California's budget issue hits CalHFA loans, GMAC weighs in on restructured loans - uh oh

Is it a safe bet to say that, rates in the short term will be choppy as the market adjusts to all this news, but then slowly trending lower Somewhat but the downside is limited, since short term Treasury rates are already near 0%. Yes, mortgage rates seem to be taking a pause in the high 4's or low 5's, and given historical rates should be lower. And there continues to be that pesky problem that in 2008 the darned borrower and property actually have to qualify to make their payments¦ And

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Things I'd Like to Post About Today!

But I Don't Have Any Time For: Must-Read of the Day The Op-Ed the New York Times Wouldn't Run: An FBI informants response to Bill Ayers rewriting of history (in the NY Times) got the cold shoulder but you can read it here. Ayers's respectability in media and educational circles is unforgivable. Rich Karlgaard observes that Capital is on strike now.¦.. (on the second page of the link) It goes on strike when it is attacked or when the rules are unclear. Attacks? Evil oil companies

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Stop Foreclosure Using the Law

Here's an idea some people have never thought about. In some cases, you can use the law to help you stop your mortgage foreclosure; but you need to know what your options are and what you are looking for. Your best bet is to contact a real estate attorney to look at the foreclosure documents you received from your lender; as well as the loan origination documents that you signed at closing for any mistakes. The Truth in Lending Act may be the perfect ally for you to stop mortgage foreclosure

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Loan Modification with Saxon

We are renting out this house. We are having trouble with our tenant and we put up our property for sale but we're afraid that this will not be sold with her still in it. She will be ending her lease with us on October and without a rental income after that, we are not able to keep the property and afraid that we would not have any choice

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UPDATE 2-JPMorgan halts foreclosures, modifies mortgages

UPDATE 2-JPMorgan halts foreclosures, modifies mortgages November 1st, 2008 NEW YORK, Oct 31 (Reuters) - JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz),the nations largest bank and one of its biggest mortgagelenders, temporarily halted foreclosures on Friday and offeredto renegotiate a swathe of mortgages. The global credit crisis, which began with subprimemortgages, increasingly appears to be affecting a wider range of consumer loans and, according to a report publish...

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Saxon Loan Modification Help

I was out of work on medical leave for 9 months. Had payment plan sent up to get caught back up. They said I was late and now will not except any payments. Started the loan modification process and now case manager will not return calls or answer(voice mail box is full) call back is all I get. As the time goes by and I just more behind. Please help

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Loan Modification with Washington Mutual

I was laid off in Aug and did not get called back to work until a year later. It caused us to fall behind. We are making our monthly payments since I was called back to work but do not have the cash to make up the missed payments we contacted Washington Mutual for a loan modification but were denied. I was told by my neighbor that you helped her

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AUDITORS, CREDIT REPAIR, LOAN MODIFICATION ETC.

For the most part they are operating either illegally or unethically but there are an increasing number of firms that are playing by the rules and actually helping their clients. beware-of-credit-repair-firms-but-dont-throw-the-baby-out-with-the-bathwater DISCLOSURE: I must disclose both an agenda and an interest here. Having been disappointed by the results or conduct of many supposed audit or loss mitigation or loan modification firms, either because they gave out bad advice, were engaged in

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Saxon Denied my loan modification

i have this property in New Jersey and had moved to North Carolina but things didn't work out as plan with the job and family. right now i'm back and forward between both state do to that i have a contract with the job in North Carolina and don't have the money to pay them back if i break the contract. I'm not getting all my hours at work and been

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JPMorgan Chase Announces $110 Billion Loan Modification Program

JPMorgan Chase Announces $110 Billion Loan Modification Program Posted under Home Loan News JPMorgan Chase & Co. (JPM) the largest U.S. bank by market value, plans to offer $110 billion in loan modifications of mortgages with plans to expand its modification program within the next 90 days to help 400,000 homeowners avoid foreclosure. In addition, Chase plans to forgo foreclosure proceedings on all real-estate loans while the changes are [...] Principle Reductions: Wipe Out Your 2nd

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Can I Get a Loan Modification If I Am Not Behind

I lost my job last September because of the economic slowdown and we haven't really been able to get on our feet since then. I recently had to have a pacemaker for my heart and am not able to look for a job yet. We have tried to get Litton Loan Serv. to help us to get a loan modification but all they say is that we have to wait until our ARM reset

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Will the Hope For Homeowners Program help?

Reineri, you are correct the money needs to go directly toward assisting homeowners with the toxic mortgages. One of the issues is the tip toeing around the new disgruntled group, the homeowners that kept it safe and bought what they could afford and got a vanilla (conventional 30 year fixed). They are thinking and now speaking out that because the read more | digg story will the Hope For Homeowners Program help? Loan Modification - Loan Modification Help

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Investors Sue Countrywide and B of A is Surprised

Investors Sue Countrywide and B of A is Surprised Investors filed a lawsuit in New York State Supreme Court in Manhattan on Monday over the recent predatory lending settlement that Countrywide parent, Bank of America had agreed to in October with 11 state attorney generals. The lawsuit was filed by Greenwich Financial Services Distressed Mortgage Fund 3 LLC and QED LLC, two Connecticut limited liability companies that purchased the securities. The suit claims investors are not objecting

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Lenders Calling Moratoriums On Foreclosure?

Following the lead of Freddie Mac and Fannie Mae, lenders across the country are jumping on the foreclosure moratorium bandwagon. This is accompanied by calls for moratoriums in the states of Connecticut, Florida and California. Protests by community groups have sprung up across the country demanding this relief. In California, Governor Schwartzenegger and several legislative leaders are proposing a 90 to 120 day stop to all foreclosures in the state. In Connecticut, Governor M. Jodi Rell p

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National Association of Mortgage Processors Predicts Mortgage Loan Modifications Will Sky Rocket

November 16 2008 - With many mortgage lenders and banks nationwide feeling pressure to help home owners stay in the their homes Loan Modifications are becoming more and more popular. Over the last several months lenders are pressed to offer Loan Modifications as way to help suffering borrowers prevent losing their homes. NAMP in partnership with Mortgage University has created a quick and cost-effective solution to learn how to perform loan modifications. With mortgage loan modifications on th

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How Foreclosures Should Be Dealt With

Foreclosures are ordinary occurrences. Thousands of people lose their homes to foreclosures and every year, it seems that the number of people facing such problem gradually increases. Typical as it may seem however, foreclosures are not pleasant events. Aside from the fact that it will render many Americans homeless, it also involves pile of paperwork and tedious process that involves legal, marketing, and sales aspects. As such, the federal government points out that modifying the structur

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Know Who to Trust when Suffering from Foreclosure

Know Who to Trust when Suffering from Foreclosure December 1st, 2008 Banks and non-profit organization offer services to property owners with foreclosure troubles, but they are just too busy with the accumulated existing foreclosures. So, homeowner Salvador Ruiz sought help from a company who asked for $8,950. And now after four months of waiting for his non-moving renegotiation, he is filing a case with the Department of Real Estate of California (DRE). He is currently with Home Resoluti

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Chase Loan Modification

We have helped many homeowners stop foreclosure with Chase. We use all types of workout options but the one that works best is the Loan Modification with Chase. If you are facing foreclosure contact us today. Below are homeowners that need foreclosure help we have helped. __________________________________________________ __________ We live in San Jose California, my husband lost his job few months ago, we stretched the mortgage payment to our neck.* Although we are not behind our payment yet

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Beware of Loan Modification Scams

Beware of Loan Modification Scams November 26, 2008, 1:01 am A loan modification is when a lender modifies your current mortgage to work with you because of personal economical hardship. If you are facing foreclosure, a modification can make your home more affordable. This solution will be some form of a rate reduction and conversion of an adjustable rate mortgage to a fixed loan, usually 30 years fixed. Today a lot of people are advertising themselves as loan modification specialists. These

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Loan Modification Package - Hardship Letter example

Phoenix AZ real estate and Scottsdale real estate has been declining in value. As a result, lenders have been less willing to loan money to refinance homes. Thus, foreclosures numbers are rising and banks are taking possession of real estate called lender owned real estate (REO). In order to combat growing inventory of bank owned homes, banks have established (with some pressure from our Federal government) loss mitigation programs to keep borrowers in their homes and stop foreclosure.

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Go read some of Tanta's mortgage-wonkery classics

On the sad occasion of the death of Doris "Tanta" Dungey, I've been hunting through her classic collection of Compleat Ubernerd posts about the mortgage business for some commemorative excerpts. But the whole point of these long, mostly brilliant essays on the workings of REMICs, TACs, PACs, CDOs, ABSes and the like is that they are almost unexcerptable. Still, I can't resist. This little passage from a post titled Leverage, Ratings and Forced Unwind is about structured mortgage securities:

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Mortgages And Bankruptcy

by hilzoy A bankruptcy judge in the Washington Post: "Homeowners are the only ones who cannot modify the terms of their secured debts in bankruptcy. Corporate America flocks to bankruptcy courts to do precisely this -- to restructure and reamortize loans whose conditions they find onerous or can no longer meet. Airlines are still flying and auto parts makers still operating because they have used this powerful tool of the bankruptcy process. Lehman Brothers will surely invoke it. But when th

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O.C. house prices seen rising in 2013

Fed plan should stem credit card crunch Lenders did booming business in stressed counties Nominate an O.C. business owner for Holiday Spirit Zippys: Newport Coast takes O.C. housing's biggest fall Bankrupt retailer starts liquidation for O.C. store How far is a just steps to the beach? Calif. unemployment extension checks delayed until mid-Dec. Burn area homeowners should consider flood insurance And more mortgage news… O.C. house prices seen rising in 2013 Rebuttal to Fed plan Paying yo

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Debt Rattle, November 30 2008: How to Build a Lifeboat

National Photo Co. Mack Sennett Girl 1919. Actress Marvel Rea, one of film producer Mack Sennett's well-rounded "bathing girls" Stoneleigh: Yesterday we talked about why we are facing deflation and today I wanted to review and explain the suggestions we have made previously for dealing with a deflationary scenario. In short, this is the list we have run periodically since we started TAE (with one addition at the end): 1) Hold no debt (for most people this means renting) 2) Hold cash and

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Secretary Paulson Remarks on the U.S. Economy and Financial System

December 1, 2008 U.S. Department of Justice Press Release: Secretary Paulson Remarks on the U.S. Economy and Financial System Washington- Good afternoon. Thank you for the opportunity to provide an update on the current state of the U.S. economy, our implementation of the financial rescue package and strategies for use of the remaining TARP funds. Today we continue to work through a severe financial crisis. While we are making progress, the journey ahead will continue to be a difficult on

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There is no benefit to Short Sales !

I love talk radio. I listen to news, political and business talk radio all the time. On Saturday (today), local talk radio shows are more prevalent as they take over the air-waves that are mostly made of nationally syndicated talk radio shows during the business week. Today, As I was driving home from breakfast this morning, I was listening to financial show talk radio. Much of the conversation was about the Phoenix real estate market. Topics ranged from Phoenix real estate prices, mortgage le

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Introduction to this astounding history by T. W. Hughes

Or do you think you don't need to know how the Money Power came to be our masters using puppet presidents? More reassuring to them than their control of nuclear and biological weapons or weaponized clandestine weather modification or asymmetrical monetary and credit warfare and monopoly power is there security in you not knowing that they exist and are steering events. This short history of their key actions in the 19th and early 20th centuries deprives them of that defense. This is the st

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Foreclosure help by a loan modification

To have a foreclosed property is a nightmare. In most cases, it is part of a series of devastating events. A sudden loss of job could spark a chain of these unfortunate events. To lose your home during these occasions would be very damaging, to say the least. This nightmare has undoubtedly increased the number of sleepless nights for homeowner. Despite all measures to prevent a foreclosure, some unexpected things may come along the way, draining you of all the resources necessary to pay for the

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Is It Time For A New Second Mortgage

If You Get A Call From Your Mortgage Lender Mortgage Company Federal and State laws are on the side of those who are in the unfortunate state of receving harassing creditor calls, progressing beyond the normal range of decency and respectability as long as a collection agency is the one at hand, not the original creditor. Most people are totally ignorant on how credit and the creditors work, which supports the theory that not having enough knowledge on your rights can do you great harm. Stopp

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Mr Mortgage: In-Depth Look at Mortgage Rates 5.5% Does Not Exist For Most

I hope that you had a great Thanksgiving - now its time to talk about mortgages. Rates Are Not That Low For Most - Nowhere Near "Historic Lows" Rates are not as low as the Wall Street analysts and media would have you believe. They are nowhere near historic lows that's for certain. They speak of mortgage rates as a static and generic thing that going forward will remain at levels that will fix all of the housing markets woes. However, in in reality mortgage rates swing wildly from da

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Thinking Outside the Box

Because of the credit crisis we are losing many would be buyers (wbb) of real estate. Many have lost their jobs. Many others can no longer qualify for a mortgage for a number of reasons; the guidelines have become stricter, wbb have not been able to pay their current mortgage on time so they have a credit blemish, wbb cannot sell their current residence to buy up or buy down.There are a number of reasons why the number of wbb is shrinking. The days of planting a "FOR SALE" sign in the dirt i

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Can the Hope for Homeowners program help me?

I live in Loveland, Colorado and I was engaged to be married and one day I came home an all his belongings were gone. This means I no longer receive 850.00 monthly anymore. I want to keep my home and can make the payments I am just requesting a 40 year loan or a lower rate. I have Ocwen and am getting nowhere. They say they want to help but I think read more | digg story If you need foreclosure help with Ocwen contact us now. We have helped many homeowners stop foreclosure with a loan modifica

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IndyMac As The Model For A Mortgage Turnaround

IndyMac As The Model For A Mortgage Turnaround ABC News reports that the US Treasury is looking at a new proposal from the FDIC to insure mortgages. Lenders would modify loans and in exchange those loans would be insured. More: FDIC chairwoman Sheila Bair touted the benefits of loan guarantees and loan modifications. The government, she said, "could establish standards for loan modifications and provide guarantees for loans meeting those standards. By doing so, unaffordable loans co

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