{"id":28797,"date":"2009-12-18T07:53:24","date_gmt":"2009-12-18T07:53:24","guid":{"rendered":"http:\/\/therealestatemango.com\/2009\/12\/18\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/"},"modified":"2019-04-23T20:55:06","modified_gmt":"2019-04-23T20:55:06","slug":"loan-modifications-can-have-major-perils-read-small-print-before-signing","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/","title":{"rendered":"Loan Modifications Can Have Major Perils&#8230;.Read small print before signing&#8230;."},"content":{"rendered":"<p><a href=\"http:\/\/therealestatemango.com\/files\/2009\/12\/house-with-question-mark.jpg\"><img loading=\"lazy\" class=\"alignleft size-thumbnail wp-image-1025\" src=\"http:\/\/therealestatemango.com\/files\/2009\/12\/house-with-question-mark-150x150.jpg\" alt=\"house with question mark\" width=\"150\" height=\"150\" \/><\/a>Under the Home Affordable Modification Program called<a title=\"Loan Modification Pitfalls\" href=\"http:\/\/www.mcclatchydc.com\/227\/story\/80867.html\" target=\"_blank\" rel=\"noopener noreferrer\"> HAMP<\/a>\u00a0some very dangerous events can occur.<\/p>\n<p>The banks have the ability to modify a loan with a three month trial period, during which time, the interest rate is adjusted to a low rate and is calculated on a fixed 30 year basis.\u00a0\u00a0 So far, so good&#8230;..then the banks say if you do well, make all the payments on time during the trial period, they will make the loan permanent.<\/p>\n<p><strong>EXCEPT&#8230;when you read the small print, you will find that you have waived important notification rights.\u00a0 The bank can decide to auction the house during this period without notifying the owner.\u00a0 This is a major problem in this program!<\/strong><\/p>\n<p>There have been 759,000 loan modifications begun\u00a0 and only 31,382 have been converted to permanent new loans.<\/p>\n<p>The homeowners see this loan modification program as a social assistance program.\u00a0 NOT TRUE!!\u00a0 The banks see it as a stall until they decide whether it is more profitable for them to sell the house rather than perpetuate the relationship with the current owner.\u00a0<\/p>\n<p>Banks see the situation from a different vantage point.\u00a0 The longer the owner makes a full payment, even if he is in pain, the more time passes until the bank can sell for a higher price in the marketplace when they foreclose.\u00a0 Banks know that real estate is cyclical.\u00a0 Prices go up in time.\u00a0 Owners don&#8217;t always have that luxury.\u00a0 They need help quickly expecially since unemployment changes their ability to pay.<\/p>\n<p>Before you accept loan modification terms, read everything, ask every important question.\u00a0 Until this program is revisited by the government to correct its&#8217; pitfalls, you have to look out for your\u00a0own interests.<\/p>\n<p>Please call me anytime for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under the Home Affordable Modification Program called HAMP\u00a0some very dangerous events can occur. The banks have the ability to modify a loan with a three month trial period, during which time, the interest rate is adjusted to a low rate and is calculated on a fixed 30 year basis.\u00a0\u00a0 So far, so good&#8230;..then the banks<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Loan Modifications Can Have Major Perils....Read small print before signing.... - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loan Modifications Can Have Major Perils....Read small print before signing.... - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Under the Home Affordable Modification Program called HAMP\u00a0some very dangerous events can occur. The banks have the ability to modify a loan with a three month trial period, during which time, the interest rate is adjusted to a low rate and is calculated on a fixed 30 year basis.\u00a0\u00a0 So far, so good&#8230;..then the banksRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2009-12-18T07:53:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:55:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/c02e56ee015dc7d104143c38d8028970\"},\"headline\":\"Loan Modifications Can Have Major Perils&#8230;.Read small print before signing&#8230;.\",\"datePublished\":\"2009-12-18T07:53:24+00:00\",\"dateModified\":\"2019-04-23T20:55:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\"},\"wordCount\":299,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/loan-modifications-can-have-major-perils-read-small-print-before-signing\/\",\"name\":\"Loan Modifications Can Have Major Perils....Read small print before signing.... - 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