We’re now into Week 5 of my loan modification and nothing so far this week. The documentation they requested was packaged up and resent and refaxed.
So I guess we wait and see what else they “don’t have”.
My son and I were discussing the loan modification process and he mentioned it sounded a lot like the Rainmaker.
The Rainmaker is a novel by John Grisham and later was made into a movie starring Matt Damon. In the book a novice attorney, Rudy Baylor (Damon) takes on Great Benefit Life who has denied a medical insurance claim for one of their policy holders. (more…)
Posts Tagged ‘Help for Homeowners’
My loan modification Week 5 – I hope Great Benefit Life isn’t handling the paperwork!
Sunday, July 18th, 2010
Temecula Real Estate – HAMP Loan Modification an inside view – Week 4
Tuesday, July 6th, 2010Contrary to popular opinion, the Obama Administration’s Making Home Affordable Program continues to show sustained growth each month. The total number of permanent loan modifications continues to grow by 50,000 each month for the last four months.
I’m now in the fourth week of my loan modification, and still holding out hope that I will be one of the successful modifications. According to the most recent statistics (May 2010) the the median reduction was 36% or $500/mo. Even though the total number of active permanent modifications has risen to more than 340,000, the frightening number is there are 3,180,615 loans eligible for loan modification. Only a little more than 11% of eligible loans have been modified.
This week I received a FedEx package from Bank of America, letting me know they had received my loan package (good start!) but that there were documents missing (not so good!).
My initial reaction was, “I guess all those stories are true, these people are incompetent and this will never happen if they lose everything I send them!” (more…)
Temecula Real Estate – $700 million to help California Homeowners
Thursday, June 24th, 2010In what has to be good news for distressed homeowners in California the Department of the Treasury has approved a $700 million funding to help California homeowners avoid foreclosure.
The program will be administered by the California Housing Finance Agency (CalHFA) as part of its Keep Your Home Program.
The program will be administered by the California Housing Finance Agency (CalHFA) as part of its Keep Your Home Program.
Help for California Homeowners
There are four assistance initiatives all of which should be open by November 1.
- Help for homeowners who are unemployed and in danger of defaulting on their loans
- Help for homeowners who are behind on their payments but could catch up with a little help.
- Help for homeowners in the form of principal reductions who need it to avoid foreclosure.
- Help for homeowners in the form of transition assistance (“cash for keys”) for those who cannot afford to keep their homes. (more…)