Are Loan Modification Success Stories Increasing or Decreasing?
May 18, 2010
At Loan Modification Advocates, we have seen a steady increase in our ability to push loan modifications through to success. The Treasury Department recently came out with statistics that showed more than 299,000 homeowners received permanent loan modifications as of last month. That equates to around 25% of the 1.2 million homeowners who started the program since March 2009. Without further information, one can perceive this news as either positive or negative.
From our experience, this number is just too low, and the time it takes to complete a loan modification is still shocking. Clearly, there is not enough being done by the lenders to expedite the process of loan modifications. However, at Loan Modification Advocates, we are doing everything in our power to put you, the homeowner, in the best particular situation to obtain a loan modification.
When you become a client of Loan Modification Advocates, we perform a detailed analysis on your particular situation. Our goal is to determine your likelihood of obtaining a loan modification based on our experience with past clients and our knowledge of the guidelines established by the lenders for determining whether a homeowner “qualifies” for a loan modification. Before turning in your file, we work with you to execute a strategy that maximizes the completeness of your file. Once we believe your file is in the best shape possible, the file is turned in. One would assume that submitting a well-analyzed and guideline-specific file would result in a fast and efficient turnaround by the lender. Unfortunately, in some situations that is not the case.
Here are some of the scenarios Read more
Mortgage Rate Update Ending 05/06/10
May 10, 2010
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.12 percent
- 30 Year Fixed Rate Jumbo: 5.94 percent
- 15 Year Fixed Rate: 4.49 percent
- 5/1 ARM (Adjustable): 4.31 percent
- 1 Year ARM (Adjustable): 4.91 percent
Mortgage applications rose.
Applications for new purchases jumped.
Refinancing activity slipped.
Pending home sales rose.
Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
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NMLS Company ID: 376200