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William Love III - ArticlesLoan Modification Industry: Foreclosue and Default Loans Are Just BeginningDespite what the politicians or the economist are saying the fact remains there is a second wave of bad loans that are soon coming due for a change. These loans are far scarier than the ones that were approved in the subprime lending market. Loan Modification: Beware of Con ArtistThe buzz word in the industry today is "compliance", I'd imagine that many would be surprised at how many "Modification" companies do not qualify under regulatory compliance. If you ever wondered where these people have come from and have popped up businesses overnight. Loan Modification Frustration - The Dark Side of the ProcessContacting your mortgage company when you are having challenges with your payments can be a very scary process. If you have done this on your own you know what I mean. Speaking with someone who really does not care about your plight outside of "are you making a payment today" can be just frightening and frustrating as law enforcement coming to your front door. Loan Modification Breaking News: Loan Modification Companies Going Belly UpWhile one would think that it would be easier to modify their troubling mortgage loan, especially with a financial incentive from the government given to the bank, this is not the case. Roughly 500,000 homeowners have entered the Obama administration's Home Affordable Modification Program (HAMP). A large percentage of this 500,000 will not qualify or never submit all of the required documentation. Your Mortgage Company Doesn't Want To Modify Your LoanMortgage expert and one-time Fannie Mae Chief Credit Officer Edward Pinto says a claim made by Treasury Secretary Tim Geithner that 500,000 homeowners have entered the Obama administration’s Home Affordable Modification Program (HAMP) is ridiculous.
In fact, he says, the program is rapidly becoming: “I will pretend to modify your loan if you pretend that you will make the payments,” he told the Business Insider Web site.
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