Topeka, KS (PressExposure) December 23, 2011 -- Epic Marketing of San Diego is pleased to announce The Loan Modification Bulletin website has been completely revamped for 2012. The change has been planned for a while. Owner David Berger is quoted as saying, "This levels the playing field for the little guy trying to negotiate with the lenders."
The number of loan defaults and foreclosures has slowed but is still is still problematic for the economy. The banks have never been exposed to mass foreclosures in the volumes we have seen in the last 3 years. Not even during the Great Depression have so many home owners lost their properties. The problem was the banks have only handled defaults in terms of hundreds, perhaps thousands per year. They had no mechanism for handling these volumes. Their experience was generally limited to new home purchases and refinances.
Unfortunately real estate loan modifications force the lenders to recognize a loss immediately when they refinance the property. With losses mounting they chose to push the modifications back as far as possible. Occasionally this caused things to go past legal deadlines and people lost their homes anyway.
In addition, people applying for a loan modification have generally seen their credit scores dive. If they could make the payments there would be no reason to seek a modification. Banks, however, underwrite loans using three criteria. The ability to pay, the willingness to pay and the collateral value of the home.
Ability to pay is evidenced by the borrowers job, willingness depends on credit scores and collateral is the measured through the appraisal. The banks just have no experience in loaning to borrowers with bad credit using a home that is worth less than the loan amount as collateral. No one knew what to do so nothing got done.
Now that the financial markets have stabilized, the banks are more willing to negotiate loan modifications. Keeping up with the changes has been difficult because there are so many different sources of information. For the inexperienced, finding and organizing this information has been a challenge. It takes great skills using various search engines and most people are only familiar with one or two.
In addition, some sources like YouTube are routinely overlooked as places for information on this subject. Many believe YouTube to only store music and homemade videos of cats playing piano. The goal of Loan Modification Bulletin was to fix that by aggregating the information in one place.
The Loan Modification Bulletin is based on technology developed to aggregate information from various popular sources including Yahoo, Ask, YouTube and several other sources. For the first time, even papers published in PDF formats are included.
To make sure the reader finds what he or she needs, all the popular topics are listed. This not only enables a reader to quickly find his or her interests, it also helps them to expand the field of experience by seeing what others with the same intent are looking at. This is the heartbeat of social networking at its best.
"We are very excited about introducing the reconfigured website to the public. We have worked hard to meet our goal of launching it by January 1, 2012. The site was launched on December 22, 2011. The perfect Christmas present to bring in the new year," Berger said at the website launch.
If you would like to view the site please go to Loan Modification Bulletin [http://www.loanmodificationbulletin.com].