Page 8 - Loan Modification News Today

Law, to qualify for a loan modification which they talked about, you have to skip payments. the banks say we cant consider you for a loan modification unless you stop paying. thats the advice, not if you stop paying well give you this. theyre saying if you stop paying you can qualify. so theres a very fine line here. >> right but thats where the fraud comes in. i really do think it relates to what happened with the individual from chase at the bank itself that told them to skip a payment. i dont...

Worth. it means they bought at a time when the market is different. what should those people do refinancing right now? >> the first thing they need to do is get an appraisal. they can do that a number of ways. they can go to a bank and work on a refinance loan, the process of going through that will include a bank appraisal. that may be a place to start. they can hire their appraise or. you cant refinance unless youre going tow bring in the cash to balance out so that the loan to value is not mo...

Smaller. where there were 20 people on board the commuter jet at the time. >> i was three seats back. the front of the airplane just went to the right like to this and no sound, no panic. >> the good news is nobody was hurt. >> yeah. >> bank of america and fannie mae foreclosing on a moms home as she visited one of our nations bravest soldiers at a military hospital in germany. her son was hurt serving with the army in iraq. she was in the middle of a loan modification. bank of america sent a le...

Through those numbers as you have done, jenna, you realized theyre talking about people that have begun loan modifications the permanent loan modification is much smaller. just over one in five homeowners who actually applied begin the process actually get a permanent reduction or permanent modification of their loanses. but whats happening now, the good news is that banks have tightened up their standards a little bit. and as a result of that theyre giving out better loans. remember the old lia...

Something about them. >> hi, this is lauren calling back in regards to your loan modification. >> i was just calling to let you know that ill be in your area -- >> reporter: it is one of the most annoying aspects of modern life. >> those calls you used to get on your home phone, theyd call up and youd be like hello, hello. >> reporter: youtube is brimming with complaints about those unsolicited inhuman phone calls. every night at dinnertime, marketers rev up their computers and dial countless nu...

Settlement. >> theres $4 million to $6 million potential foreclosures out there that have been bottled up while the settlement has been worked out. right? so now you got the banks who are going to -- they are going to be off to the races again in terms of pursuing these foreclosures. they have a settlement which is supposed to make them sort of more sensitive to loan modifications and so forth. when you talk to housing counselors who are on the ground, they will tell you that these big banks bas...

Relief for homeowners. we know there are a lot of people for whom a refinance, a loan modification would make a big difference and stay in the home and frankly protect the cities and towns and the economy, so our suit alleges all of those things you just talked about, and i think its particularly ironic for ally given that they are taxpayer run, they reached agreements when they were bailed out under t.a.r.p., and all were saying is they really should be following the law here in massachusetts. ...

>> turns out these banks, which demand borrowers have all of their paperwork just right, these same banks have fouled up their own paperwork to a historic degree. >> the family of six that lives in this home thought they were getting a loan modification. then through a realtor and friend they found out that their home was already in foreclosure and sold. >> so why should any american citizen be kicked out of their homes in this cold weather in ohio? its going to be 10, 20 below zero. dont leave ...

>> the family of six that lives in this home thought they were getting a loan modification. then through a realtor and friend they found out that their home was already in foreclosure and sold. >> so why should any american citizen be kicked out of their homes in this cold weather in ohio? its going to be 10, 20 below zero. dont leave your home. because you know what? when those companies say they have your mortgage, unless you have a lawyer that can put his finger or her finger on that mortgage...

Their paperwork just right, these same banks have fouled up their own paperwork to a historic degree. >> the family of six that lives in this home thought they were getting a loan modification. then through a realtor and friend they found out that their home was already in foreclosure and sold. >> so why should any american citizen be kicked out of their homes in this cold weather in ohio? its going to be 10, 20 below zero. dont leave your home. because you know what? when those companies say th...