Page 6 - Loan Modification News Today

This. >> neverending updating process. often the banks would ask for financials or, you know, your last two pay stubs or your most recent tax return. >> you are going through these call centers and getting a different representative every time you call in and youre not getting anyone that has any knowledge about that particular file or about that client or borrower. >> then if nothing happened internally within their department in 30 days time, they were, again, asking for the same information a...

This. >> neverending updating process. often the banks would ask for financials or, you know, your last two pay stubs or your most recent tax return. >> you are going through these call centers and getting a different representative every time you call in and youre not getting anyone that has any knowledge about that particular file or about that client or borrower. >> then if nothing happened internally within their department in 30 days time, they were, again, asking for the same information a...

>> that law was december 3 1st 20shgs 14. if you were looking to do a short sale or loan modification, be prepared for a big tax loop next were. >> if the bank is forgiving $200,000 of your mortgage, they wouldnt count that as income, meaning that you are overall income for the year is not only what you are making, but the debt is forgiven, which is going to kick you into a higher tax bracket and have you tax liability for you. >> just because a bank agrees to a short sale or loan modification, ...

>> welcome back. im bob masse wr, the property man. we met karen and dennis, and they hit hard times when they both lost their job, and the insurance company said they need a new roof. they fell behind on their payments and even turned t selling things on ebay to pay for their bills. i told them the only way out was a little eh loan modification and explained how to approach the bank to get one. time now to check in and see how theyre doing. >> tell us whats happened since the last team we saw y...

Risk. >> soon millions having trouble paying back the money they borrowed and foreclosure skyrocketed. the two most common ways of saving a mommy from foreclosure is we are swayeding banks to modify the home or short sale, selling the property for less than its owed on the mortgage. >> you had to be in such a sweet-spot to get a loan modification. you couldnt make too much money. you couldnt make too little. banks wanted to see you could make payment long-term. if you werent in this little tiny ...

>> this actually was the living room area. >> but today theyre without their historic home once again. lost not to a hurricane but to foreclosure. >> after losing your home during katrina, you werent expecting something like this to happen again. >> you could die just tragedy from mother nature. i cant, me personally, but when you have this kind of storm to take place, i cant digest that. >> their troubles began when their son became very ill. all while they were rebuilding after another hurrica...

Black feather mardi gras indian tribe. but today theyre without their historic home once again. lost not to a hurricane but to foreclosure. >> after losing your home during katrina, you werent expecting something like this to happen again. >> you could die just tragedy from mother nature. i cant, me personally, but when you have this kind of storm to take place, i cant die just that. >> their troubles began when their son became very ill. all while they were rebuilding after another hurricane. f...

Dollars to resolve several federal investigators. the justice department has been looking into accusations they misrepresented bad mortgages it sold to investors leading up to the 2008 financial crisis. once finished, that could be the biggest settlement from a single financial institution in the wake of the 2008 crisis. alison kosik is over at the new york stock exchange watching all of this. thats a huge number, alison. $13 billion. >> it really is huge. but it is something, believe it or not,...

Digest that. >> reporter: the troubles began when their son became very ill. all while they were rebuilding after another hurricane. fearful of falling behind on their mortgage, they asked their bank to renegotiate their loan. >> its july 11, 2009. we are pleased to advise you that your loan modification has been approved. >> reporter: yet each month, bank of america kept billing them. the higher amount from the old mortgage. she kept paying on time, as bank reps assured him it was just a mistak...

After another hurricane. fearful of falling behind on their mortgage, they asked their bank to renegeuate their loan. >> notice date is july 11th, 2009, were pleaseed to let you know your loan modification has been approved. >> reporter: yet each month bank of america kept billing them the higher amount from the old mortgage. adolph sarina kept paying on time as bank reps said it was a mistake. did you make all of the payments? >> made all of the payments on time. >> reporter: a year later they ...