Posts tagged as:

loan workout

Mortgage modifications make things worse for some

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthly payments and larger debts on their homes.

Homeowners who were hoping for lower payments are discovering to their dismay that lenders roll late fees, back taxes or other costs into the principal, sometimes [...]

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Geithner says US Loan Modification Plan is Only “Pretty Good.”

I just picked this up from Reuters. The big Obama plan gets a HUGE, ummmmmmmmmm, actually just a so-so “pretty good” rating from U.S. Treasury Secretary Timothy Geithner.
Reuters:

NEW YORK (Reuters) – A U.S. mortgage loan modification program has “a pretty good chance” of success, though it will take a couple of months to gauge its effect, U.S. [...]

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Hope Now Facts or Fiction?

Loanworkout.org and loansafe.org are committed to providing data from various sources that may help to ameliorate the foreclosure crisis in America. Loanworkout.org and loanSafe.org are consumer websites that never accept corporate donations or advertising dollars from the entities we monitor…we feel taking anything from them would undermine our objectivity.

Not everyone feels the same.
This week, HOPE [...]

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U.S. regulator urges thrifts to halt foreclosures

WASHINGTON (Reuters) – The U.S. Office of Thrift Supervision urged its regulated institutions on Wednesday to halt home foreclosures until the government’s $50 billion plan is implemented.
The request comes one day after Treasury Secretary Timothy Geithner unveiled a bank rescue package that includes a program aimed at reducing monthly payments for troubled homeowners.
A broader U.S. [...]

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The #1 Reason Why Loan Modifications Are Not Working: Mortgage Servicers Suck!

Many people in the media and our government are trying to figure out why loan modifications are not working and it is really quite simple to figure out. Yet, here we are almost two years into this foreclosure mess and it’s as if we are all stuck on stupid.
One doesn’t have to look further than [...]

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Commercial Foreclosure Tsunami on the Way

Looks like the commercial mortgage arena will have a rough year in 2008. It is only the next logical foreclosure wave to hit the US and this tsunami may be the mother of all waves that drowns what’s left of our economy.
Reuters – Commercial property loans originated in 2005 to 2007 that increasingly carried [...]

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Hedge Funds Balking at Loan Workouts

The facts are that when there is a world-wide crisis and potential solutions are proposed, not everyone will be happy with these proposals. Such is life. But when it comes to our economy and the mad dash to hold on to cash, many investors on Wall Street are not going to accept these proposals lightly.
Take for instance the [...]

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Frank and Waters Call For FDIC’s Bair to Lead Country’s Loan Workout Efforts

Barney Frank and Maxine Waters are calling on the FDIC’s Sheila Bair to take the loan workout reins and lead the charge to put the brakes on our nation’s foreclosure epidemic. In a letter to President Bush today, they wrote that they were “very impressed” with Bair’s recent work at the failed Indymac with her loan modification program [...]

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Struggling borrowers face brick wall on loan workouts

Reductions in principal, on mortgages that now dwarf the home’s value, are nearly unheard of, even among the most willing firms. Just 2 percent of modifications — or less than 1 percent of all loan “workouts” — resulted in a reduction in principal, according to a monthly state survey of a dozen California lenders and [...]

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Loan workouts good for you and the bank?

The pace of loan modifications has quickened in recent months. According to data from Hope Now, modifications made up 42.2% of total workout plans in June, or 76,000 modifications, compared with 18.6% in July last year, or 23,000 modifications.
About 220,000 modifications were completed in the second quarter, as opposed to 64,000 in the same period [...]

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Fannie & Freddie Offer More Carrots (Cash) for Servicers to “Try” and Entice Them to Help Struggling Borrowers

Cash is king and when it comes to helping people in need, cash seems to light a fire under people’s arses to make them help a little bit more than they would if there were no cash incentives involved.
This is the “new” American way, right?
The facts are that it costs a servicer more money to perform some type [...]

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Housing Lenders Fear Bigger Wave of Loan Defaults

The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building.
Homeowners with good credit are falling behind on their payments in growing numbers, even as the problems with mortgages made to people with weak, or subprime, credit are showing their first, tentative [...]

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Mortgage Trouble? It Pays to be Subprime

Amidst the second quarter earnings season, yesterday brought about a quarterly report of a different kind — this one from industry coalition HOPE NOW, which said that mortgage servicers helped a record number of homeowners avoid foreclosure during the second quarter.
In June 2008, mortgage servicers completed more than 181,000 mortgage workouts for home loans, HOPE

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Loan Modification Myths and Facts

There are a lot of myths surrounding lenders and servicers as to what they will and will not do during the loan modification process.
The confusion and inaccurate data that is propagating the internet and the news is based on ill-informed bloggers or journalists who really have no idea what is going on in the loss mitigation arena. This [...]

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The OCC Wants the Real Loan Modification Numbers

Hope Now and the MBA asked, “So, how many loan modifications did you do Litton?”
“3,235,” the Litton rep said.
The boys at the “round table” pick up the phone and call Angelo, “How many did you do Countrywide?”
“We did 7,978 guys. Never mind that!” Mr. Mozilo said,”We’re going to have martinis later on the golf course!”
Listen here [...]

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Hope Now Reports Record Loan Workouts in April – Moe Says, “It Still is Not Enough!”

Yes, loan modifications and loan workouts are happening and it appears that most lenders and servicers have stepped up to the loss mitigation plate. Or have they?
Hope Now, led by US Treasury Secretary Henry Paulson, has just reported record loan workouts in April.
It is only common sense, that every month we are going to start to [...]

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Bear Stearns #2 – It’s confidence, not capital, that topples even the savviest financial institutions.

By Nye Lavalle – Bear Stearns Share Holder & LoanWorkout.org guest blogger
PMorgan Chase stands behind Bear Stearns,” Jamie Dimon, JPMorgan’s chief executive, said in a statement. “Bear Stearns’s clients and counter-parties should feel secure that JPMorgan is guaranteeing Bear Stearns’s counter-party risk.”
The talks between the companies, which were overseen by the Federal Reserve and the Treasury [...]

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The CRC Says, “Loan Modifications are Falling Short.” I Say, “Non-Profits are Not Helping Homeowners Correctly!”

Yes, you heard it right and I am going to stand by these comments and this post 110%.
Non-profits serve a great need in helping homeowners work out their loans. But in their attempts to be of service, they are actually performing a disservice to the homeowner. They are missing the most important ingredient in assisting a [...]

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Principal reductions that restore equity for the homeowner may be more effective means of avoiding delinquency and foreclosure,” Bernanke said.

This blog was started a little over 8 months ago with one purpose. To promote massive loan modifications. My blog was actually the only website on the internet that disseminated information about loan modifications to the media and to consumers.
8 months ago, a loan modification was like a white elephant. Rare, never talked about and rarely will [...]

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Welcome to LoanWorkout.org

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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Yup, you read that correctly! WE GOT A LOAN MODIFICATION!

Loan modification story submitted by Momof3boys
Yup, you read that correctly!!!!! WE GOT A MODIFICATION!!!!!!!!!!
Home Eq called us today with an offer we COULDN’T refuse!!!!!!!!! Our initial starter rate was 9.95% going up next month….Well, they called tonight and gave us 8% fixed for 5 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!! WOW!!!!!!!!!

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Why does Countrywide appear to have so many folks with troubled loans?

Question to Moe from a reader and Countrywide borrower, Melena
Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that has changed. Why? Did they grow too fast? New management perhaps? Why don’t they seem to [...]

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These Loans Were Destined to Fail

By Poppy (36 year mortgage industry veteran & senior underwriter)
This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry.
This is where I started in this industry in 1972, at a little tiny, itsy bitsy [...]

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The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes – FDIC’s Sheila Bair

“This is deadly serious,” Sheila Bair said in a speech Downtown. “Foreclosures are too high in Pittsburgh and around the country.”
The FDIC chairman seems to speaking out more and more in regards to the efforts of lenders and servicers to perform loan workouts and loan modifications. Bair spoke at a downtown Pittsburg, Pa. to more [...]

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Loan Modification Approved – Courtesy of Angelo Mozilo and Countrywide

Countrywide loan modification.
People think that I enjoy reporting doom and gloom. Some people out there in the bogsphere think that I get my thrills by bashing Angelo Mozilo and Countrywide. One person has went so far to say this about my blog, “He also pointed to me to what may be the most anti-Countrywide blog out there.” Thanks Jane [...]

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I Guess Countrywide Can?

This is going to be my first post where I mention Countrywide and I do not bash them. I have said many times that Countrywide Can’t. This week they showed me that Countrywide Can.
3 real people ontained a loan modification from Countrywide. Thanks Countrywide. Geez, I never thought those words would cross my lips.
Yes, real live loan modifications. [...]

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We are looking for Countrywide borrowers that are in unaffordable and predatory loans

We are looking for Coutrywide borrowers that are stuck in a mortgage that is unaffordable or predatory. We want to help you fight back against Countrwyide Home Retention Department and make them fix your mortgage with a loan modification.

If you are having no luck in obtaining help from Countrywide, the we want to hear from you. We want to [...]

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Countrywide Home Retention Department – My 16 week loan workout with Countrywide

This is a post in my forum at LoanSafe.org from a struggling homeowner. I thought I would showcase these every now and then on my blog so people can see the troubles that homeowners face when they reach out to the Countrywide Home Retention Department for help.
Submitted by Andrea;
This is my first post on this forum [...]

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Lenders Say, “Reach out and call us if you’re in trouble”. Let’s see what homeowners get, when they reach for help.

Since day 1 in running this blog and my forum, I have been alerted and have personally experienced the abuses that homeowners are suffering at the hands of their lenders or servicers.
Uncaring employees, rude employees, unanswered phone calls, multiple lost faxes and paperwork, over charges, unexplainable charges and the list goes on. My goal is [...]

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Statement of Center for Responsible Lending in Response to President Bush’s Plan to Address Foreclosure Crisis

From the Center of Responsible Lending December 6, 2007
With 2 million foreclosures predicted over the next two years, the plan announced by President Bush for targeted loan modifications for some subprime borrowers is a positive, but very limited, first step. CRL estimates the President’s plan will only help about 7% of subprime borrowers—about 145,000 families—because of the program’s [...]

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Statement by Secretary Henry M. Paulson, Jr. at Press Conference to Announce Framework to Help Preserve Communities by Preventing Foreclosure

December 6, 2007
HP-716
Washington, DC – Good afternoon. Thank you, Secretary Jackson, Chairman Bair, Comptroller Dugan, Governor Kroszner, Director Lockhart, Director Reich and representatives from the American Securitization Forum, HOPE NOW, the Mortgage Bankers Association and the Housing Policy Council for your creativity and flexibility during these recent months. We have worked through an evolving process [...]

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No Hope Now for These Homeowners

JacMac December 6th, 2007 at 7:56 pm - “But for now, many homeowners will have to fight the battle with their lenders or servicers one call, one fax, one headache at a time and many, will succumb to the pressure and just give up out of frustration or run out of time and face the inevitable, [...]

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Will Homeowners Have Hope Now?

Today is a great day for “some” homeowners across the country. Many will have Hope Now, but only ”some”, not “all” struggling homeowners will receive mortgage relief.
Our government has spoken and it appears that they are doing what they “can” to asist borrowers in exploding adjustable rate mortgages. The plan is far from perfect, but it’s a [...]

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Despite Lender Rhetoric, Modifications to Date Have Been Limited

Paul Leonard, California Office Director for the Center for Responsible Lending in recent testimony said;
Despite Lender Rhetoric, Modifications to Date Have Been Limited
For months now, many large servicers have been trumpeting their efforts to contact borrowers facing resets early and to offer aggressive loan modifications. To date, however, the reality of results has not matched the [...]

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Where’s Waldo Version 2.0, or: “Which One of You Stinking 2 Million Homeowners Deserves Help?”

No one seems to know exactly what borrowers will be “helped” by US Treasury Secretary Henry Paulson’s “new” Hope Now initiative.
And not everyone’s clear (to say the least) about California Governor Schwarzenegger’s deal with Countrywide, Litton, Home Eq and GMAC to modify mortgages in the golden state.
The New York Times reports;
The Governors plan in California [...]

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Lenders Say They Plan to Streamline Loan Modification Process

I have been trying to get some more information on the new loan modification agreement that California Governor Arnold Schwarzenegger has worked out with Countrywide, GMAC, Litton and HomeEq .
This San Francisco Gate article has been all I can dig up that had some facts about the details.
While I am excited about this new agreement, I [...]

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Paulson Wants to Develop Standard Criteria That’s Going to Allow for Loan Modifications and Loan Workouts

“We’re never going to be able to process the number of workouts and modifications that are going to be necessary doing it just sort of one-off,” Mr. Paulson said. “I’ve talked to enough people now to know there’s no way that’s going to work.”
Amen! I have been saying this all along and this will remain a [...]

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Wall Street Needs to Modify Their Attitude Towards Loan Modifications

We are now in the midst of one of the biggest cluster f*%! that this great country has ever been entangled in. Wall Street movers and shakers are practicing their “everything will be alright” smiles to mask their frightened reality and shaking knees. They say, “Yeah, the mortgage market is crap, I know you lost your [...]

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Senator Charles Schumer is Pressing the Big 4 for Loan Modifications

Senator Charles Schumer sent a letter to the large accounting firms, asking them to educate lenders about the newly understood flexibility of FAS 140 in regards to the loan modification issues and concerns lenders and servicers have expressed to the SEC. This was just one month after Securities and Exchange Commission chairman Christopher Cox made the announcement more [...]

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The Answers to Our Country’s Housing Crisis

This going back and forth is getting old. Everyone and their mother has views about what went wrong with lenders, the mortgage market and the current housing crisis. Yes, I am guilty too. I have been playing in the mud with fellow bloggers and journalists. My mind has been cancer exposed to radiation from all of the toxic news [...]

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Loan Workouts, Not Bailouts!

I just read an article from Paul Krugman of the New York Times and I wanted to share it with my readers. I track all the news coming out daily in regards to the mortgage and housing crisis. Daily, all I hear is reports of forclosures up in Denver, Co., Stockton, Ca., etc. The reports [...]

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Ken Rosen Says Massive Loan Modifications are What’s Needed to Save America

Ken Rosen of Rosen Consulting, hedge fund manager and real estate expert was recently on Market Watch and the title of the video clip was “Time for Loan Mitigation.” (You can click on the link to the left to view it) Mr. Rosen calls for a massive loan mitigation efforts and for congress to step in and [...]

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Can’t Refinance? How About a Loan Modification?

It’s no secret the people across the nation are stuck in their ARM mortgages and can’t refinance. I talk and converse with these people every day. Many are just trying to avoid foreclosure and save their home. But many are losing the battle daily and the need mortgage help right away..
There has been a lot [...]

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Talk to Litton to Modify Your Loan Today

You need to know the facts to stop foreclosure with Litton. Many people are unaware that you can obtain a loan workout with your lender to modify your loan. However you will still need to qualify for the type of loan modification on of your mortgage based on your ability to pay.
Litton Loan Services has announced that [...]

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Countrywide Workout Department

If you are looking for Countrywide’s Workout Department, then you have landed on the right website. The name of that division is called the HOPE Department and they handle all loan workout’s and loan modifications for people facing foreclosure.
That phone number is 800-262-4218. You will need to have your loan number ready and be prepared [...]

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