Upside Down Mortgage

Posts Tagged ‘banking’

Chase Loan Modification News

The Obama administration claimed that it is going to lend help to as much as 4 million homeowners to be able to make modifications to their loans. The Treasury Department claimed Over 200,000 of the said loan modifications are presented to date. This means that there are still millions waiting for their turn. This could also mean that if these trouble homeowners are not reached on time, more foreclosure news will be heard.

Deborah Sherman is one of those homeowners who are waiting for their turn on the loan modification. She applied for the government program in March 4, a day after it was announced.

Since then, all she heard from Chase, her loan servicer, is: the process could take up to 90 days. Until now, she is still waiting.

The experience of Sherman was also experienced by most other people. Back in June, the program started in a chaotically as a multitude of homeowners all across the country jammed phone lines, overwhelming the staff. Because of the confusion and delays regarding eligibility requirements, disappointments build up among homeowners and housing counselors.

During the latest press briefing, President Obama expressed his frustration with the said government program. He said that the mortgage program implemented helped a lot of people in mortgage modification, however it had not been keeping pace even a lot of foreclosures are already taking place. Because of that reason and due to the fact that a lot of complaints from the home owners are already attacking him, he was asking his staff to put into practice more forceful actions.

At a recent congressional hearing, the president's remarks were echoed by Elizabeth Warren, chairwoman of the Congressional Oversight Panel. Warren oversees the Treasury Department's response to the financial crisis. She also said that the program set off for a couple of weeks and they are now taking fast actions on it.

"I think it's important that the public realize they don't have to have missed a payment on their mortgage to get help. If they see that they have a problem ... they should get in touch with their servicer" says Warren.

A lot of homeowners have already applied for loan modifications with their respective servicers but are still getting the same response as Sherman and the waiting time takes longer than expected. As the processing time of these modification requests get longer and longer, most trouble homeowners result to giving up and making foreclosure news rise.

Frustrations towards the program were expressed also by several federal officials. They said, "People who are engaged in this program must need to perform better job so that expectations of the public will be met."

As long as these needs for loan modifications are met, we may expect to hear more foreclosure news as more and more troubled homeowners fail to salvage their properties.

About the Author:

For the latest foreclosure news or for other ms foreclosure advice or free resources stop by the best foreclosure news website.

Source - Homeowners Try To Hold On While Prevention Programs On Foreclosure Slowly Moves

LOAN MODIFICATION NEWS - Loan Repair Today - www.loanrepairtoday.com

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Subprime Regulations

Question: Are you a borrower that has sought thier own modification through a lender where you are in a subprime loan?

If you are, and you are up for bought with this bank, be advised that they are, in 97% of the cases, going to be coming back at you with every reason why not to do a modification for you and they are going to go the full 13 rounds with you. your opponents (Yes Opponents) that your Lenders are going to place on the other end of the telephone, are so knowledgeable in the banking rules and regulations, that they will literally be able to talk behind your back; in front of your face. It's not brain surgery to know that this is true. Just ask yourself this question. Are the banks looking out for my best interests-or their own? These banks take your money-most of it; invest that money, make a profit from it, and reinvest that money and never even say thank you, do they? Did you get a Christmas card from them last Christmas for all the interest that you paid into them? I know that I didn't.

Answer: I have done several modifications recently, and find your statements untrue.

The banks are all receiving tax payer funds if you qualify to a modification (there are several programs), it is in their best interest to modify your loan as opposed to foreclosure.

Deconstructing the Subprime Crisis

Mortgage Fraud Phoenix

· Falling property prices and the rising number of foreclosures are key concerns in real estate. Mortgage –holders and builders are likely to be the focus of a wide range of initiatives. In this direction, Mr. Obama has already proposed a mortgage tax credit for home buyers who don’t itemize deductions. We still imagine more aggressive relief is likely to be sought.

· In an interview during his eventful presidential campaign, Mr. Obama had mentioned measures to ease mortgage crisis. He has called for the creation of a $10 billion foreclosure prevention fund that will work in tandem with state, local and community. This is to help households facing foreclosure to renegotiate with lenders or put their house on the market. In the long term, the Stop Fraud Act would create criminal penalties for mortgage professionals found guilty of fraud. This would increase funding for federal and state enforcement of antifraud programs.

· Mr. Obama also wishes to create a simplified, standardized metric for calculating the costs of a home mortgage that would be similar to the annual percentage rate used by the banks to identify effective interest rate that a borrower pays for a loan.

· He also proposes changes in the transport facility to needy neighborhoods. In this regard, federal Jobs Access and Reverse Commute program are to be doubled so as to ensure that additional federal public transportation dollars flow to the highest-need communities.

· Mr. Obama has also expressed a goal of making all new buildings carbon-free by 2030. This law has already made its first move by allowing a high tax credit for users of “energy-efficient†sources of energy like solar or wind energy. In future, Obama has proposed introduction of competitive grant program to recognize states and localities that take steps to implement new building codes that prioritize energy efficiency.

· He has also proposed certain tax reforms such as simplifying tax codes that would help general public.

With the implementation of these measures, our anxiety brewed from today’s real estate market is sure to see some signs of ease in the near future.

About the Author:

M Alex White works as a Market president with pardevelopment homes, the popular new homes builder at Arizona and Illinois.

if you are a buyer looking for great properties and latest trends in realty market, visit our website Illinois.pardevelopment.com for tips and latest updates on real estate.

Source - President Elect Obama’s Take on Issues Concerning Real Estate

Mortgage Foreclosure Scams Arizona Attorney General Terry Goddard