Latest Mortgage modification Stories

OCEANSIDE, Calif., July 8 /PRNewswire/ -- All over America, homeowners continue to struggle with their mortgage payments. Even those who haven't lost jobs are finding themselves upside-down, owing more than their homes are worth. In some of the hardest-hit parts of the country, home values have dropped to 50% of what homeowners owe. Most Americans are stuck with a payment too high to afford, with no way to sell their homes without resorting to short sales. The solution, according to...

New York State's probe into loan modification businesses includes plans to file civil charges against one loan negotiator, a law enforcement official said. The suit against Long Island's largest loan modification company will charge the company, AmeriMod, with false advertising and illegally charging upfront fees. Fifteen other companies are expected to receive subpoenas, the official said. Company owner Salvatore Pane told Newsday Tuesday that AmeriMod is following compliance per the law,...

Mortgage modifications among struggling U.S. homeowners dropped sharply in May compared to April, a university study said. Even as the Obama administration touts its commitment to help homeowners, a study conducted by Alan White at Valparaiso University Law School said the number of loan modifications declined 11 percent April to May. One gap in the system is homeowners who pay their bills, The New York Times reported Wednesday. Bank of America spokesman Rick Simon said the bank was...

eModifyMyLoan and eShortSaleMyHome Products Help Homeowners Navigate the Complex Process of Applying for a Loan Modification or Negotiating a Short Sale PHOENIX, June 1 /PRNewswire/ -- With U.S. foreclosure activity up 32 percent from April 2008(1), eModifyMyLoan is equipping homeowners with two easy-to-use Web applications that can help lower monthly mortgage payments and ease financial pressure. eModifyMyLoan and eShortSaleMyHome are simple step-by-step online tools that guide...

U.S. Cabinet officials revealed changes to a foreclosure prevention plan, such as incentives for lenders helping borrowers even if they lose their homes. The $75 billion Making Home Affordable program focuses on paying lenders to work with at-risk borrowers to modify their loans to more affordable levels. Changes announced Thursday by Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan would allow lenders to be eligible for payment even if borrowers...

Mortgage experts said loan modification programs are needed to help U.S. homeowners in light of April's sharp rise in the the foreclosure rate. We have a debt crisis, and mortgage is at the center of it, said Alan White, an assistant professor at Valparaiso University School of Law. To get out of it, we need to reduce the debt, and that is not really happening, he said, The New York Times reported Thursday. RealtyTrac said the 342,000 foreclosures in April were 32 percent higher than a year...

Survey Finds One in Three Americans Know Someone Who Lost Home to Foreclosure EAGAN, Minn., May 11 /PRNewswire/ -- As the housing crisis and recession impact homeowners throughout the U.S., home foreclosures are now touching more and more Americans as well as their friends and neighbors. According to a new national survey* by FindLaw.com (http://www.findlaw.com), the most popular legal information Web site, nearly one in three Americans - 31 percent - say they know someone who has...

The U.S. Treasury Department said it would expand its mortgage modification program to include homeowners with second liens on their property. Under the Home Affordable Modification Program, the Second Lien Program would pay banks a fee for helping homeowners renegotiate second mortgages, such as home equity loans, the Treasury said in an announcement. Alternately, banks would have the option to extinguish the second lien in return for a lump sum payment under a preset formula, The Treasury...

MIAMI, April 28 /PRNewswire/ -- ForeclosureDeals announces that their comprehensive foreclosure listing website continues to provide people with significant foreclosure listing leads. The most recent move to meet the foreclosure crisis was the Treasury Department's announcement that it is taking the first steps of action in addressing the loan modification program. The Homeowner Affordability and Stability Plan will aid approximately 9 million families to restructure or refinance their...

All Sales of Accompanying E-Book for Tips to Negotiate with Lenders Goes to Charity PHOENIX, April 2 /PRNewswire/ -- Preparing taxes with a simplified software, is not the only do it yourself resource on the shelf these days. LoanModACHIEVER(R) is the newest and most complete web based self-starter tool in today's market www.loanmodexposed.com, to help a homeowner increase the probability of successfully modifying their mortgage loan. This amazing tool begins with a pre-qualification...