UCONN Home Loan Modifications 2012

Industry News

This will go to the Senate in September; President Obama has included the extension in his 2013 Budget proposal that would extend it through 2014; but nothing has passed into law as yet. Lenders are realizing that they can dramatically cut their losses by paying owners to sell the property now. NEW LOAN MODIFICATION OPTIONS – As referenced in my last E-News, in response to the above Settlement and Legislation, we can anticipate lenders getting more creative in their resolution of problem loans. In exchange, they will avoid up loan modifications 2012 to $850 Million in penalties.

For a qualifying borrower, the HARP 2 Program offers a refinancing of your existing first loan at a reduced interest rate. If you qualify, then the following modification loan modifications 2012 options may be offered to you. The concept is to enable upside-down property owners to refinance their loan without a principal reduction and without mortgage insurance.

An IndyMac representative again contacted the Chuns with offers of another loan modification and promised their application would be approved on the third try. After the first rejection, they tried again and were again rejected.

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