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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Why you should like HAMP, if you're behind on your Overland Park mortgage and the Top 10 Reasons Overland Park Residents Do Not Qualify for a Loan Modification
Overland Park homeowners who are behind on their mortgage can successfully negotiate a loan modification under HAMP.
HAMP stands for Home Affordable Modification Program. With HAMP, the government pays loan servicers and Overland Park homeowners for successful mortgage loan modifications. For Overland Park homeowners who make all their payments on time, that can amount to $5,000 paid toward their Overland Park loans.
The incentives aren't available under alternative loan modification plans.
Overland Park homeowners may not qualify for a HAMP approved loan modification if: 1) They bought or refinanced their current Overland Park home after Jan, 1st, 2009 2) The Overland Park homeowner does not meet income or debt requirements 3) The Overland Park property is an investment property 4) The Overland Park property is a vacation property 5) The Overland Park property is a high-end home 6) The Overland Park homeowner has filed bankruptcy 7) The Overland Park homeowner has failed on previous loan modification programs 8) The Overland Park homeowner has submitted incomplete or missing paper work 9) The Overland Park homeowner submits a HAMP non approved HUD settlement statement 10) The Overland Park homeowner exceeds the time allowed to complete the required paperwork
Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren't eligible for HAMP. Wells Fargo says about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.
HAMP also has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments. Critics blame servicers for the declines, saying they're doing a poor job and unfairly bouncing people from the program. Servicers acknowledge there were problems, especially early on. They also say homeowners aren't complying with payment agreements or document requirements.For more information on HAMP, go to: HAMP
In the event that you're an Overland Park homeowner and you missed payments in a loan modification or you have been denied a loan mofication, there are options that will prevent an Overland Park real estate foreclosure. First you can do a deed-in-lieu of foreclosure or negotiate a short sale. Let us know what you think or add to our blog by writing a comment.
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75% of modified home loans will redefault even in Overland Park, Kansas - The First Step in Negotiating a Short Sale in Overland Park, KS.
Most Overland Park borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday. Between 65% and 75% of loans that are modified through the Home Affordable Modification Program(HAMP) but not backed by the federal government are likely to go bad, according to the report released by Fitch Ratings, a N.Y.-based credit-rating agency. The main reason these borrowers continue to struggle is that HAMP does nothing to solve the rest of the borrowers debt problems, the report added. "Many of these borrowers still have very heavy levels of other debt," said Diane Pendley, a Fitch managing director, "auto loans, credit cards and other expenses.
The HAMP modifications reduce housing expenses down to 31% of income but do not touch these other obligations." Currently, according to the Fitch report, about half of prime borrowers who lose their homes now do so through foreclosure. The other 50% go through short sales, in which they sell their homes for less than what they owe the bank, or deed-in-lieu, a transaction where the bank takes back the property directly and forgives the outstanding balance. The servicers have been encouraged to rev up their short sale engines by the Treasury Department, which runs HAMP and its sister program, Home Affordable Foreclosure Alternatives (HAFA), which provides cash incentives to the parties who agree to short sales in Overland Park, Kansas. Now, when borrowers re-default on HAMP mods or other bank workouts, banks are much more likely to offer help to execute a short sale or deed-in-lieu.
The first step in negotiating a short sale in Overland Park, Kansas is contact an experienced short sale negotiator who has successful negotiated a short sale with your lender. Most lenders will not deal with a homeowner directly on a short sale because they want a "Arms Length Transaction." The lender wants to make sure that the offer presented is a good offer. The lender is taking a loss so they want to make sure your Overland Park home is being marketed to the largest pool of buyers. Next, there is mounds of paperwork to complete and quite a few steps to complete, a lender wants to make sure that no paperwork is incomplete or step neglected.
If you would like assistance with a seasoned Overland Park short sale negotiator, feel free to contact the Dowell Taggart Team. Did you know that the Dowell Taggart Team have been skilled loss prevention specialist and short sale negotiators for over 7 years. We have completed many successful short sales and redemption sales.Let us know what you think or add to our blog by writing a comment.
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Overland Park, Kansas man convicted of US Bankruptcy Charges
James Moser, 66, of Overland Park, has been convicted on bankruptcy fraud charges, U.S. Attorney Lanny Welch said Monday. A federal jury returned a verdict Monday in a trial that began June 14 in U.S. District Court in Topeka. The jury found Moser guilty on one count of conspiracy to commit bankruptcy fraud and eight counts of bankruptcy fraud. On April 27, 2005, Moser and his wife, Doris Elaine Moser, filed for Chapter 7 bankruptcy. During trial, prosecutors presented evidence that James Moser: - Concealed information about the Mosers' option to purchase 16.5 acres of prime real estate at 12700 W. 151st Street in Olathe, Kan., where they operated Hallmark Arabian Farms, LLC, a fully equipped Arabian horse training facility including barn, stables, saddles, tack and personal property.
- Concealed the fact the Mosers had $125,000 worth of gold and sliver coins and collectible stamps. James Moser claimed the items had been transferred to F. Jeffrey Miller, who owned the land they rented for Hallmark Arabian Farms. In fact, the items only had been pledged as collateral for rent owed to Miller.
- Concealed the Mosers' right to a commission of up to $450,000 for marketing and sale of the property at 12700 W. 151st Street in Olathe.
"Criminal bankruptcy fraud threatens the integrity of the bankruptcy system, as well as public confidence in the system," said Richard Wieland, United States Trustee for Kansas, Oklahoma, and New Mexico (Region 20). "We appreciate U.S. Attorney Lanny Welch's commitment to combating fraud and abuse in the bankruptcy system, as demonstrated by this successful prosecution." The U.S. Trustee Program is the component of the Justice Department that oversees case administration and litigation to enforce bankruptcy laws. Region 20 is headquartered in Wichita, with offices in Albuquerque, Oklahoma City, and Tulsa. Doris Elaine Moser is set for trial Aug. 2. James Moser is set for sentencing Sept. 20. He faces a maximum penalty of five years in federal prison and a fine up to $250,000 on each count. Welch commended the Office of the U.S. Trustee in Kansas, the Internal Revenue Service, Assistant U.S. Attorney Christine Kenney, and Assistant U.S. Attorney Richard Hathaway for their work on the case.
Let us know what you think or add to our blog by writing a comment.
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Huge 5 Bedroom Home • 2,434 sq. ft., 3 bath, 5 bdrm single story - $205,000 - Incredible Price Round Hill, Overland Park - Where else can you find an Overland Park 5 bedroom home in a subdivision with a full country club. The country club includes Read More...
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Location, condition, price, traffic...These are the cornerstones of successfully selling your client's home. Ever get a longing for the "good old days"....Or talk with your friends about..."back in the day"? Nostalgia aside, our Read More...
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Beautifully Updated Throughout! • 3,213 sq. ft., 3 bath, 4 bdrm single story "True Ranch" - $249,000 - Priced To Sell Quickly! Round Hill, Overland Park - This is a wonderful example of a remodeled Overland Park, Kansas, ranch-style home Read More...
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Round Hill, Overland Park - Announcing a price reduction on 5932 West 88th Street, a 3,213 sq. ft., 3 bath, 4 bdrm single story "True Ranch". Now $249,000 - Priced To Sell Quickly!. Property information Read More...
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GREAT FIRST HOME! • 1,800 sq. ft., 3 bath, 3 bdrm ranch "Raised Ranch w/Finished Lower Level" - MLS® $155,000 - NEW REFINISHED HARDWOODS! Rancho Santa Fe, Overland Park - Great opportunity to purchase a value-packed Kansas City home! Read More...
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Split Staircase • 2,692 sq. ft., 3 bath, 4 bdrm 2 story "Spacious Bedroom Level" - $255,000 - Beautiful 2-Story Kensington Valley , Overland Park - This fantastic 4 bedroom Overland Park 2-story is located in the Kensington Valley Subdivision. Read More...
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Merriam Kansas Real Estate Stats for Zip Code 66202: Sales Down and Average Days on the Market is Up. According to the Heartland Multiple Listing Service there were 31 homes listed and 32 homes sold in zip code 66202 in September of 2008. With 31 homes Read More...
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