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Loan Modification Eligibility Requirements under Making Home Affordable Program

Article by Simon Volkov Borrowers who desire a loan modification might qualify for Obama’s Making Home Affordable programs. Lender participation is voluntary, so borrowers should first contact their mortgage service provider. Once lender participation is verified, borrowers should take time to understand how Making Home Affordable programs work and the process involved.   Homeowner’s must meet loan modification eligibility requirements and undergo a financial audit. Mortgage lenders must verify income to determine if borrowers can afford modified loan payments. Borrowers are subjected to a loan approval process similar to the one they underwent when originally applying for the home loan. Homeowners should organize financial records prior to apply for a loan modification. Lenders usually require payroll records, bank statements, list of expenses and a current tax return. Some lenders require borrowers to provide IRS … Read entire article »

Filed under: Mortgage Refinancing

How Does a Short Sale Work Under Making Home Affordable?

Article by Simon Volkov Homeowners are curious about how does a short sale work under Making Home Affordable. This government sponsored program was initiated in 2009 as a means to help homeowners save their home through loan modification or mortgage refinance. The program now offers foreclosure alternatives including short sales and deed in lieu of foreclosure. To provide a precise answer to how does a short sale work is difficult because every lender adheres to different protocol. Even lenders that participate in the Home Affordable program do not follow exact guidelines. However, there are some basics that nearly every lender requires. The best place to start is the Making Home Affordable website. Homeowners can review a list of participating lenders and review short sale eligibility criteria. It is advantageous to apply for mortgage … Read entire article »

Filed under: Mortgage Refinancing

Is is true that if you have PMI that you cannot refinance under the Making Home Affordable program?

i was told my Wells Fargo whom i currently have my home loan with and when i asked them about the program they said that i did not qualify because i have private mortgage insurance. … Read entire article »

Filed under: Mortgage Refinancing

Since Fannie Mae and Freddie Mac are under receivership, what can they do now?

Legally, what are Fannie and Freddie allowed to do in terms of their normal operations? … Read entire article »

Filed under: Insolvency

Should I be worried if a company I deal with is under receivership and they owe me money?

This company is being accused of sales tax fraud. The company states they are wrongly accused. The court allowed them to go under receivership while they defend themselves. … Read entire article »

Filed under: Insolvency

Does anyone know how to find companies under Administration or Receivership in Australia?

I am looking for business opportunites, sometimes you can reconstructure the company and buy assets cheap. … Read entire article »

Filed under: Insolvency

Australia: What is the penalty of cancelling a contract with a vendor that is now under receivership?

A deposit has been made for an event at a hotel in 6 months – the hotel is now under receivership and may not be open then – the event still has to go ahead so we are looking at alternative venues – what chance do we have to get our deposit (20K) back (receivership is not mentioned in the contract) … Read entire article »

Filed under: Insolvency

What are the risks I have if a company I am dealing with is under receivership?

This company is under receivership on account of the governments’ allegations stating they have commited sales tax fraud. The received approval from the courts to have the company go under receivership while their lawyers prove their innocence. They said normal business operations will commence in the meantime. This company is a precious metals company and I have money with them in a pool account that is apparently backed by precious metals. I can liquidate it at anytime. But now I wonder if they are under receivership, if they will stop all payments to their customers. Or… will it be business as usual while they resolve this? … Read entire article »

Filed under: Insolvency

Refinancing under water mortgage?

I am like millions of homeowners who are under water on their mortgage. I have been trying to get refinanced to take advantage of the lower rates. My current Loan/Value ratio is 107%, which I am willing to pay down to 105%. I have been current on all my mortgage payments & have excellent credit history/scores. Based on this, I was confident to get refinancing. But I got rejected because my original loan had mortgage insurance. A friend told me about this program called HARP (makinghomeaffordable.gov). I checked the eligibility criteria and it tells me that I do qualify to get refinancing – 1) My loan is owned by Freddie; 2) My house is our primary residence; 3) I am current on the payments; 4) 1st mortgage is below 125% … Read entire article »

Filed under: Mortgage Refinancing

The Lender is denying refinance under HARP seems unfair. Who can help?

Lender says that Fannie Mae did not get my mortgage assigned until after March 1 2009 and this is the reason for denial. We closed in Feb 2009, current on the mortgage, and unable to refi under the program. Seems unfair. Who can help? Conventional refinance is not an option because of declined home value we would have to buy mortgage insurance. … Read entire article »

Filed under: Mortgage Refinancing

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