to stave off foreclosures.


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Many a homeowner has been "inspired" to do-it-yourself-dom by a traumatic encounter with a bad contractor (traumatic to the psyche -- or the pocketbook). In the same vein, the spate of loan modification scammers who have taken thousands from already struggling homeowners in return for false promises to fix their broken adjustable rate mortgages (ARMs), get their principal balances slashed and even save long-defaulted, deeply underwater homes from the foreclosure auction block has served as inspiration for many a homeowner to go the loan mod route themselves.

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Ally Financial GMAC Mortgage will participate in a program designed by the Michigan State Housing Development Authority to provide modifications and principal reductions.

The MSHDA received $154.5 million in June 2010 from the Treasury Department's Hardest Hit Fund. A total of $1.5 billion was given out to various states hit hard by the foreclosure crisis.

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If you are finding it tough to continue with unaffordable home mortgage payments, you may actually qualify for a Chase mortgage modification to avoid losing your house. With the subsidized mortgage plans offered by President Obama and the Treasury Department, millions of Americans receives a bailout from facing home foreclosure.

Chase Bank has put together a new mortgage loan modification package for an expected 400,000 families that are at risk for home foreclosure. Every modification loan application will be reviewed case by case on the following aspects: modify the loans of delinquent borrowers, assign financial counselors to advise delinquent borrowers with proper financial advice and guide to get out of debt, withhold foreclosure until the application review is completed.

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Central Ohio homeowners struggling to make their mortgage payments should think twice before deciding to pitch the UPS letter from JPMorgan Chase that arrived recently.

The company has invited about 2,400 homeowners who are behind on their Chase mortgages to the Greater Columbus Convention Center on Friday, Saturday or Sunday to talk with loan counselors about their mortgages. If each homeowner owes about $150,000, the total value of all those mortgages would be about $360 million.

 

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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