An estimated 4.4 million homeowners were deemed eligible for the Independent Foreclosure Review that provides a chance to have an “independent” third party review their foreclosures. After numerous claims of mistakes and abusive servicing practices, bank regulatory authorities and mortgage companies came up with the program to ensure transparency in foreclosure. However, the results have …
Tag Archive: loan modification miami
Nov 02
HAMP: An Overview
Home Affordable Modification Program (HAMP) is a program initiated by the Obama administration in order to help homeowners who are employed, but are still struggling with their payments. At first there was much debate about the program within the financial and political sector, but ever since its introduction, HAMP has proven itself to be a …
Oct 29
Should You Request Mortgage Forbearance?
Our series continues by exploring the topic of mortgage forbearance and the information homeowners should know when requesting forbearance. Homeowners facing imminent foreclosure can request their lending financial institution to delay the foreclosure, and can catch up with their payments within an agreed upon time frame in order to avoid the foreclosure altogether. The delaying of the …
Oct 22
Mortgage Refinance: Who qualifies and who doesn’t?
Many homeowners in Florida are underwater, i.e. they owe more than their property is worth. Homeowners who are falling behind on their payments, or have already fallen behind many payments face imminent foreclosure. There are several solutions for people who are not satisfied with their current rates, and find it difficult to pay them. In …
Oct 15
Is Mortgage Repayment the Right Option for You?
The second last and much awaited article in our series on important terms used in the mortgage industry has finally arrived. In this article, we shall discuss mortgage repayment, its benefits, and if it is the right option for you. Homeowners who suffer a short term financial hardship and miss a few payments usually struggle to …
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