Long awaited pressure on lenders seems to be forthcoming. It was announced on Friday that on Monday the Treasury will announce a new program to pressure banks into freeing-up the bail-out money and getting those modifications rolling. We are told that banks that are not complying will be “outed”. That will be fun!

The foreclosure rate [...]

Clients struggle with the ethics/morality of asking for a modification if they actually still have some savings left, or of selling short when their 401K has enough to cover the shortfall, and with the right/wrong of simply walking away from a home that is $250,000 underwater. I even had one client tell me last week [...]

Beyond writing to them, I recommend you actually phone the CEO of the lender you are negotiating with. Many of the CEO’s have disseminated press releases with all manner of blah blah about how much they care about homeowners. With this method, you give them the chance to show it.

This strategy is not for the [...]

As things get more heated in the pursuit of good loan mods, I advise that you get “out-of-line” by pursuing unconventional methods to get your mod approved.

 
One approach is to appeal to the CEO of the lender/servicer. This method will get you nowhere if your case is not strong – but, if your application is [...]

O.K., so there are thousands of scammers out there. I’ve always maintained that it’s pretty easy to spot them. However, even a number of my own relatives have fallen prey to scammers. So here are some tips to avoid the sharks.

Here are some examples of scams related to mortgage modification and foreclosure avoidance.

Foreclosure rescue and [...]

Often homeowners need more time and seek to delay the foreclosure process – to get more time to settle on a Workout Plan that suits them. These are the Top 7 ways to buy more time.

Constant communications with lender – That’s right, good faith communications about your plans and actions to resolve your situation and [...]

Earlier this week we got the news that Fannie Mae has instituted the “Deed for Lease” Program. This is a great innovation that may make the “transition” from homeownership to rentership easier for families.

The Program allows borrowers to transfer their property back to the lender in a Deed-in-Lieu, then lease back the house [...]

Last week the administration extended the homebuyer tax credit. The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline. It also was expanded to include existing homeowners who have lived in their [...]

Note: Unfortunately we no longer recommend using the forensic loan audit company – Denovo Financial Solutions. They performed poorly for several of clients we referred to them. In fact, they even took $3,000 from one of our clients but produced no results and failed to honor their own refund policy. We include this interview on [...]