Most people hate negotiating! Do you? Some people are actually good at it, but most people aren’t. And, most of us do not like doing it at all. But, when your home is at stake, like when you are negotiating with the bank for a loan modification or other workout solution…it’s critical. And, you can [...]
Escalate Your Loan Modification Problems
The nuns used to punish me for getting out-of-line but, these days I do it all the time and coach others to do so as well. I know Sr. Helen Michael would be pleased, however, because I am giving good advice that is helping people! Here’s what I mean. The line for Loan Modifications wraps [...]
Effective Follow-up Procedures For Loan Modifications
Nobody’s happy with the loan modification process. But, with tens of thousands of applicants ahead of you in line, you don’t have a choice. You have to understand it and work it to your advantage. Effectively following-up on your application is a critical success factor. The goal is to insure that your application gets entered [...]
Is A Short Sale A Good Sale?
If the value of your home has declined below the amount you owe on it you are said to be “upside down” or “underwater”! Both terms conjure up negative thoughts, and, rightly so. With all the due diligence you put into the purchase, and all the business acumen, actuarial smarts, underwriting/appraising and brokerage experience put [...]
Get "out-of-line" to get a Loan Modification
The nuns used to punish me for getting out-of-line but, these days I do it all the time and coach others to do so as well. I know Sr. Helen Michael would be pleased, however, because I am giving good advice that is helping people! Here’s what I mean. The Loan Modification Frenzy has not [...]
Please Reject My Loan Mod Application!
It’s just part and parcel of the mortgage modification process in 2010 – REJECTION! Lenders can’t deliver performance levels that satisfies anyone in spite of over two years of work and over eighteen months of financial incentives from the President’s Making Homes Affordable Modification Program (HAMP). Even well qualified applicants are getting rejected. Sometimes, more [...]
Loan Mod File Inertia – 8 Tips
High School physics to the rescue! Let me tell you how inertia…in this case, file inertia…can help you get a mortgage modification. I coined this term to help my readers understand a basic tenant of mortgage modification reality. O.K., so it’s not a scientific breakthrough. It can still be important, right? Your mortgage modification application [...]
Housing Meltdown Villians – Rich AND Poor!
Congratulations to the millions of Americans who had big savings accounts, massive equity in their real estate and great and high paying jobs before the recession. Even more so to the ones who still do! Millions of other American homeowners had not achieved such a lofty place financially. Some of them are young and just [...]
Mortgage Modification 101
Mortgage Modification 101by Mike Rockwood The nature of the economy these days is having an impact on many people, including on their ability to continue to make their agreed-upon home mortgage payments. Many people are struggling to meet these payments, sadly. But there are a few programs they can take advantage of, including loan modification. [...]
Income Problems for Most Loan Modification Applicants
Thousands of homeowners apply for a HAMP mortgage modifications every day. With those applications, for thousands of honest and hard-working Americans go their best hopes of keeping their homes. So, shall we say this is just a little bit important? Yet the vast majority of applicants who review their application with me prior to submittal [...]
