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Mortgage Modifications Archives

Jumbo Florida mortgages may still qualify for loan modifications

Some Florida homeowners incorrectly believe that just because they have an expensive mortgage that they will not be able to qualify for a loan modification. However, while the Home Affordable Modification Program is typically for conforming mortgages, the majority of homeowners who actually do receive modifications do so outside of HAMP. In these situations, homeowners work directly with lenders.

Options for couples divorcing with underwater mortgages

These days many Florida homeowners own homes with mortgages that are underwater, meaning that they owe more on their mortgage than the home is worth. And while this is tough for any homeowner, many couples who are underwater and facing divorce, are also wondering what their options are. It turns out, they are much the same as many others also facing mortgage problems.

Mortgage modification schemes found on Google, Yahoo and Bing

It's very sad, but with thousands of homeowners struggling and fearing foreclosure, there are also a number of scams out there that are preying on people's financial situations. And while last week Google announced its decision to get rid of a number of mortgage modification scheme advertisers, this week Yahoo and Bing also announced the same plans.

HARP revisions may help some Florida homeowners, but not all

Two years ago, President Obama instituted the Home Affordable Refinance Program, also known as HARP. It had been hoped that four to five million homeowners would benefit from the available mortgage modifications. It was expected that the program would provide for much needed debt relief to millions of homeowners in the form of lower monthly mortgage payments for those homeowners struggling financially.

Rise in homeowners receiving mortgage modifications

In an effort to try and help homeowners avoid foreclosure, the government created the Home Affordable Modification Program. And while the actually number of people helped has not hit anywhere near the targeted goal of 3 to 4 million, the number of homeowners who qualified for a permanent mortgage modification did increase by nearly 16,000 between July and August.

Watch out: Mortgage modification scams are continuing to crop up

While it's certainly sad and frustrating news, it turns out that during a time when people are struggling with the threat of foreclosure, multiple companies have sprung up that feed off people's fears and end up scamming them out of money by providing false hope that their company can help them keep their home. And, what's especially scary is that many of these loan modification scams look legitimate.

Fearing foreclosure? A loan modification may help

The Bank of America is stepping up its foreclosure efforts a year after announcing that it would move to halt foreclosures in every state. For the month of August the lender mailed 200 percent more default notices to homeowners than in July.

Florida couple almost lost modification for paying early

A Florida couple recently learned that their home was going to be foreclosed on because they had made their reduced mortgage payment early by one week back in December. And while Bank of America has since reversed this decision, the entire case goes to show that without any help the mortgage modification process can be somewhat confusing.

Unsolicited mortgage modifications: What's the catch?

Homeowners across the country have recently started to receive offers for loan modifications from banks without even having to ask. And while this may be a good choice for the person who knows in the future there may be financial problems, these unsolicited offers have many people wondering what's the catch, and is it a good idea to accept?

Litigation to continue over failure to obtain loan modifications

On Thursday a district judge ruled that litigation against the Bank of American can continue forward. The claim is that the lender broke a "binding contract" when it failed to provide homeowners with a permanent mortgage modification, even after those homeowners had successfully fulfilled all of the requirements of a temporary modification.

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