loan modification

Defaults nearly doubled in March, continuing a troubling trend that threatens to undermine the federal program.

Charlotte, N.C. (PRESS RELEASE – February 5, 2010) — Bank of America today issued its fourth quarter Lending & Investing Initiative Report, noting the extension of more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone.

This quarterly report outlines the company’s progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

A look at the loan servicers in Treasury's mortgage-modification program, the taxpayer money they could receive and the percentage of eligible loans they've offered to modify so far.

The servicers will keep some of Treasury's money and will pass some of it on to investors and homeowners.

(Modification figures are not available for some servicers because they joined the program too recently.)

Having trouble paying your mortgage? To find out if you qualify for a loan modification, you'll have to work with a loan servicer — the company that collects your mortgage payments.

Only 15 percent of U.S. homeowners eligible for the Obama administration's $50 billion loan modification program have been offered help so far.

A loan modification company must be informed about the applicable laws. Each state has different statutes and regulations describing who may modify mortgages for homeowners and the process.

Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday.

Prosecutors filed 189 legal actions Wednesday against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable.

The nationwide sweep, called "Operation Loan Lies," involved the Federal Trade Commission, the U.S. attorney's office for the Central District of California, and 23 other agencies in 19 states:

State and federal prosecutors filed 189 lawsuits Wednesday against loan modification consultants accused of bilking homeowners desperate to reduce their mortgage payments so they can keep their homes.

Phoenix / Mesa law firm of Gibson Ferrin and Riggs, PLC explains how lawsuit judgment provides loan modification assistance and foreclosure relief.