Financially distressed homeowners will soon have protection from unscrupulous loan modification companies by way of a new rule set down by the Federal Trade Commission. The new regulation stipulates that loan modification companies cannot charge any fees before a homeowner has a settlement in writing from their mortgage holder. “At a time when many Americans [...]

Almost 25,000 mortgage modifications were conducted by Bank of America for economically stressed homeowners in the month of October for an increase of approximately 8,500 over September. About 22,400 of the October modifications were proprietary fixes organized by the bank, and 2,600 were changed from trial plans to permanent modifications via the government’s Home Affordable [...]

A major Detroit-based bankruptcy lawyer warns anyone considering defaulting on their homes not to fall victim to several mortgage modification schemes that get homeowners into more serious financial calamity. “People are desperate when they apply for these mortgage modifications,” Attorney Michael Greiner said. “As a result, these people are falling into so-called solutions that leave [...]

Mortgage modification is one of the best ways to avoid home foreclosures, but the process is fraught with uncertainty and delays. After going through a mortgage modification process, the current interest rates are lowered and so the homeowner ends up having to pay a lower monthly installment. However, homeowners are finding it difficult to get [...]