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
Categories: foreclosure, HAMP, Loan Modification, Obama plan Tags: Bank of America loan modification Bank of America HAMP program, diy loan modification, do it yourself loan modification, Loan Modification
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,
Categories: Loan Modification Tags: diy loan modification, diyloanmodkit.com, do it yourself loan modification, taxes
HSBC stops foreclosures
When issues of robo-signing came to light last year, many banks were quick to distance themselves from the backlash. Some banks did stop or halt foreclosures…..just for a moment….a couple of weeks, to symbolize that they were aware of the problem but didn’t really do much about it. Think about it does it really only take a few weeks to check all your foreclosures against improper paper work or robo -signing violations? No!
Now HSBC has halted foreclosures due to document problems and lax oversight of law firms handling proceedings. The company is reviewing foreclosures where a final judgment has not been entered and will correct and re-file documents where necessary.
In Palm Beach County, at least 75 percent of HSBC foreclosures that were sent to auction were handled by law firms under investigation by the state attorney general’s office, including the Law Offices of Marshall C. Watson, the Florida Default Law Group, and the Law Offices of David J. Stern.
As always,
http://www.diyloanmodkit.com
