In fact, working very well, a third of the time. When Humberto Lastre couldn't afford his mortgage payments, he hired the Corona Law Firm to help modify them. Ricardo Corona, Corona Law Firm: "We show them if you take a loss, you foreclose, you're going to take a loss of of thousands.
If you reduce your interest rate, you are going to continue to make principle number one and your going to make a profit. It's not going to be as high a profit as it was before. Clearly the banks are disorganized. We have heard from hundreds of people who tell us the same story.
The banks lose their documents, they ask you to resend them over and over. Ask for the same document over and over. Corona's advice to his clients, be patient. And the frustration is understandable. Being approved for lower mortgage payments is taking eight, 12, even 16 months, driving homeowners crazy.
Phil Zeman: "It takes four to six weeks to do a brand new loan, but it takes eight months to modify an existing loan? That simple thought process doesn't resonate at all. The bank's attorney told the judge she didn't have the power to take the house from the bank. The best part is that they do not charge you anything unlike the private companies. July 10, at PM Anonymous said July 10, at PM Post a Comment.
Newer Post Older Post Home. Subscribe to: Post Comments Atom. President Usurper Obama Obama wants your In addition to subsidizing the interest rates, servicers will use the Treasury funding to pay for incentives for themselves, homeowners and investors. The funds will be used to reduce their loan principals. The Treasury Department set the caps based on public data about the mortgages the servicers handle. Though the program mandates that servicers modify all loans that meet the requirements, the department feels the servicers will have sufficient funds to cover all troubled borrowers' applications.
Separately, major servicers also recently started accepting applications under the refinance portion of the program. See all CNNMoney. The government is engaged in a far-reaching - and expensive - effort to rescue the economy. Here's how you can keep tabs on the bailouts. Quick Vote.
Miami housing: The power of cheap How to really help troubled homeowners Meeting a loan servicer face-to-face Obama: Tax cuts help workers and economy Mortgage applications dip Unemployment: Big factor in home defaults. They're hiring!
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