The Street reported on August 5, 2011 that banks are stepping up their efforts to facilitate short sales of properties in which the outstanding balance on the mortgage exceeds the present market value of the property (also known as being “Upside Down” or “Underwater”). Basically, the banks have finally realized that they have to get…Read more
Mortgage Modifications and the 31% Rule
Every day I am hearing more and more horror stories about the mortgage modification process. The most common gripes focus on the length of time that the process has been taking, and that after months and months of going back and forth with their lenders, more and more homeowners are ending up worse of than…Read more
Is the Mortgage Modification Process simply a prelude to a Chapter 7 or Chapter 13 Bankruptcy Filing?
In one of my recent posts, I listed a series of myths that you may encounter regarding the mortgage loan modification process. Upon further reflection, I may have discovered a major flaw in the entire mortgage modification process. On September 13, 2009, Newsday reported that the number of Long Island homeowners that had mortgages that…Read more
The Top Five Mortgage Loan Modification Myths!
The business of reputable Loan Modifications is just getting a foot hold and beginning to grow into big business. Modifications like many other areas of the law that are inaccessible either due to complexity or fear begins to take on an aura of impossibility and a perception of true horror. Before long, myths form and…Read more