loan modification

Loan Modification Process: Like a Ride on a Ferris Wheel

For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high.
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Reasons Your Loan Modification Request Was Denied

Trulia, a leader in the real estate industry, recently reported that refinance rates for a 30 year fixed mortgage in Waukegan, Illinois can be obtained for as low as 2.250 percent. Trulia further reported that the median sales price of a home in Waukegan is $91,250, a 30.4 percent home value increase as previously reported a year ago.
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New Fiscal Cliff Tax Extensions Helps Short Sales

Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes.  At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012.  One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.
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Tips for Negotiating a Loan Modification

If you’re a typical homeowner, you probably feel like David facing up at Goliath when you speak with your lender about modification of your home mortgage.  Despite efforts to put the odds more in the consumer’s favor, most aspects of modification are in the bank’s hands.  But there are some ways to make easier. 
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Chicago Foreclosure Filings Increase in March

A recent report from RealtyTrac indicates that March foreclosure filings in the Chicago metropolitan area rose by 18.5% from March, 2011, and by 1.8% from February, 2012. There were a total of 12,818 foreclosure filings in March, which is equal to one in every 296 homes.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL