Loan Modifications- what you need to know.
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When talking to sellers who are in trouble, the topic of loan modification will always come up. You need to have some basic information to give to them.
First of all, there are very tight qualifications for this process and it ain’t easy. If you make too much, you are turned down. If you make too little, you are turned down. You have to learn all the ins and outs so you can help the homeowner face reality if they don’t fit.

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Appeals court knocks down loan mod case against Wells Fargo
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Welll Fargo Lawsuit

The 9th District court of Appeals of San Francisco says that the banks were never interested in granting loan mods. under the HAMP (affordable modification program) so they are allowing the lawsuit against Wells Fargo to continue.


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Loan mods- the joke of the decade.
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Loan Mod. Application
Banks are up to their usual tricks. It seems as if nothing has changed. We pass laws and they laugh at us. Here is more proof.

The IFR settlement gives loan modifications—which keeps people in their homes—and short sales “equal footing” by providing dollar for dollar credit for both foreclosure alternatives So it’s possible for servicers to meet their required goal of providing $5.7 billion in mortgage assistance by offering only short sales and deeds-in-lieu since there are no limits on what types of relief must be provided. That does not bode well for loan mods. The amount actually approved is ridiculous.

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New mortgage modification rules
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Loan Modification Rules
The rules for mortgage modification have been eased according to FHFA. They would lower the interest rate to 1/2 % below going interest rates. (big deal) but would not include cn. Worse yet, missed payments would be added to the back end of the loan. Sounds like negative amortization to me.

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Loan mod scheme shut down
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The state is going after those phony operations that claim to help you get a loan modification. . It is against Ca law to take an upfront fee for a loan mod. Attorneys are getting away with it by calling it a retainer. This is bunk and you should not fall for it.

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