September 10th, 2009 — Foreclosure, Housing
The upset Maryland homeowners are facing a huge number of foreclosures in nearly a year and a half as state officials and observers worry that a new wave of foreclosures is about to slam the state’s already-struggling economy, mainly due to the increasing unemployment.
According to the state’s statistics, August 2009 foreclosure filings in the state were up nearly 70 percent over August 2008, and up 6.6 percent compared July 2009, as released by Irvine, Calif, a RealtyTrac Inc. company that tracks foreclosure filings nationwide. It is the fifth consecutive monthly increase in the year-over-year foreclosure rate. In August there were 5,491 Maryland homes in some stage of the foreclosure process, the most since April 2008, when there were 6,011.
Back then, the state’s housing market was so slammed with delinquent mortgages and distressed homeowners that lawmakers rushed through an emergency statute to delay the foreclosure process and allow homeowners to renegotiate the terms of their loans.
Loan modification has not been fully obtained in the state, and it may sound one big reason for the whole situation.
August 23rd, 2009 — Mortgage Modification
Documenting the hardship letter is very important to the lender’s or servicer’s loss mitigation department. It affects the approval process. If you’ve got poor documentation, your file may be flagged as fraudulent. You definitely don’t want this so you must know few basics while documenting the hardship letter. Following are few of the hardships that get loan modifications approved:
- Illness of the Borrower
- Loss of Job
- Abandonment of Property
- Inability to Sell the Property
- Inability to Rent the Property
- Reduced Income
- Failed Business
- Job Relocation
- Death of the Borrower
- Death of Spouse or Co-Borrower
- Medical Bills
- Damage to Property (natural disaster or unnatural)
You must know that Loan modifications are for homeowners who can afford their homes but not their loans, and so you should apply only if no other reasonable options are available and you being the homeowner are experiencing a hardship in actual.
August 6th, 2009 — Mortgage Modification
If you’re defaulting on your mortgage payments, paying more money, unable to refinance or your mortgage payments are increasing ahead of your capacity, you need mortgage loan modification immediately.
Obama’s federal loan modification program is great news for people like you. This home loan modification program aims to help out homeowners to pay their monthly mortgage payments and to avoid foreclosures with either changing in loan terms or refinancing the complete mortgage loan.
The federal loan modification is certainly not less than a blessing for those who are facing problems in repaying the mortgage payments due to their financial crisis. According to careful estimates, about five million people in the country are likely to get benefit out of this program and they are at last going to save their homes. The lending institutions carry on the loan modification program and they have to follow certain rules.
