Principal Reduction Modification with Bank of America Although principal reduction is rare for a loan modification, we have been successful in obtaining loan modifications with principal reduction for our clients in Riverside County. A recent loan modification we obtained for a client saved the clients both on their monthly payment as well as significant principal […]
Critics of loan modification wonder why homeowners would stay in a home when the mortgage is underwater or they are having trouble affording the payment. A recent article in the L.A. Times highlights one of the major reasons our firm helps homeowners seek loan modification – because they can’t afford to go anywhere else. The
Riverside Loan Modification Attorney – Rents soar as foreclosure victims seek housing Read More »
Will the $26 billion dollar settlement help homeowners? The short answer -Probably Not. I have had numerous clients ask me about the highly touted settlement involving the attorney generals and the major banks. Understandably, $26 billion sounds like it could potentially help a lot of people who want to stay in their home. However, a
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Flagstar Bank is one of the largest banks headquartered in the midwest. It is also one of the larger mortgage lender and does a significant amount of business in wholesale mortgages. I recently had a client approach me with a home financed through Flagstar Bank. While the loan was a standard mortgage with Flagstar, it
A recent article posted on CNN reveals that home prices are now at a 10-year low across the nation. While the reasons for the drop in home sales is varied, many economists forecast that home prices will continue to decline in the coming months. One reason for the decline is that the government is no
Riverside Loan Modification Attorney – Home Prices Hit 10-year Low Read More »
Since much of the work I do involves clients who want to keep their home, I don’t often discuss the benefits of short sales. For many clients, a short sale can be the best option to protect credit and ensure long-term financial health. A short sale is the process where a bank agrees to sell
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A recent article in the Press-Enterprise claims that “Fewer Loan Mods Grated.” According to the US Comptroller of the Currency, there are fewer homeowners who will qualify for a modification as a new wave of foreclosures looms on the horizon. According to the article, “Numbers of modifications are shrinking because servicers are exhausting the pool
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I have received several questions obtaining a loan modification from EMC in Riverside County and Orange County. EMC mortgage is owned by JP Morgan Chase. During the real estate boom, EMC operated under its own name as a seperate division. Since the market crash, EMC no longer operates as a separate division but is handled
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In a move that should not come as much of a surprise, Freddie Mac announced that mortgage servicers are authorized to provide unemployed borrowers with up to six months of forbearance. As a result, if you are an unemployed mortgage owner of a loan with Freddie Mac, you may apply for and receive six months
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