Lender Refused Bailout, Gave Customers Loan Modifications Instead

Many Americans have heard their fill of stories about big banks and corporations that took hundreds of billions in funds from the Troubled Asset Relief Program or TARP, which became law in October 2008.

TARP was billed as a critical component desperately needed to stabilize the U.S. economy in the aftermath of the subprime mortgage crisis. The program allowed the U.S. government to strengthen the financial sector by purchasing assets and equity from banks and other financial companies.

Not All Institutions Took The Money

Unlike many banks and mortgage lenders, Impac Mortgage Holdings, Inc. and its founder and CEO Joe Tomkinson refused to take TARP monies or any funds from American taxpayers.

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Don't Be Scammed Into Paying For What's Yours

After surviving the ills of predatory lending and predatory foreclosure, Florida homeowners have been complaining about a new type of predator.

Florida Certified Record Retrieval Letter

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How Mortgage Fraud, Bad Loans, and Predatory Lending Caused The Great Recession

The Department of Justice and the Federal Bureau of Investigation both point to mortgage fraud as being one of the primary causes of the housing market crash and mortgage lending meltdown that tipped the United States and the world into recession. In fact, in 2004, the FBI specifically warned that the exponential increase of mortgage fraud could cause banking industry losses and failures comparable to those experienced during the S & L crisis, which cost American taxpayers $132 billion.

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Pennsylvania's Foreclosure Process, Explained

In comparison to many other states, the Pennsylvania foreclosure process is fairly straightforward. In fact, Pennsylvania is the only state in the country that has a state-funded loan program designed to help homeowners who, because of extenuating circumstances, have found themselves trapped in the foreclosure process and are worried about losing their homes. If you live in Pennsylvania and have just missed your first mortgage payment, or are already deep into the Pennsylvania foreclosure process, do not lose hope. Whether you have found yourself facing foreclosure because of sudden increased interest rates or internal hardships like a death in the family, debilitating illness, or unanticipated loss of wages, there are options to help homeowners get back on their feet. The first step on this path is the understanding of the Pennsylvania foreclosure process.

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According to online real estate marketplace Zillow, there are approximately 13 million US homes with mortgages in a negative equity situation. In addition to negative equity, hardships and rising interest rates have left many homeowners unable to afford their monthly mortgage payments. For many families, the only hope they have of keeping their homes is to secure a loan modification that reduces their payments and makes their home affordable.

The US Department of Housing and Urban Development (HUD) has attempted to ease the foreclosure crisis with programs designed to encourage lenders to modify loans and provide homeowners with tools and resources to assist them in obtaining a loan modification.

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So you've missed a payment on your Illinois home. Any number of a various set of circumstances has conspired to affect your income and consequently your ability to keep up with your obligations. You held it together as long as you could, but now the unthinkable has happened and you are late on your mortgage. You may feel alone, embarrassed, and quite afraid of being foreclosed upon. Well cheer up homeowner because you are not alone and there is no need to be embarrassed or fear the foreclosure process in Illinois.

Illinois is a judicial foreclosure state, which means that the foreclosure process in Illinois requires certain steps to be taken by your lender before they can take possession of your home. In other words, this means you have some time to fix this. If you're into legalese, you can read the entire statute here, however if you're just looking for some unbiased information and perhaps a little help for your situation, continue reading.

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Loan Modification and the Homeowner: What You Need to Know About Loan Modification Packages

Lego Homes If you have received a a foreclosure notice or missed a few mortgage payments, know that you are not alone. In 2012, an estimated 2.1 million foreclosure filings were made in the United States. More than ever, Americans are finding themselves facing the repossession of their homes due to any number of reasons, including a sudden fall in property value paired with increased interest rates and unanticipated hardships including a loss or decrease in wages, debilitating illnesses, death in the family, or adjustable rate increases. If you have received a home foreclosure notice, or are about to miss a mortgage payment, don’t panic just yet. Contacting your mortgage lender and seeking professional counsel regarding a loan modification package can significantly improve your chances of escaping foreclosure and creating a sustainable payment plan.

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Foreclosure Process in New York

New York State Capitol

Foreclosure Process in New York

If you live in New York and are facing a foreclosure or are in the process of foreclosure, do not give up hope of keeping your home. The foreclosure process is New York is lengthy, taking generally 445 days, or 15 months, from the date the owner misses the first mortgage payment to the foreclosed sale of the home. Throughout this period, lender or loan servicers must file and send the proper paperwork, giving the homeowner plenty of time to find alternative and viable options to regaining control of the process.

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The loan modification process in Florida may be the answer for you if you purchased a home in Florida near the peak of the real estate market about six years ago. You, like many other borrowers, may have experienced problems building home equity over the past several years. You either have no equity in your property or an “underwater mortgage.”

An underwater or “upside-down” mortgage refers to a situation when the homeowner has negative equity in the home—the person owes more on the loan than the market value of the home.

What to Expect From a Foreclosure Case Management Conference

Florida Foreclosure Case Management Conferences

If you’re a homeowner who’s behind on your mortgage payments and in foreclosure in Florida, you may be scheduled for a case management conference. What is a case management conference and where does it come into play during foreclosure proceedings?

When Payments Fall Behind

The prospect of facing the foreclosure process in Florida can be a scary one. Most homeowners try to stall the foreclosure process by first seeking out loan modifications.

Foreclosure and Loan Modification Blog

Lender Refused Bailout, Gave Customers Loan Modifications Instead

Not All Institutions Took The Money

Homeowner Deed SCAM WARNING: Pass on Paying Public Record Predators

Don't Be Scammed Into Paying For What's Yours

Mortgage Fraud: The Inside Story

How Mortgage Fraud, Bad Loans, and Predatory Lending Caused The Great Recession

The Pennsylvania Foreclosure Process

Pennsylvania's Foreclosure Process, Explained

3 Tips for a Successful Wells Fargo Loan Modification

Facing The Foreclosure Process in Illinois? Don't Panic!

What You Need to Know about Loan Modification Packages

Loan Modification and the Homeowner: What You Need to Know About Loan Modification Packages

Foreclosure Process in New York

Foreclosure Process in New York

Avoiding Foreclosure With The Loan Modification Process in Florida

What to Expect From a Foreclosure Case Management Conference

Florida Foreclosure Case Management Conferences

When Payments Fall Behind

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