2 stage loan mods - Pace of loan mods picking up - Bankruptcy can end 2nd mtg woes

Loan modification update
The pace of loan modification close-outs is picking up (finally). It is ultimately the lender that drives the timeline and some cases have taken forever. Mhy second observation is that increasingly I see a two-stage approch where the lender wants to see evidence of ability and willingness to make (typically three) payments first before commiting to a modification. - Paul

Treasury's offer for loan modifications and short sales (Update)
The U.S. Treasury, seeking to strengthen government anti-foreclosure programs, will provide new incentives for lenders to modify mortgages where home-price declines are most severe or to pursue short sales. Read more.

Bankruptcy may end second mortgage woes
Chapter 13 may also help you eliminate the payments on your second or third mortgage. That's because if your first mortgage is secured by the entire value of your home, which is possible if the home has dropped in value, you may no longer have any equity with which to secure the later mortgages. Read more.

Slow start to U.S. plan for modifying mortgages
The Obama administration's plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground. Read more.