loan modification: FTC aims to stop Idaho short sale and loan modificaton scams - 05/16/11 09:32 AM
A new rule created by the FTC to protect Idaho homeowners from mortgage debt relief scams may have an impact on real estate professionals helping clients with short sales.
In a nutshell the rule bans all upfront fees for renegotiating mortgage terms and mandates some disclosures are made to consumers if a short sale is negotiated with a lender for Idaho homeowners or when advertising short sale experience.
Companies or real estate agents advertising help with short sales are now required to include the following...Read more about the new short sales rule.
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loan modification: Not even the federal government can get loan servicers to act - 11/10/09 03:54 PM
I had to share this.  For all of us frustrated by non responsive loan servicers you're not alone. 
In the The Daily Real Estate News email from Realtor Magazine there was an article published by Alan Zibel with The Associated Press stating economists have concluded that the goals set by the Obama administration to help 3-4 million troubled homeowners is not going to be possible.
"Federal officials say they are doing their best and blame loan servicers for dragging their feet." (Zibel, November 10, 2009)
My question is, if the federal government can't get loan servicers to act, who can?
As … (9 comments)

loan modification: Idaho loan modification help - Knowing which offers to help are legitmate. - 10/25/09 08:25 PM
Idaho homeowners behind on the mortgage should exercise caution when reviewing offers to help.  Knowing which offers of help are legitimate and which are designed to take your money, could save you thousands of dollars, and your home. 
When faced with prospect of foreclosure in Idaho a loan modification may be an option.  Chances are your bank is not going to offer this willingly.  I encourage homeowners to contact their lenders directly.  In fact paying someone to do a loan modification in Idaho won't give you any more chance of success.
Loan modification letters that various companies are sending Idaho homeowners … (0 comments)

loan modification: Is The FDIC Killing Short Sales? - 09/29/09 11:54 AM
I only like to re-blog posts that I think are timely, important, and need to be shared beyond the reach of the original blog.
Bob has written a few of such posts that would be very beneficial for people to read.  I would reccomend following the links he put in this blog and educating yourself about what he has stated here.  It's very concerning.
Is The FDIC Killing Short Sales?
As some of you already know, I blogged recently about being interviewed recently by our local NBC news affiliate.  To read the blog, click here.  Basically, IndyMac Bank (now OneWest Bank), is … (2 comments)

loan modification: Possible ban on upfront fees for loan modifications coming - 09/17/09 04:13 PM
There's no shortage of companies promising to save troubled homeowners from foreclosure through loan modifications.  Many of them charging an upfront fee ranging from 1000-3000 dollars.  Once the fee is paid they do little or nothing at all on the loan modification.
Now the government is considering banning companies from charging upfront loan modification fees altogether. 
In my opinion they should have done this a long time ago.  It would have saved troubled homeowners asking for loan modifications a lot of trouble and despair.
It's hard to know in a time of desperation what you should do.  It makes it … (2 comments)

loan modification: Loan modifications, great in theory but lenders still need some practice - 08/26/09 05:29 PM
Do loan modifications work?  The short answer is yes and no.  A better questions is what kind of loan modifications work and that's an easy one to answer.  Loan modifications that reduce a borrower's monthly payments far and away are more successful than any others.
You might be asking "don't all loan modifications reduce payment?"  Nope, the overwhelming majority of loan modifications performed by lenders in a report by the Office of the Comptroller of currency and Office of Thrift either left the payments the same or increased them.
Yep, 32% of loan modifications actually increased the borrowers payments.  Only 29% … (3 comments)

 

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