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Tag Archives: loan modification

What Happens to Your Loan Mod Application If a Bank Sells Your Mortgage?

A mortgage company which is the owner of your loan can sell your loan to another bank that could have a completely different mortgage service managing the loan. If you happen to have a loan modification in process while the bank has transferred ownership of your loan, you may need to start the application all Continue Reading

Loan Modification and Short Sale Dual Tracking

Many families and individuals who are dealing with an upside down mortgaged home and an unaffordable mortgage payment have sought relief via loan modification. Unfortunately, there are major financial institutions that continue to entertain the possibility of a loan modification while they also simultaneously pursue a foreclosure through a foreclosure sale or auction. It is Continue Reading

Were You Rejected for HARP Loan Modification?

HARP (Home Affordable Refinance Program) is a well know program which utilizes funds provided by the government. The HARP program has gone through a few iterations, the original HARP and HARP 2.0. There is no official designation of HARP 2.0 on the Making Home Affordable website, but the biggest change was eliminating the cap of Continue Reading

Still Think Loan Modification Might Be Your Next Move?

Loan Modifications have been in our local real estate language for several years now. Programs under HAMP or Home Affordable Modification Program have many different programs that are supposedly available to homeowners like HARP or Home Affordable Refinance Program or HARP 2.0. The end-date for HARP according to the Making Home Affordable website is December Continue Reading

Foreclosure During Loan Modification Process

Are you in the midst of a loan modification program evaluation? Has your mortgage bank told you that your loan modification is being processed and there is no potential date of conclusion, but your file is looking really good? 6 months later, you still don’t have a confirmation of your loan mod and now they Continue Reading

The Problem With Government Loan Modification Programs

Here is the list of current home loan modification programs available to consumers who are trying to keep their home: Home Affordable Modification Program SM (HAMPSM) Principal Reduction Alternative SM (PRA) Second Lien Modification Program (2MP) FHA Home Affordable Modification Program (FHA-HAMP) USDA’s Special Loan Servicing Veteran’s Affairs Home Affordable Modification (VA-HAMP) Home Affordable Foreclosure Continue Reading

What Does HARP Stand For?

In case you are confused… HARP stands for Housing Assistance and Recovery Program. MHA stands for Making Home Affordable. HAMP stands for Housing Affordable Modification Program. All of these programs were designed to help you and your family in your foreclosure situation. Many of our clients have found that banks are luring you in to Continue Reading

Can You Continue a Loan Modification If You Are Under Bankruptcy Protection?

We have been able to stop or postpone foreclosure auctions or trustee sales for many of our clients, but many new clients ask us if a loan modification is possible to complete while the homeowner is under bankruptcy protection. It is possible to complete a loan modification during a bankruptcy. Usually, the bank or mortgage Continue Reading

Government Foreclosure Assistance Programs: HAFA, HAMP, HARP, MHA

There is a lot of news about extension of the government programs that are designed to help home owners keep out of foreclosure. HAFA, HARP, HAMP, Making Home Affordable or MHA… There are several acronyms for these programs today. Many banks are using these programs just to get more information out of you and to Continue Reading

Bankruptcy and Short Sales

It’s been awhile since we’ve added a new post. We have been extremely busy helping people recover from their financial situations. Our calendars were swamped and we have some very happy clients that we are working with today. Although we’ve been busy, we have plenty of room to help more people. Today, we would like Continue Reading