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Feds sweeten housing rescue program
Miami Herald
While Van Zalingen said the process was frustrating, Avi Shenkar, president of GMA Modification in Miami Beach, said things were improving. More lenders, he said, were adhering to the Making Home Affordable guidelines and were even applying the formulas to modify loans not backed by Fannie Mae or Freddie Mac.
''Lenders are making it easier and making the process more structured. They are making it exactly like getting a mortgage,'' Shenkar said. Click here to read the rest
Tracking Loans Through a Firm That Holds Millions
NY Times
Avi Shenkar, whose company, the GMA Modification Corporation in North Miami Beach, Fla., helps homeowners renegotiate mortgages, said loan servicers frequently argued that “investor guidelines” prevented them from modifying loan terms.
“But when you ask what those guidelines are, or who the investor is so you can talk to them directly, you can’t find out,” he said. Click here to read the rest
Lenders Bringing Homeowner Prosecutions In Loan Modification
Some mortgage lenders are springing a “loan modification trap” of criminal prosecution against homeowners who try to avoid foreclosure, says a mortgage expert firm, Mortgage Fraud Examiners. Rather than cooperating with homeowners needing loan modifications, some lenders report struggling homeowners to the FBI or State authorities for bank fraud
Scams target homeowners seeking foreclosure rescue
Miami Herald
The new law, while ensnaring alleged wrong-doers, is penalizing for-profit firms that are successfully modifying loans, complains Avi Shenkar, president of GMA Modification, a loan modification company in North Miami Beach.He defended his business practice of requiring a nonrefundable $250 application fee and a preapproval fee of $1,950 as necessary to stay in business. The preapproval fee is refundable, he said. He also said his company had modified about 1,000 loans over the past year.
Click here to read the rest
Home 'saviors' can make a mortgage mess
Miami Herald
Services legitimate for-profit firms provide can truly help homeowners navigate an onerous process, said Avi Shenkar, president of GMA Modification in North Miami Beach. Borrowers often run into problems compiling paperwork needed to modify a loan or don't get results on their own. Nonprofits and government agencies can have long waiting lists to see counselors, Shenkar said.
$75 billion housing rescue plan could bring relief to South Florida
Miami Herald
Avi Shenkar, a mortgage lender and president of GMA Modification in North Miami Beach, said new modification rules would make it much easier for local borrowers to get their loans restructured, since the region's biggest mortgage lenders are receiving bailout money and will now be required to participate.
He cautioned, though, that borrowers here should not expect to have their payments reduced to 31 percent of their income. Banks do not have to modify loans and can proceed with foreclosure if it makes more financial sense. Click here to read the rest
Few South Florida borrowers can revise mortgages
Miami Herald
Avi Shenkar, president of GMA Modification in North Miami Beach, said modifications still weren't lowering payments enough for borrowers who took out teaser rate loans and owe far more then they could afford.
He also questions how willing banks are to work with homeowners, since eight out of 10 seeking help from GMA already have been denied a modification from the bank. Click here to read the rest
California Loan Mod Experts worth the Money report indicates
NPR Radio reported today that only 2 out of 10 Loan Modifications are being issued in California to homeowners who directly contact their Mortgage Bank. While some expert Loan Modification companies in California are achieving success rates as high as 90% plus. With all of the buzz and political pressure on banks to forestall foreclosure and conduct Loan Modifications, one would expect the homeowner unassisted success rate to be much higher then this. There are several reasons why many California homeowners are being denied Loan Modifications as explained below. Click here to read the rest
Loan Modifications Help South Fla. Homeowners Save Money
NBC 6 Special Report
Thousands of South Florida homeowners struggle to save their homes. Whether they need help or want to take advantage of good mortgage deals, most agree that any amount of savings is a good thing. "I am going to be saving a couple hundred dollars a month," said South Florida resident Kristen Martin. Martin, a homeowner, said she's looking to cut mortgage payments. These days, she said, any savings can make a difference. Click here to read the rest
Record 1.2 million homes hit by foreclosure Loans in foreclosure have doubled over the past year, while delinquency rates continue to soar.
A record 1.249 million homes were in foreclosure during the second quarter of 2008, according to a report released Friday by the Mortgage Bankers Association. And new foreclosure proceedings were started on about 490,000 of the 45 million home mortgages serviced by MBA members. That's up 9% from the 448,000 starts recorded in the previous quarter. Click here to read the rest
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