loan modification Tag

07 Nov Bankruptcy, Loan Modification and National Mortgage Settlement

[caption id="attachment_34556" align="alignleft" width="300"]Dual tracking - foreclosure and modification Dual tracking is supposed to cease.[/caption] Many people are filing a Chapter 13 Bankruptcy in order to stop a foreclosure even though they are in a middle of a loan modification. It is not uncommon for a debtor to be in the middle of a loan modification feeling secure while relying on the mortgage company when they say "don't worry we are not going to foreclose." In reality the loan has been turned over to a foreclosure attorney to take the home through foreclosure. This dual process is called dual trackingandrefers to the practice of the mortgage company running the foreclosure process at the same time of running the loan modification process. As a brief review aforeclosure is the legal process by which the mortgage company will seek to take back your home because you are not making your loan payments. The article here will explain the Missouri foreclosure process.
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27 Dec HAMP Mortgage Modifications and Bankruptcy

HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It's a heart-breaker. It builds up false hopes andthendestroys them. That's my conclusion from reading the new Congressional Oversight Panel report. I haven't written on HAMP because I've questioned...

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18 Nov Loss Mitigation Or Loan Modification.

Loss Mitigation is a term used to describe the process of reducing the loss to the owner. It is used quite frequently these days as our economy continues to head for a down turn. I hear loss mitigation most often in reference to landlords and mortgages. Landlords because they have a duty, generally, to mitigate (reduce) their loss of revenue due to one breaking their lease by looking for a new tenant. Mortgage companies at the time of this article do not have a duty to mitigate their loss due to a failing mortgage but if they expect to survive are now willing to discuss loss mitigation. What does this mean to you?
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