Loan Modification

Thousands of Borrowers are Staying in their Homes for Free!

Across the U.S. thousands of homeowners are staying in their homes for years without paying their mortgage. Many times if you are going through the process of a loan modification you might wonder how many other people are in the same boat.

The collections departments that are working hard on the lenders behalf would lead you to believe that you are one of a few and that you only have a few days to make that vital mortgage payment or even partial payment before you are evicted form your property and put out by the Sheriff. Judging by the figures below these scare tactics shouldn’t scare anyone. The truth is, you have time to make the decisions that you need and get the right loan modification for you and your family. 

According to CNN, four million borrowers are delinquent on their loans and have their cases in the hands of the lenders attorneys.

Two thirds of these borrowers have not made mortgage payments for more than a year and one third have not made payments for more that two years.

It takes 565 days to foreclose on a borrower from beginning of default to the auction sale.

New York takes longer, 800 days and if you are in lucky old Florida it takes 807 days due to the problems with robo-signing scandals. 

So once again, take the step to get educated, know what is involved when it comes to a loan modification and have patience!

As Always

DIYLoanModKit.

Top Banks Have Poor Loan Modification Rates.

Bank of America, J.P. Morgan Chase and Wells Fargo have all been penalized by the government for poor performance in the Obama administrations HAMP plan (home affordable modification program). The government will not pay them when they modify delinquent loans.

This is the first time that the administration has decided to do something about lenders and their participation in the HAMP program. It is using what it can right now – money to entice the banks to do better. Each servicer is eligible for up to $4500 over three years if a borrower enters a trial loan modification and the loan stays modified through those three years.

Diyloanmodkit.com feels that more needs to be done. The financial crisis has been going on since 2009. How much longer will the banking system be allowed to drag this out? Nobody want to be in a state of limbo unsure of what is happening with their loan or what is going to be their next move. Most people donot want to be in foreclosure.

Lenders need harsher penalties if the don’t modify a certain amount of loans per month or meet a quota. This crisis is not in its infancy and it is about time lenders worked out a solution that can appease both the lender and the borrower and let us all move on.

As Always,

Diyloanmodkit.com

Tax Day Is Coming…

Tax day is coming fast. The IRS said that only 50% of Americans have filed taxes so far. So, here at Diyloanmodkit.com we came across this article which had some good pointers regarding taxes. Read on…

Michelle Williams, executive director of the United Way of the Virginias, also heads up the Mercer County VITA program, giving local taxpayers advice on filing their return and helping qualified taxpayers e-file their return. Williams said residents still have options to file and shouldn’t worry.

“One of things people have to remember is the worst thing you can do is not file your return,” Williams said. “If you think you owe money on your return, the best thing you can do is go ahead and file. The longer you wait, the more penalties and fees you can accrue and the more you might have to pay. The worst thing to do about any problem is to pretend it doesn’t exist.”

The IRS recommends anyone who cannot pay their taxes due should file their returns as promptly as possible and to pay as much as they can to lessen penalties and fees that accrue as the result of unpaid taxes.

Read more @http://bdtonline.com/local/x1075334765/2010-tax-deadline-looming

As always,

http://www.diyloanmodkit.com