Page 11 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 you're 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 and you had to provide it again. >> if you are having a meaningful conversation with someone at the ...

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 you're 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 and you had to provide it again. >> if you are having a meaningful conversation with someone at the ...

>> 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 we're. >> if the bank is forgiving $200,000 of your mortgage, they wouldn't 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, you are not necessarily off the hook. make sure you read the fine print. >> a deficiency is basica...

>> welcome back. i'm 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 they're doing. >> tell us what's happened since the last team we saw you. >> we did get a loan modification. a big thanks in large part to your efforts as well. >> tha...

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 it's owed on the mortgage. >> you had to be in such a sweet-spot to get a loan modification. you couldn't make too much money. you couldn't make too little. banks wanted to see you could make payment long-term. if you weren't in this little tiny piece of pie they cut out, you were going through months and months, if not years, of supplying ...