Due to not getting the mortgage companies to voluntarily reduce the principal balances, HAMP is failing, as noted in an excellent story in The Huffington Post.
Reducing principal balance is, to agree to lower the total amount owed on a house.
What happened is, the mortgage companies took their foot off the gas last year [...]
Category Archives: avoid foreclosure
HAMP Failing
HAMP Failing
Due to not getting the mortgage companies to voluntarily reduce the principal balances, HAMP is failing, as noted in an excellent story in The Huffington Post.
Reducing principal balance is, to agree to lower the total amount owed on a house.
What happened is, the mortgage companies took their foot off the gas last year [...]
Foreclosures And Bankruptcy
Mortgage delinquencies, people behind at least 3 months on their mortgage payment, continued to climb according to Fannie Mae.
The Calculated Risk blog reports the results, with a graph that points to nothing but trouble for homeowners, the mortgage delinquency rate having more than doubled over last year, and still going up.
More delinquencies, means more foreclosures, [...]
How Is The Government Mortgage Modification Program Working?
How are the government encouraged mortgage modifications going? Are mortgage modifications working? What effect is the HAMP program having on foreclosures?
Not so good.
Paperwork problems?
As I hear all the time, only one third of homeowners trying to get HAMP relief have sent back the paperwork to get a mortgage modification.
Of course, what my clients tell me [...]
HAMP and Bankruptcy
HAMP, Home Affordable Modification Program, is the federal government program to help people stay in their homes by modifying their mortgage.
Nearly one in four homeowners in America now owes more on the home than it is worth, according to Ruth Simon and James R. Hagerty in the Wall Street Journal.
This means more foreclosures coming.
Thought the [...]
Top Ten List Of Things To Do When You Get A Foreclosure Notice
TOP TEN THINGS TO DO WHEN YOU GET A FORECLOSURE NOTICE:
1. Keep the foreclosure notice!
2. Get all the papers with your mortgage, payments letters, everything, and put it in a file or envelope.
3. Write to the address in the notice requesting a modification. Keep a copy of the letter. (Do [...]
Can I Get A Mortgage Modification?
Anything is possible, but the statistics on mortgage modifications are bad, especially considering the number of people who need them.
What Is A Short Sale?
What is a short sale?
Federal Mortgage Relief Programs
Sorry for the slowdown in posts, still working on new site, www.michiganmortgageattorney.com.
The National Consumer Law Center has gathered links to all the programs to avoid foreclosure.
Foreclosure Rescue Scams
The airwaves are full of the false advertising, “the secret credit card companies don’t want you to know.” The secret they don’t tell you is you pay and get no guarantee of anything.
An Ohio foreclosure scam outfit operated with attorneys, who were busted.
These outfits are everywhere, check with the state Attorney General’s office. Better Business [...]
