New Home Affordable Modification Program (HAMP) Guidelines and Qualification

These last few years have had many homeowners default on their mortgage. If you are one of them, you should look into the various options you may have available to you to resolve this matter. If you are employed with income coming in monthly indefinitely you may be eligible for a Home Affordable Modification Program (HAMP). If you are eligible for HAMP you may receive lower mortgage payments which can help you afford your loan in order to be able ...
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What can you expect after filing bankruptcy?

So, you cannot pay your mortgage anymore, you have maxed out all your credit cards and you are receiving non- stop phone calls from creditors. What do you do? Filing for bankruptcy could put an end to all of that. Are you concerned that you will never have credit again? Many people are. Many people are concerned with filing bankruptcy because they believe they will never have credit again and it will negatively impact their future, however that ...
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ROBOSIGNERS! the What’s of the mortgage industry

The following article discusses what to look for when trying to determine if an assignment or affidavit is fraudulent. Strongly question the truthfulness and integrity of any assignment or affidavit signed by any of the Robosigners identified above. The following is a list of criteria's to look for when trying to determine whether the assignment or affidavit is fraudulent. 1.The document was notarized in Dakota County, Minnesota, or in ...
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FORECLOSURE FRAUD AND THE $25 BILLION NATIONAL MORTGAGE SETTLEMENT

The record $25 Billion Dollar National Mortgage Settlement Agreement signed earlier this year involved 5 big lenders. According to recent reports, the Federal Reserve is now adding another 8 to the list. According to officials 8 firms will be faced with fines and penalties due to flaws and irregularities. They include the following: -SunTrust Bank -HSBC -EverBank -MetLife -Goldman Sachs -OneWest -US BankCorp - PNC Financial Services The ...
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BANKRUPTCY MAY ASSIST IN FINANCIAL STRESS

Bankruptcy is an option for some people who are overwhelmed by their debt. At times, stress is caused from debt related issues. This stress can lead to illness, loss of employment or even divorces. One could possibly avoid all the above mentioned issues by relieving their stress. Many times, filing bankruptcy is ones best option. It is important to understand filing for bankruptcy is not the end of the world. Filing bankruptcy provides an ...
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Why Florida’s Foreclosure Machine Is Slowing Down

The State of Florida has the third highest foreclosure rate in the United States after Nevada and Arizona. Florida's legislature appropriated $9.6 million this year to hire semi-retired judges and case managers to preside and assist in foreclosure hearings such as those in Tampa. The idea is to avoid “Rocket Docket” type jurisprudence. The goal is to clear 62 percent of the backlog by next July. These facts are per a spokesmen for the Florida ...
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Bank of America Announces “Quicker” Short Sales

In mid-April, Bank of America announced the roll out of a new and more efficient short sale process. Bank of America claims that this new shorter and quicker process will allow for decisions on short sales within twenty (20) days. Although many in the short sale business remain skeptical of whether Bank of America can meet such a timeline considering the prolonged short sale process of six (6) months or more, Bank of America has already made ...
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Tips to Avoid Mortgage Modification Scams

1. Beware of anyone who is not an attorney and offers assistance in modifying your loan 2. Beware of anyone who asks you to pay a fee in return for advice, services or the modification of a delinquent loan. 3. Beware of anyone who carries themself out as a non-profit organization or government entity. 4. Beware of people who pressure you to sign papers immediately or who try to convince you that they can "save" your home if you ...
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The Basics of the Home Affordable Refinance Program (HARP)

There are some very basic requirements that will allow you to determine whether you may be eligible for Home Affordable Refinance Program (HARP) if you meet all of the following criteria: •The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. •The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. •The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan ...
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PRINCIPLE REDUCTION ALTERNATIVE UNDER HAMP

If your home is currently worth significantly less than you owe on it, MHA's Principal Reduction Alternative was designed to help you by encouraging mortgage servicers and investors to reduce the amount you owe on your home. You may be eligible for Principal Reduction Alternative if: •Your mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac. •You owe more than your home is worth. •You occupy the house as your primary residence. ...
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