Welcome to Loan Modification Sites . Com! Due to the present economic crisis and large decrease in real estate value, many people have reached the point where they can no longer afford to pay their mortgage payment. If you are experiencing this problem, try not to panic, as you are not alone. Due [...]
Big news was released earlier this week as once again the government has executed a plan to help reduce mortgage rates as well as people seeking loan modification. On Wednesday, The Fed met for their monthly FOMC meeting to discuss economic conditions and the future of the discount rate. The Fed announced that they will indeed be keeping the current discount rate at a range of 0-.25%, which was expected, but they continued to announce their new plan, which resulted in a huge upswing in trading, especially for banks. The Fed plans to spend an additional $750 billion in purchasing mortgage backed securities from housing agencies such as Fannie Mae and Freddie Mac. In addition to that, The Fed will also be spending $300 billion on the purchasing of US Government bonds. The announcement on Wednesday sent stocks flying and Treasury interest rates crashing. In turn, the lowering of Treasury rates should lead to a significant reduction in mortgage rates. This is great news for anyone seeking... more
Recent news has been talking about the possibility of the Obama administration altering or doing away with the current “mark to market” accounting that is required to be used by banks at the current time. Mark to market accounting is the act of updating bank’s balance sheets with the present value of their assets, not compared to when it was first purchased, as what is usually done. Doing away with this, would most likely be a big boost for banks as their balance sheets would... more
In January, Citi Bank agreed with lawmakers to give authority to bankruptcy judges to alter existing mortgages. After the agreement was made, much interest was shown on behalf of other lenders who also supported the measure. Borrowers are required to have attempted to work with their lender before hand in attempts to modify their loans, before pursuing bankruptcy. In the event of bankruptcy, judges have the authority to alter mortgages at will to help fit what will work best for the borrower. This... more
Welcome to Loan Modification Sites . Com! Due to the present economic crisis and large decrease in real estate value, many people have reached the point where they can no longer afford to pay their mortgage payment. If you are experiencing this problem, try not to panic, as you are not alone. Due to the huge increase in loan defaults, banks have begun to work with consumers in refinancing and restructuring their existing loans. Don’t be fooled by scam companies trying to cheat you out of... more
Loan Modification Sites strives to bring you the most up to date information regarding changes in refinancing and restructuring loans. The government is constantly adjusting regulations and options for consumers to choose from and we strive to be able to deliver that information to you as soon as possible.
