For all the publicity being given to banks these days, finally I’m seeing another problem exposed that relates to loan modifications. Here’s what happen:
1) The Homeowners has been approved for a loan modification
2) Bank renegotiates the terms on the loan to give borrower a better mortgage product. However, this product (usually a 30 year fixed product) [...]
Did you know that licensed California real estate agent are not permitted to accept any upfront fees to complete a loan modification? This is true for loan modifications or any service performed by licensed agents. The Department of Real Estate requires that the service offered to the client must be completed before a payment can [...]
Most homeowners today are under the false impression that you have to be late on your mortgage to qualify for a loan modification (LM). That is incorrect. There are three main categories that fall under the most likely candidate for a loan modification.
1) The most common LM is done for homeowners who are currently late on their [...]
