Angella's Real Estate Secrets & Insider Tips

Loan Mortgage Modifications More Successful Lately

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As of last month, Bank of America Corp. had completed loan mortgage modifications for just over 5 percent of the roughly 240,000 borrowers who started the process. JPMorgan Chase & Co. and Citigroup Inc. [...]

Piggyback Mortgage Plan – Release of 2nd Liens

‘Piggyback’ Mortgage Plan – will it work?
This article covers it all – Lenders who deserve what they got (for allowing ANYONE to take out a 2nd loan and trying to avoid the PMI); critics who claim it’s unfair to people who are still paying their mortgages on time and a bailout for banks that made [...]

FHA Wavies 90 Days Seasoning For One Year

FHA 90-Day Anti-Flipping Rule Waived For One Year – In an effort to stimulate home sales, HUD has announced that as of February 1st it will suspend its 90-day anti-flipping rule. This should have the effect of making FHA loans more easy to obtain for recently refurbished homes.
With certain exceptions, says HUD, “the FHA currently [...]

Loan Principal Reduction Program For Investors

Loan Principal Reduction Program – Scroll down past the article…
Servicers who lower distressed homeowners’ mortgage payments by reducing the principal balance, as opposed to just making interest rate adjustments, are much more likely to see the payments keep coming in and ward off a redefault, according to a new study published by the Federal Reserve [...]

Home Affordable Modification Program (HAMP) Update

Home Affordable Modification Program (HAMP) Update – I missed this HAMP update yesterday. Although the changes are not all that relevant to most loan originators, struggling homeowners should take note.
From the release:
Critical Home Affordable Modification Program Waiver Granted to Participating Servicers
Effective today, a new critical Home Affordable Modification Program (HAMP) Waiver is granted to [...]

Mortgage Loan Limits for Conventional, FHA and VA

The mortgage loan limits and policies established in 2008 and 2009 will continue through 2010.
There are several types of mortgage loan limits. Generally, most borrowers need to look at conventional, FHA and VA loan limits to see how much can be financed with the most-widely originated loans.
If you borrow at or below the conventional mortgage [...]

The Real Reason So Many Home Loan Modifications Fail

This guy is so right, it’s not even funny!  Enough with wasting our tax payer’s money and dumping good money after the bad!!!!!!!!!!!!!!!!!!
Loan Modifications, or rather the majority of them, fail.  That’s the simple truth.  Want to know why?  Take a look at the article ( click here for a link).
If you are in the [...]

Mortgage Loan Modification Basics

Mortgage loan modification process is not as simple as many assume.  Here’s a link to a good LA Times article explaining mortgage loan modification programs, and what it takes to qualify for them – http://articles.latimes.com/2009/mar/22/business/fi-cover22
Some of the main points covered are:

Most people will not qualify for a mortgage loan modification under any program, because [...]

California Cracks Down on Mortgage Fraud

California now has new laws that are supposed to prevent homeowners and home buyers from mortgage fraud.
Legislation to increase protections for consumers in the lending market and provide law enforcement with more tools to crack down on deceitful mortgage practices was signed into law Sunday, October 11, 2009 by Gov. Arnold Schwarzenegger.
The bills are supposed [...]

Loan Modification Scams – No More!

Loan Modification Law Enacted –   On October 11, 2009 Governor Schwarzenegger signed Senate Bill 94 (Calderon), and the legislation took effect immediately upon his signature. Thus, California law now prohibits any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage [...]