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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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Chronicles of a Loan Modification
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
Chronicles of a Loan Modification
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
Chronicles of a Loan Modification

March 15, 2011 (Chris Moore)
mortgage-mod-help-image
In a presentation for investors, Bank of America chronicled the life and times of 100 random mortgage loans that were 60 days or more delinquent on their way down the path to a permanent HAMP loan modification. HAMP is in the House Financial Services Committee’s crosshairs this week, aiming to terminate the Obama Administrations troubled flagship anti-foreclosure program.

In the first phase of the chronicled loan modification process, 28 loans fell out of the program because Bank of America could not get hold of the borrower.

“We conduct extensive outreach activity to these including 110 phone calls and eight customized letters,” Bank of America Executive Vice President Terry Laughlin said, “in addition to door-knocking in hard hit markets and hundreds of outreach events across the country.”

The remaining 72 provided financial documentation, but 52 did not pass the HAMP underwriting guidelines. Approximately half of the 52 did not pass because they already had mortgage payments at or below 31 percent of their monthly income. Twenty-three percent did not have enough monthly income to qualify and 17 percent did not submit their hardship paperwork.

That left 20 borrowers that made it to the trial stage. Fourteen completed the process by making three consecutive mortgage payments required under the programs new terms.

14 out of 100.

What Bank of America did not release was the amount of loans that received private loan modifications through HOPE NOW. Since the beginning of HAMP, private loan modifications have been nearly double the amount of HAMP loan modifications.

Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said recently before a House committee, “HAMP’s failure to meet its original expectations has many causes, starting with a rushed launch based on inadequate analysis, an insufficient incentive structure, and without fully developed rules, which has required frequent changes to program guidelines.”

Unfortunately the reality is, due to the hard economic times, many people are not going to qualify for a loan modification. According to Laughlin, “We’ve reached the crossroads. Despite the loan modification programs, our best efforts, and our industry’s best efforts, foreclosure will be unavoidable going forward.”

Tags: Bank of America, loan modification, HAMP, mortgage loans, underwriting guidelines, mortgage payments, HOPE NOW

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.
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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

March 15, 2011 (Chris Moore)
mortgage-mod-help-image
In a presentation for investors, Bank of America chronicled the life and times of 100 random mortgage loans that were 60 days or more delinquent on their way down the path to a permanent HAMP loan modification. HAMP is in the House Financial Services Committee’s crosshairs this week, aiming to terminate the Obama Administrations troubled flagship anti-foreclosure program.

In the first phase of the chronicled loan modification process, 28 loans fell out of the program because Bank of America could not get hold of the borrower.

“We conduct extensive outreach activity to these including 110 phone calls and eight customized letters,” Bank of America Executive Vice President Terry Laughlin said, “in addition to door-knocking in hard hit markets and hundreds of outreach events across the country.”

The remaining 72 provided financial documentation, but 52 did not pass the HAMP underwriting guidelines. Approximately half of the 52 did not pass because they already had mortgage payments at or below 31 percent of their monthly income. Twenty-three percent did not have enough monthly income to qualify and 17 percent did not submit their hardship paperwork.

That left 20 borrowers that made it to the trial stage. Fourteen completed the process by making three consecutive mortgage payments required under the programs new terms.

14 out of 100.

What Bank of America did not release was the amount of loans that received private loan modifications through HOPE NOW. Since the beginning of HAMP, private loan modifications have been nearly double the amount of HAMP loan modifications.

Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said recently before a House committee, “HAMP’s failure to meet its original expectations has many causes, starting with a rushed launch based on inadequate analysis, an insufficient incentive structure, and without fully developed rules, which has required frequent changes to program guidelines.”

Unfortunately the reality is, due to the hard economic times, many people are not going to qualify for a loan modification. According to Laughlin, “We’ve reached the crossroads. Despite the loan modification programs, our best efforts, and our industry’s best efforts, foreclosure will be unavoidable going forward.”

Tags: Bank of America, loan modification, HAMP, mortgage loans, underwriting guidelines, mortgage payments, HOPE NOW

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

March 15, 2011 (Chris Moore)
mortgage-mod-help-image
In a presentation for investors, Bank of America chronicled the life and times of 100 random mortgage loans that were 60 days or more delinquent on their way down the path to a permanent HAMP loan modification. HAMP is in the House Financial Services Committee’s crosshairs this week, aiming to terminate the Obama Administrations troubled flagship anti-foreclosure program.

In the first phase of the chronicled loan modification process, 28 loans fell out of the program because Bank of America could not get hold of the borrower.

“We conduct extensive outreach activity to these including 110 phone calls and eight customized letters,” Bank of America Executive Vice President Terry Laughlin said, “in addition to door-knocking in hard hit markets and hundreds of outreach events across the country.”

The remaining 72 provided financial documentation, but 52 did not pass the HAMP underwriting guidelines. Approximately half of the 52 did not pass because they already had mortgage payments at or below 31 percent of their monthly income. Twenty-three percent did not have enough monthly income to qualify and 17 percent did not submit their hardship paperwork.

That left 20 borrowers that made it to the trial stage. Fourteen completed the process by making three consecutive mortgage payments required under the programs new terms.

14 out of 100.

What Bank of America did not release was the amount of loans that received private loan modifications through HOPE NOW. Since the beginning of HAMP, private loan modifications have been nearly double the amount of HAMP loan modifications.

Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), said recently before a House committee, “HAMP’s failure to meet its original expectations has many causes, starting with a rushed launch based on inadequate analysis, an insufficient incentive structure, and without fully developed rules, which has required frequent changes to program guidelines.”

Unfortunately the reality is, due to the hard economic times, many people are not going to qualify for a loan modification. According to Laughlin, “We’ve reached the crossroads. Despite the loan modification programs, our best efforts, and our industry’s best efforts, foreclosure will be unavoidable going forward.”

Tags: Bank of America, loan modification, HAMP, mortgage loans, underwriting guidelines, mortgage payments, HOPE NOW

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