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1% 2nd mtg plan - Slow going - Lenders chase short sellers

1% second-mortgage rates via modification plan
The Obama administration is trying yet another program to stem home foreclosures -- this time by offering lenders incentives to cut payments on second mortgages. The taxpayer-funded plan aims to slash second-mortgage interest rates to as low as 1% for the next five years for qualifying borrowers. Read more
 
Lenders chase short sellers 
An increasing number of lenders are going after borrowers who sell their homes for less than they owe – known as a short sale – in order to recover more of the difference between the amount owed and the sale price. Read more. (We make sure that any short sale includes a full release - P)

Homeowners find loan modifications slow going
NPR - Morning Edition, May 7, 2009 · The Obama administration has begun doling out the first chunk of $75 billion to several banks nationwide to help struggling homeowners stay in their homes. The funds are part of a new program called Making Home Affordable. The administration expects lenders to use the money to offset the cost of modifying millions of home loans. But some lenders are moving slowly. Listen here (4 minutes). (This segment deals with owner-occupied property only - P)
 
Why we go even slower...
First, our pace is determined by the lenders - which is sloooow. But we never "drop the ball" and remain focused to getting it done asap. We position a loan mod request for best results by taking the time to "build the case". We also take the time to negotiate for best results, and lastly our attorneys review the paperwork to make sure that we have indeed created a "new financial beginning" - we don't just accept ANY solution or one that will come to haunt our clients later.
Posted Sunday May 10