Archive for the ‘Mortgage Loan’ Category
Mary Yraceburu and Marianne Curtis Arrested for Loan Modification Fraud in California
29 Aug
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Image by Getty Images via Daylife
California’s Attorney General, Jerry Brown, yesterday announced the arrest of two real estate fraudsters — Mary Alice Yraceburu and Marianne Curtis — who, according to the Calif. AG’s office “coldly and heartlessly” conned over 160 distressed homeowners out of thousands of dollars for non-existent loan modification services.
In total, the California Attorney General’s Office filed 49 felony charges in Orange County Superior Court against the 45-year-old Yraceburu, of Riverdale, Calif., and the 67-year-old Curtis, of Costa Mesa, Calif. Yraceburu was arrested yesterday in Fresno County, while Curtis was arrested in Orange County on the following charges:
24-counts ...
Teaming Up with Your Lender for a Loan Modification
08 Jun
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Image by Getty Images via Daylife
Suppose you’re behind on your house payments. You dial the phone number on your most recent mortgage statement, clear the usual hurdles, and finally reach someone who understands your situation and offers to help. You are one of the lucky homeowners who has a cooperative lender. Now what? What can you do to team up with your lender to optimize the outcome? This blog post reveals ten ways you can expedite the process and negotiate an affordable loan modification that enables you to catch up on any missed payments, lower your monthly mortgage payment, and ...
Teaming Up with Your Lender for a Loan Modification
08 Jun
0
Read More
Image by Getty Images via Daylife
Suppose you’re behind on your house payments. You dial the phone number on your most recent mortgage statement, clear the usual hurdles, and finally reach someone who understands your situation and offers to help. You are one of the lucky homeowners who has a cooperative lender. Now what? What can you do to team up with your lender to optimize the outcome? This blog post reveals ten ways you can expedite the process and negotiate an affordable loan modification that enables you to catch up on any missed payments, lower your monthly mortgage payment, and ...
Teaming Up with Your Lender for a Loan Modification
03 Jun
0
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Image by Getty Images via Daylife
Suppose you’re behind on your house payments. You dial the phone number on your most recent mortgage statement, clear the usual hurdles, and finally reach someone who understands your situation and offers to help. You are one of the lucky homeowners who has a cooperative lender. Now what? What can you do to team up with your lender to optimize the outcome? This blog post reveals ten ways you can expedite the process and negotiate an affordable loan modification that enables you to catch up on any missed payments, lower your monthly mortgage payment, and ...
Understanding How Long it Takes to get a Loan Modification
08 Apr
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Understandably, if you applied for a loan modification and failed to hear from your lender after two to three weeks, you’d tend to get a little antsy and perhaps even annoyed (especially if you continue to receive late payment notices and nasty phone calls from collection agencies). With this in mind, many homeowners ask me, “How long will it be before I hear anything?” and “What should I do while I’m waiting?.” This blog post should help answer those very pressing questions.
How long does a loan modification take?
The loan modification process typically takes 30 to 90 days, depending ...
Reaction to President Obama’s Plan to Slow Foreclosures
07 Apr
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Image by radiospike photography via Flickr
After reading about President Obama’s plan to cure the foreclosure epidemic, I wish I could say, “It’s about time!” For far too long, the federal government here in the United States has been focused on bailing out Wall Street rather than Main Street. I was hoping President Obama would reverse the trend. Unfortunately, his plan looks like more of the same.
Obama is setting aside $75 billion… of whose money? According to a treasury official, $50 billion will come from the remaining $350 billion in Troubled Asset Relief Program funds, and $25 billion will come from ...
Reaction to President Obama’s Plan to Slow Foreclosures
06 Apr
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Image by radiospike photography via Flickr
After reading about President Obama’s plan to cure the foreclosure epidemic, I wish I could say, “It’s about time!” For far too long, the federal government here in the United States has been focused on bailing out Wall Street rather than Main Street. I was hoping President Obama would reverse the trend. Unfortunately, his plan looks like more of the same.
Obama is setting aside $75 billion… of whose money? According to a treasury official, $50 billion will come from the remaining $350 billion in Troubled Asset Relief Program funds, and $25 billion will come from ...
Keep My House Founder and Author, Ralph R. Roberts, Appears on CNN
30 Mar
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In case you missed it, Ralph R. Roberts, founder and primary author of this blog, appeared on CNN over the weekend to answer a series of hard-hitting questions from struggling homeowners facing the prospect of losing their home in foreclosure.
As you can see from the two video segments pasted in below, Roberts, an award-winning author and REALTOR®, shared numerous insights from one of his latest books, Foreclosure Self-Defense For Dummies:
Part Two:
Private Mortgage Insurance and Foreclosure
18 Mar
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Image by stallio via Flickr
In several blog entries here on KeepMyHouse.com, I point out that loan modification is a no-brainer for lenders. In short, when dealing with distressed homeowners, lenders essentially have the following choices:
Loan modification
Foreclosure
Forbearance
Deed in lieu
Short sale
All things being equal, offering a loan modification to borrowers is usually the best option for lenders, because they avoid the high cost of foreclosure (by some estimates $50,000 to 100,000 per foreclosure) and they continue to collect interest on the loan – at a lower rate of return, but still more than enough to earn a profit.
Unfortunately, in many cases, another ...
Fannie Mae Extends Moratorium on Home Foreclosures
10 Mar
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Image by Getty Images via Daylife
Fannie Mae has announced it is extending — through March 31, 2009 — its moratorium of all eviction proceedings involving Fannie Mae funded mortgage investments, as the government-sponsored enterprise (GSE) implements new initiatives aimed at helping more distressed homeowners save their homes.
In making the announcement, Fannie Mae also issued special foreclosure sale requirements in response to the Obama administration’s Making Home Affordable program. According to the GSE, a foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a “Home Affordable Modification” and all ...