Deed in lieu of foreclosure: one voluntarily gives their home to the lender in exchange for cancellation of their loan Short Sale: where the lender allows the homeowner to sell their home for less than what is owned Foreclosure: where the lender takes the home through a court proceeding Is one...
55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent. Of proprietary loan modifications that were completed, 80 percent (44,413) included reduced monthly principal and interest payments with 60 percent (33,302) receivi...
OFFER IN COMPROMISE-Freedom from the IRS Offer in Compromise (or OIC) program is an internal IRS program which allows any qualified individual or business with an unpaid tax liability to settle their outstanding obligation for an amount MUCH less than what the actual balance is. It will 100% cle...
On Thursday a widespread principal reduction plan was announced by the Federal Housing Finance Agency. (FHFA) FHFA announced pans that will lower mortgage balances on as many as 33,0000 homeowners that are seriously delinquent and severely underwater. Also new rules were announced to investors t...
The story begins with a 50-year-old single woman in Middlesex County Massachusetts she bought a piece of property in 2003 and was able to make all her mortgage payments on time with no difficulties. Suddenly she loses her job and her elderly parents become extremely sick and needed extensive dail...
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