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FHFA Foreclosure Prevention Report Paints Rosy Picture

The FHFA Foreclosure Prevention Report for November came out today and paints a rosy picture of GSE loan modification and other foreclosure prevention efforts given to those in default on a GSE insured mortgage. Could it be that GSE insured loans and the borrowers on them, get better, more favorable treatment by the servicers than […]

Bankruptcy Forced Loan Modifications Gets Booted Off Stimulus Bill

President Obama kicked the Senator Durbin bankruptcy bill with the cramdown, or forced loan modification provisions to help foreclosure victims, off his economic stimulus package. Friday, in a meeting the two decided this bill could derail the passage of the more important recovery bill. Cramdown Bill Ousted The part of the bankruptcy bill President Obama […]

Loan Modification Sales Target Loan Officers

Loan modification companies are flooding my email these days attempting to sell me loan mods as easily and profitable as the old subrpime mortgage pitches. I can remember all those emails of all those subprime lenders pushing every loan officer and mortgage broker in the country to sell subprime loans to anyone who could fog […]

Hardship Letter Mistakes

Hardship letters are a pivotal piece of a successful loan modification, but most borrowers are woefully lacking in their understanding of what an effective hardship letter should include. The Hardship Letter Mistakes. The number one hardship letter mistake that kills your ability to convince a lender to initiate a loan modification is in the name […]

Mortgage Modification Re-default Rates Too High

According to a study published yesterday by the OCC, defaulting mortgages lucky enough to get modified are going back into default within six months 53 percent of the time. This is a shocking statistic to me as well as to the Comptroller of the Currency, John C. Dugan. Mr. Dugan in the press release said, […]

Loan Modification Standstill - Who Is To Blame?

Loan modifications at first blush seem not only the humane thing to do in the middle of a foreclosure crisis, but also a practical alternative for lenders who would rather not take back properties dropping in value. Loan modifications are the proverbial win-win solution to keeping folks in their homes and viable loans on the […]

Hope Now Alliance - Mortgage Industry Spin Machine

The Hope Now Alliance, pushed down our throats as saviors to foreclosure victims by President Bush, is nothing more than a mortgage industry propagandist making sure we all know the big mortgage players are not at fault and doing all they can to help. Hope Now Industry Partners Hope Now numbers of foreclosure victims helped […]