REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

REALTOR® Magazine-Daily News-Loan Modifications Hit Credit Scores

Applying for a mortgage modification and being in a months-long trial period can devastate a home owner’s credit score.


Under the government plan, troubled borrowers can have their mortgage payments reduced to 31 percent of their pre-tax income. They are first put in a trial modification for several months to test whether they can meet the requirements of the new mortgage.
Borrowers who were previously current on their mortgages will see their FICO scores fall about 100 points while they are in the trial period, according to the Treasury Department. Borrowers who were previously late or missed payments will see their scores fall more, the government says.

The longer a borrower is in the trial period, the greater the impact on their credit scores, Once the modification is approved, the borrowers’ mortgage credit status will be listed as current and that should improve their scores, the Mortgage Bankers Association explains.
Even so, the delinquency remains on credit reports for up to seven years and can make getting credit for something else like a car difficult and expensive, borrowers report.

Source: CNNMoney.com, Tami Luhby (12/28/2009)

Go here to see if your servicer is participating in the HAMP

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

Find Out if You servicer is participating in HAMP / HAFA

Go here to see if your servicer is participating in the HAMP program: http://makinghomeaffordable.gov/contact_servicer.html

PennyMac Updated Article - countrywide exec

PennyMac Updated Article about how the ex-countrywide exec exited countrywide before the Bank of America purchased them, waited the legal allotted time then opened his doors in the same countrywide building as Penny Mac - a company with a core businesses of buying bad loans from shall we say Bank of America and other banks.

So one of the executives that worked for countrywide during the exotic mortgage frenzy, subprime blowout left and started a company to profit from those same bad loans.   Is it great timing, cunning business tactics or just plain fraud?

http://itwnetwork.888vghost.com/graphics/pdf/pennymac_countywide_connection_LA_Daily.pdf

New or Old Tactics Being Deployed by Banks Short Sale Department - Bad Faith

Are these new or old tactics being deployed by many Banks Short Sale Department to derail your transactions.  Some say they aren't equipped, others claim technology issues and there is the all encompassing statement, "I don't know?" which they use often.

 

Here are a few that are popping up today:

• we can't find your authorization letter to speak with us.  (5 months into the short sale)
• our systems are down
• migrating systems
• bad connection
• I'll transfer you, music then CLICK,  you have been hung up on (after being on hold for 43 minutes)
• transfer to ghost voicemail which is full.  (some negociators expressed the cant access or refuse to take calls)

What is the definition of "Bad Faith"?
Wikipedia defines as "Bad faith (Latin: mala fides ) is a legal concept in which a malicious motive on the part of a party in a lawsuit undermines their case. It has an effect on the ability to maintain causes of action and obtain legal remedies. Generally speaking, courts will not just look at the legal rights of parties in pursuing a transaction or a lawsuit, but will look behind the activity at the motives of the persons attempting to obtain the assistance of the court. If a court feels that the reasons behind the transaction or lawsuit have the effect of abusing the power of the law, or the court, it will generally deny a party the ability to rely on a legal remedy that they will otherwise be entitled to. It is related to the equitable powers of common law courts to look beyond the law.

 

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Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010

Meridian Condos Las Vegas - One Bedroon Unit Available Jan 2nd 2010 - Furnished - Ask about utilities packages.

Fully furnished corporate rental, Top (4th) floor, modern decor, leather couches, dining for 4, dark cabinets,  stainless steel, granite & travertine - flat screen tvs, linenes and houseware.  READY TO GO! Just bring your suitcase.

 

Local attorney files suit against Bank of America - Matthew Q. Callister

You can view more info about this at the news 3 website.