Orlando Loan Modifications

HOPE for Homeowners (Help 4 Homeowners) and Hope Now

On a daily basis we are asked about orlando loan modifications and how the government programs can help, such as HOPE 4 Homeowners and Hope Now. Sure, we have no issues with modifying your loan as we have a great team of professionals that do nothing but loan mods, but there are many details and particulars that really need to be fine-tuned prior to proceeding with loan modifications.

It’s not that we want you to short sale with us… period… because it is definitely not that way. We purchase and sell homes in probate and bankruptcy, wholesale properties to investors, lease-option purchases… but the reality of the foreclosure cannot be ignored.

Last July, then-President Bush signed into law the $320-Billion homeowner bailout program aimed at modifying 1 to 2 million “at-risk” mortgages. I bet all you were probably thinking, wow, finally! A bailout for me!!! … WRONG! A bailout for ONE!

THE SKINNY: When the program was officially designed the intent was to help at-risk borrowers refinance into cheaper government-guaranteed loans. This was 1 to 2 million… but when the bill was officially enacted, the number was revised to 400,000. As of April 8, 2009, H4H had received 865 applications and modified only ONE mortgage!!! It's becoming something of a pattern: The government announces a program designed to stabilize financial markets or kickstart lending, but after weeks or months of delay, the goal is shifted or the program simply doesn't work as expected.

I explained this concept to a group of homeowners a few months back and I think I will provide a blog for it detailing why the program will not/did not work. Long story short, one of the main requirements was that you couldn’t be underwater by more than 5%. Do the math…… not exactly in touch with reality, is it?

Well, through all of this mess, to the rescue came… the Hope Now program. The problem with Hope Now has always been the percentage of re-defaults. You know, people who get their mortgage modified, but then six months later end up in default again. Remember, Hope Now is an alliance of lenders, which I endearingly call the alliance of evil (with all respect to Marvel Comics!!!) This alliance is nothing more than a group of banks! What are they trying to do??? Help the homeowner? They stated they were on course to double the number of loan modifications it completes in 2009, however, the group could not estimate how many of the homeowners it had helped fall back into delinquency.

The HOPE NOW February 2009 data shows that modifications were more than half of all solutions provided to homeowners. Yet, the number of foreclosures started in February increased from 217,000 in January to 243,000. Yes, foreclosures are still rising. The banks are still doing something fishy…

GET EDUCATED! With 53% of the loan modification defaulting within the first six months of modification and the banks knowing this, what are they really doing? The lender works with the troubled borrower, trying the entire time to GET AS MUCH MONEY AS POSSIBLE OUT OF THE TROUBLED BORROWER’S POCKET!

IN OTHER NEWS: The wall street journal reported last week that banks are getting ready to ramp up foreclosures since they are so far behind they are losing too much revenue. Do not be the next.


DO NOT FALL INTO THE MOUSETRAP: Call us RIGHT NOW, we are here to serve you.


Marilyn is standing by: (407) 610-9975 and at blackdogproperties@gmail.com