All Posts Tagged With: "modification"
22,000 mortgage foreclosure modifications resulted in higher payments
New testimony on Capitol Hill shows that nearly 22.000 homeowners facing foreclosure wound up with larger monthly bills after getting a loan modification. All national banks and their operating subsidiaries — including their mortgage servicing operations — are regulated by the Office of the Comptroller of the Currency, a part of the Treasury Department. According [...]
3Dec2010 | Peter G. Miller | 0 comments | Continued
Mortgage foreclosure rescue scams (finally) blocked by feds
New rules from the Federal Trade Commission will make it more difficult and costly for bogus loan modification and foreclosure rescue companies to operate nationwide. Unfortunately, the rules are weaker than the standards now used by several states. Under the Mortgage Assistance Relief Services rule, the FTC says that mortgage foreclosure rescue and loan modification [...]
20Nov2010 | 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
Why Foreclosure Prevention Is Not Enough
Fannie Mae has opened a new consumer education site which it says “outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.” The site, Know Your Options.com, has the usual bells and whistles for a [...]
3Aug2010 | Peter G. Miller | 0 comments | Continued
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
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
What Is A Mortgage Modification?
A mortgage is actually a contract between a borrower and a lender. The borrower gets cash up front and the lender gets back the loan amount plus interest over time under terms and conditions established in advance. There are times though when either the borrower or the lender will seek a mortgage modification, a change [...]
16Feb2010 | Peter G. Miller | 0 comments | Continued
Can “Equity Sharing” Prevent Foreclosures?
In the coming two years option ARMs worth $134 billion will be re-cast according to Fitch Ratings. This means more than 500,000 borrowers are likely to face steeply higher monthly costs, costs which in many cases will lead to foreclosure. It doesn’t have to be this way. Stop foreclosures and you can stop the widespread [...]
11Jan2010 | Peter G. Miller | 1 comment | Continued
Why Can’t We Treat Foreclosures Like Fires & Floods?
Loan modifications are just about impossible, say lenders — except when there’s a fire, flood or tornado. Then home mortgages are suddenly as flexible as taffy. Lenders in such situations magically discover an immediate ability to revise loan terms, defer payments, postpone foreclosures, forgive late fees and end negative reports to credit bureaus. For its [...]
4Jan2010 | Peter G. Miller | 0 comments | Continued
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