March 30th, 2009 by michael e. riley
Loan Remodification is a term that many people use when they are speaking about a loan modification. If you read a newspaper, watch television, surf the internet or even have a drink at your local neighborhood bar you can’t escape it, loan remodification is a new buzz word. There is a good chance you are even considering a loan re-modification for yourself. Just in case you have limited contact with the outside world, I will give you the basics. A loan remodification is when you change the terms of your loan with the lender you currently have, without refinancing. The reasons are as varied as the people that need them, but the most important one is to make sure …
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February 28th, 2009 by michael e. riley
In the past when homeowners were faced with job loss or a change in circumstances that restricted their ability to afford their home and were not able to pay their mortgage they would have the option to refinance with lower interest rates or sell their property. For most currently this is no longer a viable option.
Struggling homeowners cannot refinance due to plunging property values resulting in upside down mortgages, and even when they find a buyer for their property there is the challenge of not be able to sell for enough to repay the outstanding balance.
According to the data from the Mortgage Bankers Association (MBA) 11% of the nation’s home mortgages were delinquent by at least one payment, …
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February 18th, 2009 by michael e. riley
By THE ASSOCIATED PRESS, February 13, 2009
WASHINGTON (AP) — Several big banks, including JPMorgan Chase and Citigroup, are expanding efforts to halt home foreclosures while the Obama administration develops a plan to help struggling homeowners.
The White House said President Obama would outline his plan to spend at least $50 billion to prevent foreclosures in a speech on Wednesday in Arizona, one of the states hardest hit by the foreclosure crisis.
“It’s not intended to be measured by one day’s market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on — and the millions more that are barely getting by — are protected,” the White House press secretary, Robert Gibbs, said …
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