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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
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All I Want for Christmas is a New First Mortgage
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
All I Want for Christmas is a New First Mortgage
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
All I Want for Christmas is a New First Mortgage

December 27, 2010 (Chris Moore)
got-hamp-image
Every year at Christmas there’s always that one “hard to get” item that always seems to be impossible to find. This year proved to be no different. But instead of a doll, or a toy, or the latest electronic gadget, it was a loan modification.

The Treasury Department reported last week that nearly 774,000 homeowners had dropped out of its main foreclosure-relief program, Home Affordable Modification Program (HAMP), through November 2010. That’s about 54 percent of the more than 1.4 million people who have applied for the program.

Originally touted by the Obama Administration of having a goal of saving 8 to 13 million homeowners by 2012, and later “downgraded” to 3 to 4 million, the program hasn’t even come close to achieving its goal and won’t.

However, the program reached more homeowners in November than in October. The number of new trial modifications increased to about 30,000, up from about 24,000 in October. And the number of trial modifications that turned permanent rose to about 31,000, up from about 26,000.

So what’s gone wrong?

Homeowners applying to the foreclosure-relief program say the program is a bureaucratic mess, with banks losing documents and failing to return phone calls. Banks blame homeowners for failing to submit needed paperwork.

A recent Congressional Oversight Panel released a report that says the government’s foreclosure prevention program needs an overhaul because it is just not working.

The report pointed out a multitude of shortcomings within the program. HAMP did not take into account the complexity of the mortgage relationship. Rather than a one to one borrower/lender situation, most mortgages involve a servicer whose interests may collide with that of both of the other parties.

The report, without using the term, points to the misaligned incentives that have been named by various regulators a dozen times in recent weeks as a major problem in averting foreclosures. Those misaligned incentives mean that servicers can make more money and get it faster through a foreclosure than through any kind of intervention or modification.

HAMP’s attempts to correct this market distortion by offering payments to servicers, the report says, appear to have fallen short, in part because servicers were not required to participate in the program. The servicers could be pressured by Treasury to sign up for the program, the report says, but could not be pressured to actually do the modifications. The existence of second mortgages also stymied foreclosures where the holders found they could profit from blocking the modification of the senior lien.

The report concludes “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

All of this brings little solitude during the holiday season to the thousands of homeowners who entered the program with the intention of saving their homes and in the end losing it to foreclosure.

Tags: hamp, treasury department, mortgage loan modification, foreclosure, foreclosure relief, mortgage lenders, mortgage servicers

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 27, 2010 (Chris Moore)
got-hamp-image
Every year at Christmas there’s always that one “hard to get” item that always seems to be impossible to find. This year proved to be no different. But instead of a doll, or a toy, or the latest electronic gadget, it was a loan modification.

The Treasury Department reported last week that nearly 774,000 homeowners had dropped out of its main foreclosure-relief program, Home Affordable Modification Program (HAMP), through November 2010. That’s about 54 percent of the more than 1.4 million people who have applied for the program.

Originally touted by the Obama Administration of having a goal of saving 8 to 13 million homeowners by 2012, and later “downgraded” to 3 to 4 million, the program hasn’t even come close to achieving its goal and won’t.

However, the program reached more homeowners in November than in October. The number of new trial modifications increased to about 30,000, up from about 24,000 in October. And the number of trial modifications that turned permanent rose to about 31,000, up from about 26,000.

So what’s gone wrong?

Homeowners applying to the foreclosure-relief program say the program is a bureaucratic mess, with banks losing documents and failing to return phone calls. Banks blame homeowners for failing to submit needed paperwork.

A recent Congressional Oversight Panel released a report that says the government’s foreclosure prevention program needs an overhaul because it is just not working.

The report pointed out a multitude of shortcomings within the program. HAMP did not take into account the complexity of the mortgage relationship. Rather than a one to one borrower/lender situation, most mortgages involve a servicer whose interests may collide with that of both of the other parties.

The report, without using the term, points to the misaligned incentives that have been named by various regulators a dozen times in recent weeks as a major problem in averting foreclosures. Those misaligned incentives mean that servicers can make more money and get it faster through a foreclosure than through any kind of intervention or modification.

HAMP’s attempts to correct this market distortion by offering payments to servicers, the report says, appear to have fallen short, in part because servicers were not required to participate in the program. The servicers could be pressured by Treasury to sign up for the program, the report says, but could not be pressured to actually do the modifications. The existence of second mortgages also stymied foreclosures where the holders found they could profit from blocking the modification of the senior lien.

The report concludes “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

All of this brings little solitude during the holiday season to the thousands of homeowners who entered the program with the intention of saving their homes and in the end losing it to foreclosure.

Tags: hamp, treasury department, mortgage loan modification, foreclosure, foreclosure relief, mortgage lenders, mortgage servicers

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 27, 2010 (Chris Moore)
got-hamp-image
Every year at Christmas there’s always that one “hard to get” item that always seems to be impossible to find. This year proved to be no different. But instead of a doll, or a toy, or the latest electronic gadget, it was a loan modification.

The Treasury Department reported last week that nearly 774,000 homeowners had dropped out of its main foreclosure-relief program, Home Affordable Modification Program (HAMP), through November 2010. That’s about 54 percent of the more than 1.4 million people who have applied for the program.

Originally touted by the Obama Administration of having a goal of saving 8 to 13 million homeowners by 2012, and later “downgraded” to 3 to 4 million, the program hasn’t even come close to achieving its goal and won’t.

However, the program reached more homeowners in November than in October. The number of new trial modifications increased to about 30,000, up from about 24,000 in October. And the number of trial modifications that turned permanent rose to about 31,000, up from about 26,000.

So what’s gone wrong?

Homeowners applying to the foreclosure-relief program say the program is a bureaucratic mess, with banks losing documents and failing to return phone calls. Banks blame homeowners for failing to submit needed paperwork.

A recent Congressional Oversight Panel released a report that says the government’s foreclosure prevention program needs an overhaul because it is just not working.

The report pointed out a multitude of shortcomings within the program. HAMP did not take into account the complexity of the mortgage relationship. Rather than a one to one borrower/lender situation, most mortgages involve a servicer whose interests may collide with that of both of the other parties.

The report, without using the term, points to the misaligned incentives that have been named by various regulators a dozen times in recent weeks as a major problem in averting foreclosures. Those misaligned incentives mean that servicers can make more money and get it faster through a foreclosure than through any kind of intervention or modification.

HAMP’s attempts to correct this market distortion by offering payments to servicers, the report says, appear to have fallen short, in part because servicers were not required to participate in the program. The servicers could be pressured by Treasury to sign up for the program, the report says, but could not be pressured to actually do the modifications. The existence of second mortgages also stymied foreclosures where the holders found they could profit from blocking the modification of the senior lien.

The report concludes “Treasury’s reluctance to acknowledge HAMP’s shortcomings has had real consequences. Absent a dramatic and unexpected increase in HAMP enrollment, many billions of dollars set aside for foreclosure mitigation may well be left unused. As a result an untold number of borrowers may go without help – all because Treasury failed to acknowledge HAMP’s shortcomings in time.”

All of this brings little solitude during the holiday season to the thousands of homeowners who entered the program with the intention of saving their homes and in the end losing it to foreclosure.

Tags: hamp, treasury department, mortgage loan modification, foreclosure, foreclosure relief, mortgage lenders, mortgage servicers

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS