REAL Talk with ROBERT ALDANA

After Mortgage Delinquencies up by almost 14%, Government Getting Tough with Lenders on Mods?

Today, it was reported that mortgage delinquencies have risen by almost 14%. Seems that this mortgage meltdown continues in its path to destruction of property values while many consumers can no longer afford their high monthly payments while their lenders continue to jerk them around with false hopes of granting them a loan modification.

But wait, there's help; After recently reading this week that the Government's HAMP loan modification program has been a dud, with only 170,000 permanent loan mods given to borrowers, (only 170,000 permanent loan mods out of millions needing help, can you believe that?) the Treasury has just announced that they are going to get.... excuse me while I yaaaaaaaaaaaawn, tough on lenders and tell them that they need to "actively" offer loan mods to consumers needing assistance and determine whether they qualify for a loan mod prior to going through with foreclosure proceedings. But, didn't we hear this at least once before?

In an article by ABC News, there are a few things that the Treasury will do to try and force lenders to start complying with consumer's loan mod requests. But BEFORE you agree to a loan mod, please read my article on The Dangers of Loan Mods and Short Sales here on my blog because there are things that you should know prior to accepting a loan modification. Trust me, good stuff to know!

Successful Mod

We just completed a loan modification for a client with an effective interest rate of 1.5%, 20% principle reduction and monthly PITI payments of just over $2,100. They had a previous payment of $4,300. Oh, and it is a 40 year loan too!

As much as I love sharing these success stories, I am SO GLAD we are almost DONE with all of our mod files and are closing out HRCS. Banks are jerks, it is just not worth it anymore to fight with them. The lending industry is just a huge disappointment in so many ways. You do not see what I see everyday because if you did, you would all agree with me.

30 year fixed or 5 year ARM?

As many more buyers start to come out into the market, a common question I get is the type of financing that they should pursue.

Robert Aldana Interviewed & Featured on NBC's "Best of the Bay"