January 19th, 2012 by nick
The Playoffs have begun and there are four teams in the NFC Playoffs that have a chance to really make it to the Super Bowl. The Packers, Saints, Giants and the 49ers are all in contention to take their desired spot at the Super Bowl and though all four teams are extremely talented, only one team will prevail.
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The team from Green Bay undoubtedly had one of the most compelling regular seasons in league history as they were one win shy of a perfect regular season before the lowly Chiefs were able to steal a win. This team is certainly ready to make it to the Super Bowl, but they must first defeat the New York Giants.
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The San Francisco 49ers are absolutely one of the shockingly successful teams of the year and they just may be the favorites in the NFC. With home field advantage and a strong defense, the 49ers will surely take this matchup over the Saints.
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August 30th, 2011 by nick
One huge obstacle for any mortgage modification plan is the pooling and servicing agreement (PSA). This is the agreement that details terms affecting how loans are pooled, securitized, sold to investors, and then serviced by other corporations. And one of the restrictions many of these agreements contains makes it almost impossible for certain homeowners to be offered a modification.
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In fact, some pooling and servicing agreements state that no more than 5% or 10% of the loans contained in the pool can be offered mortgage modifications in the case of default. So the US Treasury Department, in reporting that 9% of debtors who qualify for plans have been offered modifications, is simply reporting information that could have been guessed at just by looking into the structure of the mortgage agreements.
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These agreements set a limit to how many loan modifications can be offered by servicing companies, and these servicers may face liability from the trusts or investors that own the underlying loans if they offer too many workout plans to debtors. They may find themselves in breach of the servicing terms they agreed to, even though it would allow more debtors to avoid foreclosure, and they are not willing to take this risk.
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August 29th, 2011 by nick
If you have fallen behind in your mortgage payments, you could qualify for financial assistnce in the form of a government-assisted mortgage modification. This means that your mortgage will be slightly altered in order to lower your monthly payments.
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If you qualify for a mortgage modification, you should remember that this may be for a very defined time frame. At the end of the modification, your monthly payments will slowly go back up to the original amount. However, you will not owe any missed payments, as long as you successfully finish the plan.
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If you qualify as a high level borrower, you will have to attend some debt counseling classes approved by the Department of Housing and Urban Development. Also, the amount you owe on your home without interest must be less than $279,750.
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July 26th, 2011 by nick
A loan modification isn’t a loan. It’s not termed a “loan modification loan” — it’s just called a “loan modification.”
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It works by allowing homeowners and their lenders to negotiate to change the terms of a mortgage, usually to make the payments lower and more affordable to help the borrowers avoid losing the house to foreclosure.
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There are a number of ways that borrowers and banks can negotiate for different terms. The original mortgage is not replaced with a new one as in a refinance, but changes are made to the functioning of the current loan.
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July 18th, 2011 by nick
Loan modification is the latest trendy method to stop foreclosure, with numerous government programs subsidizing lenders and homeowners. Thousands of foreclosure consulting firms offering to help borrowers negotiate with the banks (for a fee) have also cropped up all across the country.
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While modifying the terms of a mortgage can be a great plan for some borrowers, few people have really questioned how a modification will be reported to the credit agencies. They are somewhat similar to refinancing a home, entering into a forbearance agreement with a lender, and even filing a Chapter 13 bankruptcy.
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Government rules, until very recently, have also been unclear as to how lenders should report a loan modification on clients’ credit histories. Some banks would have the record state “paid as agreed,” while others would designate the payments as “partial payments.” Some would even just keep the loan in a state of “foreclosure” until the temporary modification or repayment plan was completed.
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July 12th, 2011 by nick
A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts.
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Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee.
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However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.
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