All Posts Tagged With: "lender"
New Mortgage Loan Protections Outlined in Wall Street Reform
The House Financial Services Committee has released a summary of the major changes included in the Wall Street Reform and Consumer Protection Act. These are items which have been accepted by a conference committee of the House and Senate. If the conference report is passed by both houses, the measure will then go to the [...]
27Jun2010 | 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 release from [...]
Mortgage Loan Relief For BP Spill Victims
Homeowners impacted by the BP oil spill are getting mortgage relief from Fannie Mae and Freddie Mac, the two largest mortgage owners. In general terms, the loan relief offered by the two companies follows the emergency policies both have had in place following such disasters as hurricanes Katrina, Rita and Wilma.
Relief
In the usual case, disaster [...]
Can “Mortgage Loan Audits” Stop Foreclosures?
At first it sounds like a good idea for concerned borrowers: Stop foreclosure by showing that the lender has improperly calculated the amount owed. If the lender did not appropriately credit a payment, improperly charged a fee or used the wrong interest rate then the borrower would have grounds to contest a foreclosure action or [...]
7Jun2010 | Peter G. Miller | 0 comments | Continued
How Can I Get Foreclosure Refinancing?
In general terms there are two forms of foreclosure refinancing, money for those facing foreclosure and financing for those who have purchased foreclosed property and want a new loan with better terms.
Facing Foreclosure
In the first case we have an owner who may lose his or her home, perhaps someone with a toxic loan or [...]
When To Tell Your Mortgage Lender To Take A Hike
If you’ve been getting strange calls from your mortgage lender demanding payment, don’t be so quick to reach for your checkbook — such calls could be nothing but efforts to get money before it’s due. Or they could be outright frauds, a form of identity theft.
Let me explain:
I have a mortgage which is set up [...]
Mortgage Paid? How Do I Know?
It would be nice to report that every mortgage payment is promptly received and correctly processed. However, it follows that in a country with some 45 million first mortgages that there are millions of opportunities to screw up and that sometimes loan payments made in good faith are not properly handled.
What can you do?
If [...]
9Mar2010 | Peter G. Miller | 0 comments | Continued
What Kind of Foreclosure Title Can I Expect?
With huge numbers of foreclosed properties now available for sale you have to wonder what type of title you might expect if you purchase one of these distressed homes.
The lender selling REOs (real estate owned by a bank or other lender) does actually care how you own title, What it does care about is that [...]
Is Foreclosure Flipping Legal & Legit?
If by foreclosure flipping we mean quickly buying and re-selling a foreclosed property bought from a lender then there’s no reason why such a transaction cannot be legal and legit.
Think about stock. You buy stock in the morning and sell it in the evening. You flipped the stock. Does anyone care? No.
Think about a foreclosed [...]
What Is The BPO Foreclosure Connection?
When lenders take back a property through the foreclosure process they want two things: They want to know how much it’s worth and they want to know as cheaply as possible.
One way to determine value would be to get an appraisal of the property. Appraisals are independent estimates of value developed by licensed appraisers, valuations [...]
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