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How do I use a Qualified Written Request with my loan modification application?

How do I use a Qualified Written Request with my loan modification application?

Answer: A Qualified Written Request is a very important communication tool you must use with your loan servicer. Under the “Real Estate Settlement Procedures Act,” Section 6, it specifies safeguards for consumers of loan services. Section 6 describes the QWR. It establishes a legally mandated communications protocol between us and our lenders. The loan...
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Posted in Q&As | 6 Comments »

Portland REO properties continue to grow despite government loan modification program

The number of REO properties in Portland is still relatively high despite intensified efforts by Home Affordable Modification Program officials to save troubled homes. A total of 2,277 homes in metro Portland became distressed in April as they were hit with default and foreclosure notices. In Multnomah County, where Portland is situated, 567 more...
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Tags: HAMP, , , portland foreclosures, portland reo
Posted in News Updates | 2 Comments »

Q: What are the new HAMP rules for income verification for a trial loan modification?

HAMP government program explanation, eligibility links, calculators and more Q: What are the new HAMP rules for income verification? Answer: According to the new HAMP rules that went into effect June 1, 2010, you’re going to have to prove that you have sufficient income before you get approved for a trial loan modification. Here’s...
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Tags: hamp rules, , loan modification income verification
Posted in Q&As | 4 Comments »

14-percent of Wells Fargo trial modification customers fail to make all three payments

14-percent of Wells Fargo trial modification customers fail to make all three payments At Wells Fargo & Co., about 14 percent of the customers who make one payment in the trial loan modification phase don’t end up making all three to qualify for a permanent reduction, said Mike Heid, co-president of Wells Fargo Home...
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Unemployed are new faces of mortgage defaults

Unemployed new faces of mortgage defaults as depicted by one Ohio homeowner Sharon Majors never cared to learn the stories behind the foreclosed homes she passed on her way home from work until she became one of them. The 52-year-old Hamilton resident said she’d seen the headlines screaming “Foreclosure Crisis” and read about the...
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Loan modification borrowers frustrated with loan servicers who repeatedly request paperwork

Loan modification borrowers frustrated with loan servicers who repeatedly request paperwork As the country teeters on the razor edge of some semblance of recovery, Market Watch reports that “roughly 8 million to 13 million foreclosures are expected over the next five years, according to the Congressional Oversight Panel for the $700 billion bank-bailout program.”...
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Tags: , , losing documents for loan modification, losing loan modification paperwork, , resending documents for loan modification, resending paperwork for loan modification
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Courts becoming last refuge for homeowners who want a loan modification using mediation

Courts becoming last refuge for homeowners who want a loan modification using mediation The courts are becoming the last refuge for homeowners who are in foreclosure but still hope to remain in their homes under a loan modification. Actions taken by courts or by the state government in Pennsylvania, Florida, New Jersey and Connecticut...
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