Loan mods and the cottage industry of “foreclosure rescue” are ripe with fraudsters seeking to scam those desperate home owners facing foreclosure. Loan mods are issued by the lender to either permanently or temporarily change the terms of the mortgage to remove the default and make it easier to pay. It is this “negotiation” with [...]

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. 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 itself…”hardship”. [...]

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’d 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 books. [...]

This is a tough question… “After 20 years of marriage, my husband and I bought our first home in 2005. Do to a personal situation my husband moved out of the home in May 2007. We have not been to court but he gives me $1500 a month towards the mortgage. When I first applied [...]

Here’s the reader question…then I’ll answer. “My loan is being serviced by EMC. Please advise me what to do to lock in my interest for an extended time and cost involved.” Mortgage servicing companies including yours are the first contact to attempt to negotiate a loan modification to your existing mortgage. Loan modifications are not [...]

Here’s the Bank of America loan modification question… Keep in mind Bank of America bought Countrywide just prior to us receiving this question from a vistior. “I have 2 mortgages right now. The first is a fixed 30 year loan for $442,500 @ 6.5% ($2754/Mo.) with Countrywide, and the second which is killing me is [...]

Interesting question: “I am in the midst of a refinance. I am completing a modified loan on my previous mortgage and that ends on 7/14. I wish to refi - paying off present mortgage and a credit line of $16,000 loan plus about 4,000 in cash. New rate will be 5.6 percent with another provider. [...]

The question: “Will my mortgage company work with me regarding my mortgage and payment?” My answer: I assume you mean with a loan modification brought on by a rising interest rate or some other reason creating a need to modify the loan and/or the payment. Sadly mortgage lenders and/or servicers are slow to work with [...]

The question: Are lenders of defaulted or foreclosed homes willing to short sale? The short answer is…Nope…not really. To my surprise, after reading a number of agent and buyer emails, lenders are showing limited interest in accepting “short sale” offers. Lenders Hate Short Sales To explain quickly, a short sale, is asking a foreclosing lender [...]