The Government’s alphabet soup of mortgage help programs has really set a lot of confusion amongst homeowner’s, agents, and professionals alike with all the programs that they have brought to pass. HAFA, as relatively one of the newer programs, has been met with a large bit of confusion as to the terms to be...
Posts Tagged ‘ mortgage payment ’
MHA:What is the HAMP review? Frequently Asked Questions.
Many different acronyms get thrown around frequently in the business world. The banking world being one of the largest cogs in private sector it is no wonder confronting your mortgage company and getting a clear understanding of what they are trying to say or who you should be dealing with is so crucial. Now...
HAMP: New Changes to Investor Income Valuation, Government reviews and has found clarity.
In an odd turn of events HAMPs guidelines have changed possibly this time for the better. Changes have recently taken place to help try and bring that 18% of successful workouts up a little and this time it’s including Investors. Now before you jump for joy they are not expanding this to include investor...
CalHFA: We don’t need no stinkin’ government programs, Rs r gud!
Needless to say CalHFA’s  review of loan modification is weak and at best they don’t even look to see if you have your basic requirements for living are met. Many times you will find that they will go through multiple level’s of management prior to actually making approvals on loan modifications, same goes as well for...
MHA: Frequently Asked Questions on HAMP and HARP
It’s no surprise with the loose lending that went on the government allowed unsupervised for so many years, enough to cause an economic crisis almost as bad as the great depression, that they be forced to come up with some sort of solution for it. After seemingly enslaving a large percentage of the homeowners strapped now to...
News: Foreclosures Hitting More People With Prime Loans
Is it really that surprising that in this down economy everyone is hurting a little? Well, definitely in this case that has hit more than just the sub-prime market. It has affected those up on the hill which in most cases hurts us the little guys on Main St. When those thought that it...
Bank of America: Small Changes in the MHA (HAMP/HASP) Programs.
Bank of America, much like the rest of the industry, has their own interpretation of what should be done for its mortgagors and how to interpret what the MHA/HAMP/HASP programs mean to them. Financial statements seemingly are a thing of the past for this review as they require the homeowner to verbally quote their...
America’s Servicing Company Mortgage Insurance Policy
Mortgage Insurance and Premium Mortgage Insurance are instruments that are used to secure the bank’s investment in it’s customer’s homes when the borrower initially borrows over 80% of their property’s loan to value. These claims may vary in different types of coverage depending on the thresholds set at their inception. An example of this...
What are my options to avoid foreclosure?
These are a few of the plans offered by lenders and a few ways that you may be able to stop a foreclosure: Full Reinstatement- This is the act of taking the account out of foreclosure or default status by making a payment in full for the defaulted amount plus the additional payment of...