Companies that deal in mortgages are becoming increasingly interested in helping clients arrange loan modification. Loan modification refers to making a permanent change in one or more of one’s mortgage terms. These changes can include establishing a lower interest rate, extending the life of a loan, allowing the debtor to make interest-only payments for a [...]
How to Avoid Loan Modification Scams
Avoiding loan modification scams seems to be a full time job. Whether you are a troubled homeowner or a mortgage broker looking to partner with a legitimate provider, your challenge is to avoid the scams. Here are a few common sense steps to avoid stepping into a loan modification nightmare. 1. Get Educated – Learn [...]
HUD Gets Serious About Loan Modification Scams
Image via Wikipedia The housing market is still shaky. Homeowners are still unemployed or underemployed. All the ingredients needed to whip up highly effective loan modification scams. And they are rampant. However, the US Department of Housing and Urban Development is teaming with the Loan Modification Scam Prevention Network to make it easier for consumers [...]
Understanding DTI for Loan Modifications
Image by quaziefoto via Flickr I know from my clients that loan modifications are still a booming business. And one of the most critical components is understanding a borrowers debt-to-income ratio. More simply how much “qualifying” debt are they paying every month compared to their monthly income? This apparently simple calculation can get very complex. [...]
Mandelman Matters – Great Loan Modification Coverage
Image via Wikipedia I love to find people who can provide good, accurate coverage and blend in a little humor-Martin Andelman is that guy. Quickly becoming the obvious loan modification expert in my RSS reader this guy is on top of every little movement in loan modifications and he’s funny…even by his own admission! So, [...]
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