Tag Archives: loan modification
Loan Modification Plan Falls Short
Imagine this, Alexander Ovechkin of the Washington Capitals playing against Tiger Woods in the Masters. Ovechkin, arguably the best player in his sport of hockey and Tiger Woods who is well on his way to being named the best golfer of all time. Ovechkin may play golf in his free time, but he not even [...]
Full StoryAvoid Foreclosure in Northern Virginia
There are many troubled borrowers out there that have no idea where to turn to for help. ARM’s(adjustable rate mortgages) are resetting and mortgage payments are increasing as much as $1,500 a month. That’s a whole other mortgage payment for some! For those of you that are in this predicament, do not panic. There is [...]
Full StoryLoan Modification Target Hit!
The U.S. Treasury announced that under the Making Home Affordable program, 500,000 trial loan modifications have been completed. The is offsetting the number of homes nearing foreclosure which is a positive outlook on the real estate market.
There is one catch that is delaying these modifications though. Before the loans can be reworked, the owners must [...]
> 50% Modified Loans back in Default
According to the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision, more than 50% of the loans that were modified in the first half of 2008 have fallen behind on their payments.
Now this evidence can lead to two different scenarios. First, those who received a loan modification just took [...]
Foreclosures on Hiatus?
The government really hasn’t solved the problem of this real estate turmoil. They have put more of a hold on everything than anything. What I mean by this is the homeowner assistance programs and bailout money has just slowed down the pace of foreclosures. It hasn’t fixed anything. Do you know why? I’ll tell you [...]
Full Story
