June 16th, 2009 by Michael E. Riley
Sheila Bair, the chairman of the Federal Deposit Corp has noted that the loan modification efforts are having positive results, but their ultimate success will most likely depend on the economy and mortgage market.
“My sense is that it’s having an impact,” … but “there is obviously still distress in the mortgage market” Bair said in answering questions after a…
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April 8th, 2009 by Michael E. Riley
This guide provides an overview of the FDIC’s program to assist bankers, servicers, and investors in this process. It outlines FDIC program terms at IndyMac Federal Bank, offers insight into the specific portfolio characteristics that drive modification modeling at that bank, and provides a framework for developing and implementing a similar program at your institution.
Federal Deposit Insurance Corporation (FDIC)…
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March 27th, 2009 by Michael E. Riley
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 modification is a new buzz word. There is a good chance you are even considering a loan re-modification for…
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March 20th, 2009 by Michael E. Riley
Chris Hansen of Dateline NBC follows police with a camera crew while evictions are being conducted. The eviction victims are interviewed. This truly is a heartbreaking video. Be sure to explore your loan modification options and prevent foreclosure from happening. It is now easier than ever to perform loan modification and a number of government-subsidized programs…
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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…
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February 23rd, 2009 by Michael E. Riley
Presently the banks are often unable to help reduce mortgage rates for homeowners that are current on their loans. The Obama's proposed plan is designed to alleviate the situation by encouraging banks to refinance or modify mortgages for responsible homeowners even if they are not yet behind on their payments.
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February 19th, 2009 by Michael E. Riley
stop foreclosure
Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions “step up to the plate” to help make certain the Obama administration’s new home foreclosure initiative succeeds.
“This started as a mortgage crisis but it’s become a jobs crisis,” said Donovan following the announcement of the…
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February 18th, 2009 by Adam
In an effort to keep 9 million people from loosing their homes President Barack Obama unveiled his $75 billion mortgage relief plan on Wednesday, February 18th
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February 14th, 2009 by Michael E. Riley
Testimonials / Success Stories
Story from Florida (3/09/2009)
The homeowner was just asking for a $250.00 monthly reduction and got a total of $428.18
Previous Scenario
- Lender: HSBC, combo loan with a first and second mortgage
- 1st Mortgage: $1,149.99 P&I at 8.99% – monthly payment
…
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February 13th, 2009 by Michael E. Riley
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