Foreclosures
Can We Undo Botched Mortgage Foreclosures?
Lenders may be on the hook for billions in claims from borrowers who were improperly foreclosed. Several stories in the past few days raise the idea that huge numbers of foreclosures may have been incorrectly processed. This is not a minor glitch or “technicality,” it potentially involves vast armies of people who lost their homes [...]
23Sep2010 | Peter G. Miller | 0 comments | Continued
August Foreclosure Levels Top 300,000 for 18th Month In A Row
Foreclosures held relatively steady in August, according to the latest monthly report by RealtyTrac (www.realtytrac.com). The company’s report for August 2010 shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 338,836 properties in August, a 4 percent increase from the previous month but a 5 percent decrease from August [...]
16Sep2010 | Peter G. Miller | 0 comments | Continued
Servicers “Fail” Mortgage Modification Expectations
With more than a million borrowers signed up for mortgage modification programs the overall result is that most are wildly unhappy with their loan servicers. According to J.D. Power and Associates, mortgage servicers often fail to deliver on certain best practices during the loan modification process, “including providing and meeting a time frame for approval; [...]
1Sep2010 | Peter G. Miller | 0 comments | Continued
100 to 1 — Obama Mortgage Modification Plan Tops Bush
Just about every posting regarding the Obama mortgage modification program says it’s a dud. Those on the left say not enough has been done, those on the right say too many homeowners are washing out of the program. What’s too often left out is any sense of context. The reality is that the Obama loan [...]
26Aug2010 | Peter G. Miller | 1 comment | Continued
FHA “Short Refinance” — Is This The Way To Reduce Foreclosures?
Imagine that you have a mortgage and want to refinance to get a lower rate but the debt is greater than the value of the home. Imagine also that if you can refinance you can avoid foreclosure. The government is now trying to address this scenario, something which is common across the country, especially for [...]
9Aug2010 | Peter G. Miller | 2 comments | Continued
Foreclosure Rescue Victim Awarded $700,000
Like a small number of states, Maryland has a tough law to protect homeowners against what are called foreclosure consultants or foreclosure rescue consultants. The idea is that “foreclosure rescue” is allowed in Maryland — but only if certain conditions are met. Now a court has awarded more than $700,000 to a homeowner facing foreclosure [...]
20Jul2010 | Peter G. Miller | 0 comments | Continued
FTC Seeks Halt To Mortgage & Foreclosure Relief Programs
The federal government is seeking to shut down more than a dozen firms which supply mortgage modification or foreclosure relief services. According to the Federal Trade Commission, the government has sought to ban more than a dozen marketers from selling mortgage relief and foreclosure relief services, in one instance seeking $11.4 million for contempt. The [...]
21Jun2010 | Peter G. Miller | 0 comments | Continued
Feds Start New Short Sale & Deed-in-lieu of Foreclosure Options
Large numbers of people facing foreclosure have been helped by the government’s Making Home Affordable program, but what about those who can’t succeed under the plan? Truth is, a lot of people who enroll in the foreclosure prevention program don’t make it. The government reports that through April 299,092 borrowers received permanent loan modifications under [...]
2Jun2010 | Peter G. Miller | 0 comments | Continued
Who Pays Foreclosure Fees?
The foreclosure process is a big business, a reality which is not good news for those who face the loss of their home. However, who pays various foreclosure fees and costs depends on who winds up with the home. Missed Payments If an owner has missed one or more payments the lender will threaten to [...]
24May2010 | Peter G. Miller | 0 comments | Continued
Permanent Federal Loan Modifications Near 300,000
The federal government says 299,092 permanent modifications have now been completed under the Making Home Affordable program as of the end of April. The number is up almost 13 percent over March. The Treasury Department and the Department of Housing and Urban Development (HUD) say that 3,275,249 loans were at least 60 days late as [...]
17May2010 | Peter G. Miller | 0 comments | Continued
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