- ORIGINAL ARTICLE by Ilyce Glink -

"If you’ve been in loan modification hell, you’ve probably been wondering how much longer it can last.

Perhaps not that much longer. After calling mortgage lenders and servicers to the table for a private meeting of the Mortgage Lenders Club, the Treasury Department announced this morning that it would be applying more pressure on mortgage lenders and servicers to convert many of the temporary loan modifications to permanent status.

What kind of pressure? According to news reports, Treasury officials will try the following:

• Embarrassing lenders. Whether this involves a social networking campaign or taking out ads in the newspaper or just calling out various lenders and servicers by name hasn’t been made explicitly clear just yet. But somehow, Administration officials say they will embarrass lenders into doing more for borrowers.
• Requiring daily progress reports. Just like parents regularly check to make sure their kids are doing their homework, the government will now require daily reports on the status of all loans in temporary loan modification status and when those loans will be made permanent. Lenders must begin using new software as of December 1, 2009 that will help the Government measure trial period loan setup data, trial period loan activity, official loan setup data and assist with servicers' official monthly reporting.
• Withholding payments from lenders that aren’t doing enough to help homeowners. Lenders and servicers are eligible for payments once trial loan modifications are made permanent. But evidence is growing that the Treasury Department has actually been paying loan servicers to put in applications for trial loan modifications.

The Treasury Department has stated that it is only going to pay lenders once trial loans are permanently modified. But look at what they’ve announced today. They’re planning on “withholding payments” from lenders that aren’t doing enough to help borrowers, which implies that they are already making payments. I’ve begun hearing from bankruptcy attorneys and mortgage lenders who say that these payments are being made.

I think we’ll hear more soon about whether the government has actually been making payments for applications only and for getting borrowers into temporary loan modifications against its stated regulations, which may be another reason why borrowers aren’t getting the help they need. After all, would you rather collect $1,000 for putting in an application (over and over again in some cases) or would you rather collect $3,000 for doing all the work required to get that borrower into a permanent loan modification."

Good News?  We'll see....

Hello and welcome to the new Dynamic FAQ's page here at NWLMC.com.

With this page, you and thousands of other people just like you, can view, search, ask and respond to questions regarding the NW Loan Modification Center, Loan Modifications, Alternatives to Mortgage Defaults and many other topics.

It's very simple... based on your use of the dynamic FAQ's page, the site will continually updates the most searched, most asked and most important questions here on this primary page.  Then it will rank them, categorize them and present them to you in a way that is quick and easy to understand.  Because getting the right answers is what NWLMC is all about.

For starters, you can check the list immediately to the right.  There, you will find the TOP 10 most asked and searched questions.  Simply click the topic to see the answers for that topic.  There, you will also be able to post additional questions or link to other resources to help clarify some of the answers if necessary.

If you cannot find the answer in the top 10 list, to the LEFT is the category menu that will allow you to review topics by category.  Simply browse through the answers posted there to find answers to questions posted by people just like you.

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Thank you for visiting the NWLMC Dynamic FAQ's page and participating in its content.  We look forward to continuing to serve you.


- the NWLMC Staff

Founder and legal veteran of consumer protection, bankruptcy and financial law, Robert C Russell has focused his considerable experience in Bankruptcy and Financial law to form the NW Loan Modification Center in Vancouver, Wa.

Officially launching on November 1st, 2009 as NWLMC, the Law Offices of Robert C. Russell and the NW Loan Modification Center brings its extensive experience, understanding of laws that benefit you, knowledge of the industry and valuable contacts to work for families in the Pacific North West for years.

NWLMC is also pleased to have the services of William C. Black, who has been deeply involved in all facets of the Mortgage Industry.  William was quick to realize the full potential of the new laws and various stimulus plans put into effect over the past year and half.  NWLMC is pleased to put Bill's considerable experience to work for YOU.

Additionally, NWLMC is very pleased to announce its newest addition, Kathleen Jamal.  Kathleen has been a Default Resolution Manager for over 30 years and has extensive experience in Collections, Negotiations, Modifications, Foreclosures and Bankruptcy.

The NW Loan Modification Center gives tremendous power to families throughout the Pacific Northwest. 

NWLMC is your default solution provider.