Who is Halo Mac
Industry Statistics
Newly Initiated Home Retention Actions
Newly initiated home retention actions totaled 301,648 during the fourth quarter, an increase of more than 11 percent from the third quarter and an increase of more than 16 percent from the second quarter.
Industry News
New California law bans loan modification firms from demanding upfront fees (McClatchy Washington Bureau) 13 Oct, 2009 | 1:10 pm PDT -Critics say US government\'s home rescue plan delaying, not solving ... - Lebanon Daily Star 13 Oct, 2009 | 1:16 pm PDT -
The New Mortgage Business: Loss Mitigation And Loan Modification (Investopedia via Yahoo! Finance) 9 Sep, 2009 | 12:51 pm PDT -
Geithner\'s Mortgage Shame Game - Forbes 10 Sep, 2009 | 2:16 pm PDT -
Meltdown 101: Housing help lags high expectations - The State 10 Sep, 2009 | 4:04 pm PDT -
US Home Foreclosures Set Another Record in July - CNBC 13 Aug, 2009 | 3:08 am PDT -
Foreclosures up in Riverside County - Mydesert.com 13 Aug, 2009 | 6:14 am PDT -
Dallas-area homeowners fight for mortgage loan modifications - Denton Record-Chronicle 10 Aug, 2009 | 7:51 am PDT -
The Emergence of the Loan Modification Industry
When the credit crisis began and banks and mortgage companies eliminated the financial products that homeowners once relied on, the rules of the game changed as well. Homeowners had relied on Brokers, who had relied on Lenders, who had relied on Investors and Capital Markets to keep loan products readily available for when their rates adjusted or when it became time to buy their next home. When these products were eliminated, there was a huge void left with few options for homeowners. The ranks of the lack of loan products were quickly joined with all the problems that a recession brings, such as lay-offs and decreased consumer spending, leading to record unemployment.What choices are left to homeowners that want to stay in their homes but can no longer afford their mortgage payments? The answer doesn't appear to be offering similar loan products as before, but to work with the existing Lenders or Servicers and amend the mortgage terms to make them more affordable, or to what is more commonly referred to as loan modification.
The Federal Government realized the need for loan modification and in 2009 passed into law the Homeowner Affordability and Stability Plan. This program claims that "The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments".
Under this plan found at www.FinancialStability.gov, homeowners must meet certain requirements to qualify. There is ongoing debate on how effective this Plan will be, as an incentive to cooperate though, servicers will be paid bonuses to help modify loans. While this plan helps address the needs of some homeowners, it falls short of serving all. Just as during the boom times when government programs like the FHA could not, or would not, accommodate all needs of borrowers, this loan modification plan falls short as well. There will in fact be many homeowners that will not qualify for the Home Affordable Modification program.
The Need for Professional Representation
Homeowners can modify the terms of their loans only once under the Home Affordable Modification program. Proper packaging of the modification package is essential to qualify, and what does the homeowner do if they fail to qualify for this government program? While homeowners can complete loan modifications on their own, professional representation can help secure a modification under the government plan or otherwise. Halo Mac promotes fair and ethical loan modification representation.Out of this crisis, a new industry has evolved that offers alternatives to homeowners that are experiencing a variety of hardships causing them to struggle with making scheduled mortgage payments, the loan modification industry. Loan modification companies have quickly emerged to facilitate the loan modification process on behalf of consumers. While homeowners can complete modifications themselves, having a professional help package the loan modification can help its likelihood of approval. For homeowners that do not qualify for the government plan, a loan modification specialist can help facilitate a modification outside of that plan.
The traditional loan modification company works on behalf of the homeowner assisting and negotiating with their servicer to adjust the interest rate and/or reduce the principle loan amount.
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