April 8th, 2009 by dmitriy
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) official Loan Modification Guidelines.
FDIC “Loan Mod in a Box” additional Loan Modification Tools
Background
Although foreclosures are costly to lenders, borrowers and communities, the pace of loan modifications continues to be extremely slow (around 4 percent of seriously delinquent loans each month). It is imperative to provide incentives to achieve a sufficient scale in loan modifications to stem the reductions in housing prices and rising foreclosures.
Modifications should be provided using a systematic and sustainable process. The FDIC …
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March 10th, 2009 by michael e. riley
When it comes to being behind on the mortgage payment, there is nothing worse because your home is the biggest bill you have and the one that is probably the most important. So when you are not able to pay the mortgage company, you are probably not able to pay a lot of other companies. This means that your credit has taken a huge hit and you are probably getting collection calls left and right from people who want their money and they want it now. If you do not have the cash on hand to bring your account up to date, then a foreclosure refinance may be your best option.
A foreclosure refinance is where you get your loan refinanced while you are in the middle of a foreclosure process. Luckily, laws allow for homeowners to seek that option …
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March 6th, 2009 by michael e. riley
When it comes to taxes, there are so many different numbers and bits and pieces of information that you need to be aware of, that it is no wonder we find them so confusing.
There are very few people in the world today who are not at least a little bit confused on the topic of taxes. There are so many different details and issues that you need to be concerned with, and so it can be hard to get a full grasp on it all and really understand it. One of the most unusual and difficult to understand tax topics is mortgage debt relief tax.
What it is
Basically what the term mortgage debt relief tax refers to is those situations in which the person realizes that they have a mortgage that they are unable to afford. This is …
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March 4th, 2009 by michael e. riley
Some people put way too much faith in the government and have created these false notions in their minds about exactly how much service the government will offer in any given situation. With the growing foreclosure crisis, and the increasing news coverage regarding the government’s proposed involvement in bailing out troubled borrowers, (such as HASP or Mortgage Relief), many people are developing misconceptions about exactly what HUD foreclosure help really is. For example, some people actually believe that HUD foreclosure help means that HUD will be paying their mortgage for them and allowing them to keep their homes. This is absolutely not true. Remember that HUD will only directly get involved if laws are being broken. Beyond that HUD foreclosure help is a lot of advice and enforcement of codes and laws put into place to protect the borrower. So …
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