No Documentation Loan Modification Fannie Mae and Freddie Mac to offer No Documentation Loan Modification Program The Program Fannie Mae and Freddie Mac will offer a simplified loan modification process. Beginning July 01, 2013, servicers will be required to offer borrowers who are at least 90 days, but not more than 24 months, delinquent on […]
Read MoreBank of America Reduces Mortgages by Forgiving a Portion of the Principal. For those of you who have not heard the breaking news, Bank of America has begun to forgive a portion of the principal on certain people’s mortgages. The NYT is reporting that “Bank of America has started sending letters to thousands of homeowners […]
Read MoreCan you stop paying your second mortgage? Sure. Should you stop paying your second mortgage? Maybe not. The prevailing theory is that if your home is worth less than what you owe on your 1st mortgage it is highly unlikely that the holder of your 2nd mortgage will bring a foreclosure action against you. Well, […]
Read MoreWall Street Reform Bill: $1 billion fund to help unemployed homeowners avoid foreclosure The Dodd-Frank financial regulatory reform bill which passed through Congress and is headed for President Obama’s desk, contains a provision that is likely to help some unemployed homeowners avoid foreclosure. The Washington Independent reports that there is a provision in the bill to […]
Read MoreFiling Bankruptcy to Save Your Home: CHAPTER 7 Bankruptcy Will filing a chapter 7 bankruptcy save my home from foreclosure? Probably not. If you are facing foreclosure you have likely missed a few mortgage payments. Chapter 7 does not allow you to make up your missed payments over time. However, the “automatic stay” may delay […]
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