Page 20 - Loan Modification News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 it's 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 mean, it's taking anywhere from 12 to 24 months to go through a loan modification and in many cases ...

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 couldn't stick his financialer in the dike and stop the oil spill, he can't pull jobs out of a pod that the little ...

Homeowners lose their homes and have to suffer dislocation. banks end up owning a piece of property they don't want. neighbors see their property values depressed because they're 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 to make your monthly loan payments you may qualify for loan modification to make your monthly mor...

Bonds for any city having a tough time? >> if it's a good rating, yes. that's what you want to look at. especially if you're concerned about protecting that principal. >> let me get to another one from moses. i'm under water on my home. i make my payments on time and i'm 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 they'll get more help. if they give up, they might get more help. >> they have to look like they're in a more dire situation. >> a ...

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 can't help everyone. >> we can't promise we can save everyone's home but the event is freeway, to have a counseling session and go back. everyone's situation is unique. >> like others, she'll ...