The Consumer Financial Protection Bureau, recently renamed the Bureau of Consumer Financial Protection by new Acting Director Mick Mulvaney, just released their Summer 2018 edition of Supervisory Highlights. The report summarizes their previous year's investigative activity of financial companies in the auto loan servicing, credit card, debt collection, mortgage servicing, payday lending, and small business lending industries.
If you are at risk of foreclosure, your mortgage lender is going to ask if you are interested in a loan modification. This idea has a lot of appeal if you want to keep your home. If it works, that's great! You don't have to move and in most cases you'll get a lower payment every month.
Yes, the worst of the financial crisis is behind us. But even though the economy seems to be regaining its momentum, many individual American workers and homeowners are being left behind. As I wrote recently, in many parts of the nation foreclosure rates are actually still rising. If you are one of the millions of Americans who are still facing the threat of foreclosure, you may be able to get mortgage help through the Hardest Hit Fund.
On a daily basis, we hear heart-wrenching stories from clients going through one of the most difficult periods of their lives—fearing the loss of their home.
Well, here’s some good news for struggling homeowners who are worried about foreclosure, or possibly already delinquent on their mortgage payments. With HAMP (the Home Affordable Modification Program) about to expire, Fannie Mae and Freddie Mac have announced a new loan modification program called the Flex Modification.
Loan modification is a process for changing the terms of an existing mortgage to make it easier for the borrower to repay the loan. Loan modifications occurred in record numbers following the 2008 mortgage and real estate crisis, but modifications still occur today to help struggling homeowners.
When you borrowed money to purchase your house, the cash paid to you probably didn’t come from the lender or bank that worked with you. Instead, the money came from an “owner” or “investor.”
People often come to us asking if they can “take over a loan” or “remove someone from the loan.”
When applying for a loan modification, you must prove two things to the lender:
One of the hurdles you may need to cross on your way to a loan modification is something called a Net Present Value (NPV) test.
The attorneys at Ark Law Group have learned over the years that a few mortgage lenders have some bad habits. And knowing where those lenders are likely to make mistakes has benefited our clients.
Trial payment plans are good news for someone who wants a loan modification. If you are offered a trial payment plan, it means the documents you gave your lender about your financial situation have shown that you are likely capable of actually making modified payments.