Page 10 - Loan Modification News Today

$100,000 in our home with an interest only first mortgage. an interest only second. and an interest only heloc. we have no debt and we have some assets. we are wondering if we should sell now and carry a loan for the shortage. man, hes got trouble. >> well, i mean, hes like the epitome of all the things we all did stupid in america. interest only, interest only, interest only, three mortgages on his freaking house and now weve got trouble. no kidding. so i think youre going to have to sit there ...

Homes are worth, some homeowners may be thinking that walking away from home is the answer. there are big downsides to walking away. its best to know the facts and exhaust options before doing so. if you plan to purposefully foreclosure, first make sure you look into mortgage modifications. talk with the lender and inquire about a loan modification. also talk to a nonprofit housing counselor through the national federation for credit counseling at nfcc.org and the department of housing and urban...

Tornadic activity in florida. new images right now of the kind of damage being associated with this weather system. our chad myers will be back with more. time now for the help desk where we get answers to your financial questions. with me right now donna risotto a senior editor at money and lynnette fox is a writer. thanks so much for being here with us. our first question is from jeff from michigan and he writes in, im underwater on my home but no one will help me because im unemployed. i ha...

Slamming florida right now. take a look at the very colorful radar. well have pictures with the latest damage next. but first, want to go to stephanie elam with some freel money advice. >> time now for the help desk where we get answers to your financial questions. with me right now, donna rosato and lynn net cox is a writer. thank you for being with us. our first question from jeff in michigan. he writes im underwater on my home but no one will help me because im unemployed. i have paid my mort...

Home, but no one will help me because im unemployed. i have paid my mortgage on time, but ive been told that i could get help if i stop. what should i do? >> its never a good idea to stop paying your mortgage, and hes in a tough situation where hes unemployed. but last year the obama administration expanded some programs to help people like this young man here. and one of the things he can do is apply for a loan modification, which may help him reduce the amount of payments or he can get a suspe...

Foreclosed homes? >> yeah. without a doubt. our property values have dropped at least that amount 30% to 40%, and a lot of people have decided its just not worth to it stay in their homes and they moved on. a lot of people still living in our community, just choosing to move on, rent a home or do whatever else they can because for have reason the loan modification program that the federal government put together has not worked. >> can you elaborate on that last statement? >> well, basically, i m...

We had a report at top of our 1:00 hour on housing sales. he tried to fix housing sales. home sales dropped 27% in july which is a ridiculous record and the worst in more than a decade. then i went onto bloomberg, they are talking about this loan modification. of the 1.3 million start, 48% were cancelled by the even much jill and half of all the modifications defaulted again within 12 months. the unemployment horves at 10.9%. people are looking for accountability. >> just like he couldnt stick h...

Homeowners lose their homes and have to suffer dislocation. banks end up owning a piece of property they dont want. neighbors see their property values depressed because theyre on a block with a foreclosed home. everyone agrees this is a worst case scenario. in march 2009 the obama administration set aside $50 billion of t.a.r.p. money to launch the home affordable modification program or h.a.m.p. which was their solution to the problem. the website states that quote, if you can no longer afford...

Bonds for any city having a tough time? >> if its a good rating, yes. thats what you want to look at. especially if youre concerned about protecting that principal. >> let me get to another one from moses. im under water on my home. i make my payments on time and im trying to get a loan modification. the bank refuses to work with me. should i stop paying so i could qualify? this is the kind of question we get sometimes. people say if they foreclose they think theyll get more help. if they give u...

Expected to draw 40,000 to 50,000 people 24 hours a day over eight days through july 30th. dream is to have hundreds of counselors working with major lenders to help people modify their mortgages. >> they get a loan modification. >> this is all done on the spot? >> this is all done on the spot. >> the better business bureau has a number of complaints from unsatisfied customers but the company admits they cant help everyone. >> we cant promise we can save everyones home but the event is freeway, ...