• Home
• Deals
• Walk Score
• Search for Homes
• Subscribe
• About
• Contact

Really Simple Syndication

Downtown San Diego Buildings

Categories

• Bayside
• Blogging
• BOSA Development
• Buying
• Carnival Of Real Estate
• City Life
• Denny Oh
• Downtown
• Events
• Featured Listings
• Foreclosures
• Geek Estate
• Health and Fitness
• Miscellaneous
• Nightlife
• Prudential California Realty
• Real Estate Finance
• Real Estate News
• Rent
• Restaurants
• San Diego Real Estate Deals
• San Diego Rentals
• San Diego Sales Statistics
• Selling
• Seminars
• The Grande
• Videos

Real Estate Blogs

• Geek Estate Blog
• Real Estate Tomato
• Tomato Blogs

Resources

• CCDC
• City of San Diego
• Find Your School
• Get a Pothole Fixed
• Golf Courses
• SDG&E
• Zoning

Archives

Select Month September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007

Loan Modifications – A New Cottage Industry

August 29th, 2008 categories: Real Estate Finance

Many people are having trouble making their mortgage payments. Sometimes the difficulty arises when the interest rate on their mortgage increases and sometimes it is for other economic factors.

While both the Stimulus Package and the Housing and Economic Recovery Act passed by the Bush administration this year are intended to bail out consumers who need help, both bills are falling short of expectations. The main criticism of these efforts is typically lenders will only work to modify loans for consumers who are already in default. And if you carry mortgage insurance on your loan, some lenders will not work with you at all. The lender knows that if you default, they will be paid by the Mortgage Insurance Company. Borrowers who are struggling to keep their payments timely, often find they have no where to turn.

At last, there does seem to be some relief in the form of loan modifications. Approved loan modification companies are now able to help their clients modify the terms of their existing loans to help lower monthly payments without the stringent requirements of a typical refinance and real estate appraisal. Loan modifications are not based on credit and allow many people to qualify for a modification who cannot qualify for a typical
refinance.

A Loan Modification can be the difference of being able to stay in your home or foreclosing. If you are interested in a loan modification, please give us a call. We may be able to help you negotiate lower payments.

Mike and Lysa Catlin
CMC Finance Inc.
(858) 456-3000

This entry was posted on Friday, August 29th, 2008 at 9:58 am and is filed under Real Estate Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

1. Keahi Pelayo September 22nd, 2008 at 1:52 pm

   Hawaii passed a law this year that places new liability on real estate agents that help with work outs and modifications.
   Aloha,
   Keahi

Leave a Reply

Name (required)

Mail (will not be published) (required)

Website