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What's Holding Back Mortgage Modification? - BusinessWeek
for tom... provides insight...
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Many have balked or dragged their feet, say industry experts, hoping the housing market will rebound. One reason is that servicers earn more, under most current contracts, when they foreclose, compared with when they modify a loan. Adding staff and technology to manage modifications is costly.
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Intransigence
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Chapter 13 Lien stripping alternative to home rescue law
This is how it works. A chapter 13 can be used to avoid or strip a second trust deed from the residence if there is no equity supporting that trust deed. In client’s case the $160,000 second trust deed has no equity supporting it. After the chapter 13 case is filed, a motion to strip the second trust deed can be filed to prove to the court that there is no equity supporting the second and requesting the court to strip it. A valuation hearing will occur and after evidence and arguments are presented, the court will decide what the current fair market value of the property is. If the motion to strip is granted, the second trust deed will be converted into an unsecured debt. The entire $160,000 will become like a credit card debt. However, debtor must complete all plan payments in his case. After the plan payments have been completed, the unsecured $160,000 will be discharged, and the creditor will be ordered to issue a reconveyance to debtor. Thus, the second trust deed is ‘suspended’ while debtor continues to make the chapter 13 plan payments. Lien stripping in chapter 13 cases was authorized by the bankruptcy court in the San Fernando Valley and adopted by all bankruptcy courts in California about ten years ago and continues to be good law today.
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Lien Stripping | Dorothy Bunce | Las Vegas
lien stripping" is becoming a popular way to get out from under double mortgage payments and sometimes save homes
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The Curious Capitalist - TIME.com » Blog Archive Citigroup and Dick Durbin rewrite bankruptcy law—but won’t the investors be mad? «
great article re: Citi and loan mod
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Investing in REITs: Real Estate Market News, and Information on Real Estate Investment Trusts for Financial Advisors - When Mods Fail, What Next? - Articles - Financial Planning
OCC-OTS Mortgage Metrics report.
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OCC-OTS Mortgage Metrics report.
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How one family's mortgage is linked to meltdown - MSNBC Wire Services- msnbc.com
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o they enlisted the services of Sal Pane, president of AmeriMod, a company specializing in modifying mortgages, a process in which banks agree to lower mortgage payments and interest rates to avoid the cost of foreclosures.
"Modifications can save this economy," Pane said. "My company could do 60,000 loan modifications a month with our current staffing. Give us government assistance and I can modify the entire country in a year."
But modification efforts have encountered difficulties. Increasingly, people are falling behind on loans that have already been modified and regulators warn the trend may worsen. Of all the modifications made in the first quarter, 55 percent were at least 30 days delinquent after six months, according to a government report.
Then there are the rights of bondholders -- the financial institutions that invest in mortgage-backed securities like the pool that contains the Goldrick mortgage.
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Moneynews - Loan Mod Program Failing Badly
Hope Now Program a failure
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ope Now, previously lauded as the centerpiece of economic recovery, was supposed to modify the loans of 400,000 homeowners and help them avoid foreclosure.
Instead, it's only helped 312 homeowners since it was launched in October.
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FDIC's Loan-Modification Plan Falls Short - washingtonpost.com
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A successful government plan should:
· Require a write-down of loan balances on all modified loans with negative equity. -
On my Web site, http:/
/ , I lay out in detail a plan that meets all five of these tests.www.mtgprofessor.com
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Mortgages - Revising Loan Modifications - NYTimes.com
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Borrowers should devise a firm budget and determine what monthly payment they can actually afford. Some help can be found at the Internal Revenue Service’s Web site (IRS.gov). Visitors who type in “Collection Financial Standards” into the search box will be directed to pages (sometimes by state) that offer guidelines, based on consumer surveys, of what they can reasonably expect to pay for food, clothing, housekeeping supplies, out-of-pocket health care, utilities and transportation.
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