BiggerPockets

Loan Modification Firms can benefit from google mobile ads

Tuesday, July 07

Recently Google  introduced a new way to sell ads on the mobile phone. The new product, called AdSense for Mobile Applications, lets advertisers place text and image ads within mobile applications.

In last 5 years mobile phone usage and value addon services by mobile companies have seen a dramatic rise ,and the total penetration of mobiles in US market is nearing 90% ,So this can be very good opporunitity for loan modification and foreclosure prevention firms to advertise their services through google adsense and generate quality loan modification leads. 

Mobile advertising is on rise on account of the various compatible platforms iphone ,sony errickson,noika and HTC provide and with advent of google android ...we would be seeing a much wide spread integrated platform for advertisers.

Thanx 

Las Vegas - 125% LTV HARP program

Monday, July 06

On july 1st 2009,Treasury Secretary Tim Geither announced the expansion of the current making Home Affordable program to people who are having the home values upside down upto 125%,condition to they being current till date.

Ironically this announcement was made by Tim Geither at Las Vegas which is considered the ground zero of the current subprime crisis.Its a welcome move once again by the obama admin ,but we have to wait and see if there is really any positive impact of these plans for the homeowners.Because though the Obama govt is making fanrasric plans ,none of the implementations have been successful so far.

last month we saw a steady increase in the number of foreclosure defaults of people who had modified their loan during last quarter 08. So we still dont know if this new program leads to loan modification or refinance

McAllen City - Is the Lone Ranger for housing market

Monday, July 06

In a recent report published by Brookings Institute found out that McAllen,Texas was the only city in the country which saw a 2-3% increase in home values during the 1st quarter of 2009.

After conducting a few more indepth interviews with bankers and realtors -the facts started coming.McAllen was one of those few US cities which  didnt experience the dramatic rise in home prices during boom times.They are the last area of the country to feel the downward pull and have been the first  one to recover.

are we going to see a downturn in loan modification industry

Monday, July 06

Many people have been asking me as to how long will the loan modification industry be booming ,my simple answer to them is .....Loan Modification was always there ....only then it used to be called loss mitigation.

But with the recent sub-prime crisis ...loan modification has got more press coverage and a lot many of mortgage brokers entering into the industry.Honestly speaking i dont see a significant downturn for next 2years in this industry.Maybe we will see a boom in both refi segment and loan mod segments in coming months.

Lets wait and see

Loan Modification Leads Expert 

NY Attorney general sues Loan Mod Scam Artist

Friday, June 26

Attorney General Andrew M. Cuomo recently posted on his blog ,that he is taking stringent actions against AMERIMOD and all its sister companies.

The companies promise that they will negotiate with the consumers’ banks to lower mortgage interest rates, lock in fixed rates, get late fees and past due payments forgiven, and even reduce principal balances.The company targets homeowners facing foreclosure by claiming that it can save their homes, but often fails to provide the services promised.

Many  distressed homeowners in NY had complained that "such foreclosure prevention companies charge them upfront fees or have them sign some papers by promising to wonders."Most homeowners the AG's team spoke to were homeowners facing terrible financial situations.After they had been contacted by Amerimod , 98% of them were in more debt and much worse conditions.

So if you or any of your friends or relatives need a loan modification ,be wary of such scamsters. Be aware that not always ,foreclosure rescue leads to loan modification.

Record Rise in Personal Bankcruptcies as compared to 2008

Friday, June 12

Bankruptcy filings were up 33.3 percent during the past year according to the Administrative Office of the U.S. Courts. Between March 2008 and March 2009 there were 1.2 million bankruptcies compared with 902,000 during the prior year.  Of this year’s bankruptcy filings only 49,000 involved businesses, the rest were all personal bankruptcies.

Administrative Office of the U.S. Courts recently declared that there was a 33.3 % rise in bankruptcy filing between the period of march 08 - march 09 as compared to last year.But most alarming thing was the percantage of personal bankruptcies being as high as 90% .

These record increase also go on to esrablish the truth that the changed Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, have been largely in favor of banks and credit companies.

In this particular Act of 2005,there is a particular clause which says that before a borrower files for bankruptcies ,he needs 180 days compulsory counselling.Also a bankruptcy judge is only allowed to modify in mortgages bankruptcy rulings for second homes and not primary homes.

So what does it mean to Foreclosure and Loan Mod Industry ?

It just shows how skewed the laws are for the banks and lenders.I think it is time for capitol hil to take some tough decisions on this issue.