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Your Loan Documents May be the Secret Key to Obtaining a Loan Modification

by Moe Bedard

Homeowners Warning: Beware of new scams using this as a tool to fight lenders by scammers and out of work mortgage brokers everywhere!!! This post is from early 2008 and the times have changed folks. Yes, it can work and help, but when used with a lawyer who can properly represent you.

I have studied and [...]

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Bush to Veto Senate Bankruptcy & Foreclosure Bill

by Moe Bedard

It looks like Bush is adamantly opposed to the new bankruptcy bill that will save American homeowners and it is no surprise. The Bush administration is failing the American people is every which way, shape and form.

Their interests are with the lenders and banks. Their Hope Now buddies, banks and servicers. Their pals that hold the [...]

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Judges would be allowed to rewrite mortgage terms under a Democratic plan. Critics fear rate hikes.

by Moe Bedard

WASHINGTON — Over the opposition of the nation’s lenders, Senate Democrats are seeking a change in the bankruptcy law that they say could keep hundreds of thousands of hard-pressed borrowers in their homes.

The proposal, part of the Foreclosure Prevention Act embraced by leading Democratic lawmakers, would allow judges to ease the terms of mortgage loans [...]

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Will bankruptcy judges get the power to modify the terms of troubled borrowers’ mortgages?

by Moe Bedard

The lenders and bankers are fighting the new bankruptcy bill big time because they hate when government meddles in their business. Well, they hate it when it affects their bottom line. But hey, they sure don’t mind  government assistance if it means bailing their butts out of the the mortgage waters. Even if they were the ones that caused the [...]

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Welcome to LoanWorkout.org

by Moe Bedard

LoanWorkout.org is the only blog on the internet dedicated to following what lenders and servicers are “really” doing in regards to their loan modification and loss mitigation efforts.
Are you having trouble with your home loan? Has your mortgage adjusted and you cannot afford the new payment? Were you placed into a bad loan and you [...]

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It saddens me that now a mortgage professional (Broker or Banker) has about the same credibility as a used car salesman

by Moe Bedard

I guess as an industry we’ve earned that reputation. We sold too many of the wrong types of loans to the wrong types of people. There were too many crooks out looking out for their own paychecks, and not their customers best interests.
Its really a shame because mortgage transactions are usually the biggest financial transaction [...]

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Democratic proposal giving bankruptcy judges the power to force loan modifications

by Moe Bedard

Lobbyists Hope Bush Rate-Freeze Plan Prevents Democrats’ Bankruptcy Proposal on Home Loans
December 05, 2007: 06:23 PM EST

NEW YORK (Associated Press) – A White House plan asking lenders and investors to freeze interest rates on troubled mortgages could derail a Democratic proposal giving bankruptcy judges the power to force loan modifications.
Lobbyists for some of the biggest [...]

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Which is worse: Foreclosure or Bankruptcy?

by Moe Bedard

The single most important question consumers ask themselves during the present economic crisis: Is it better to lose your house to foreclosure or file for bankruptcy protection?
A foreclosure will remain on your credit report for 7 years, while a bankruptcy remains for 10 years. If you ever plan on getting any kind of loan, especially [...]

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