FHA Loans & Mortgage Modifications
July 12th, 2007
Related FHA Stories
- FHA Loss Mitigation: Get Help if You Need It
- No Settlement Surprises with FHA Mortgages
- New FHA Modification Rules Not Tough Enough
- Fun With Numbers
- IndyMac To Be Sold, Mortgage Modifications To Continue
For years, whenever I have written about mortgage modifications I have gotten emails from offended loan officers explaining that there was no such thing as a loan modification.
Such claims, of course, are patently untrue. An ARM — by definition — is a loan which is automatically modified according to evolving market conditions. No less important, lenders have long modified loans in disaster areas and when borrowers have run into problems.
If it is true that loans do get modified, then it follows that there must be jobs out there for mortgage modifiers. So if you wanted to work as a mortgage modifier what would you do each day?
We can thank Monster.com for a good description. A recent ad for a Loan Modification Specialist for Homecoming Financial, a GMC company, shows that a mortgage modifier would conduct a:
*Thorough review of each account’s financial hardship, including detailed pay history review, foreclosure rules and guidelines.
*Determine financial capacity and commitment of each homeowner.
*Provide customized modification solutions
The FHA, of course, has an extensive loan modification program — just call 800 -569-4287 (or TDD 800-877-8339) if you have an FHA loan and financial problems emerge.
The Homecoming Financial ad is very interesting — something loan officers in denial might want to read.
This entry was posted on Thursday, July 12th, 2007 at 1:48 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.