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Jumbo Modification

A residential property where the first loan was more than around $729,000 at the time of the default is not eligible for modification under the Making Home Affordable program. However, home owners with jumbo-size loans should not despair – especially if their...

GMAC Modification Makes Contractor Happy

8-31-12 VZ is a hardwood floor layer and general contractor. His business tanked when the Great Recession set in. He got behind on his home mortgage.  Payments were high at 7.8%. However, in 2010 his income was recovering. His income turned out to be a little too high...

Successful EMC Modification

We have several modifications going with EMC. So far EMC seems to be reasonable to work with. Meanwhile, EMC is being sued. A young couple came to us with a 7.0% negative amortization EMC loan. We were able to negotiate an interest rate of 2.0% for five years, 3.0%...

EMC Sued

Keller Rohrback LLP has announced that a class action has been filed in the United States District Court for the Eastern District of Washington on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation...

GMAC

I have found GMAC to be reasonable to work with in some cases, very inflexible in others. In one case I was able to negotiate a $10,000 payoff on a $120,000 second mortgage. This was an underwater property, with little equity available to secure the second mortgage....

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