Tag Archive | "government regulation"
Is Yours One of the 121,000 Foreclosures Being Reviewed?
The Office of the Comptroller of the Currency and the Board of the Federal Reserve have initiated reviews on up to 250,000 foreclosures and foreclosure actions that happened in 2009 and 2010. When consultants do find that a borrower suffered financial harm because of actions by his or her servicer, the servicer will be required to provide remediation, which may range from reimbursement of lost equity, repayment for expenses plus interest, or repealing a foreclosure. Check out the entire article on the site.
Continue reading...Federal Reserve Requires Supervised Foreclosure Reviews
Monday, April 9, 2012
The Federal Reserve Board released action plans and engagement letter for supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. These documents tell you exactly how your particular service is handinling requests for foreclosure reviews.
Continue reading...What Happens During an Independent Foreclosure Review?
Tuesday, April 3, 2012
The Federal Reserve Board is overseeing a mandatory review of the foreclosure process that many of the nation's biggest servicers put homeowners through over the last few years. And if they find you've been harmed, you could be financially compensated.
Continue reading...Get Compensated for Your Foreclosure
Monday, April 2, 2012
If you had a mortgage loan on your primary residence and believe you were financially harmed during the mortgage foreclosure process by any of the four servicers in 2009 or 2010, you can request an independent review and potentially receive compensation.
Continue reading...10 States Now ‘Hardest Hit’ and Get Additional Foreclosure Relief Funds
Monday, April 12, 2010
Last month, I wrote 5 Hardest Hits States Get More Money, which described the Treasury Department’s plan to give more financial assistance ($1.5 Billion more to be exact) to the five hardest hit states. After a month of campaigning for their states, five more states have been added to the list and will share $600 million of the $1.5 Billion. Come see if your is one of them and what it means for you and your home.
Continue reading...Plenty of Loopholes in New HAMP Writedown Plan
Tuesday, March 30, 2010
If you’re more than 15% underwater on your mortgage and are eligible for HAMP, you could benefit from changes that will hopefully motivate lenders to writedown more principal in more cases. The changes will require all servicers to consider an alternative modification approach which includes writedown of some principal for loans that are over 115 percent of the current value of the property (LTV).
Continue reading...5.66 Percent of Eligible Mods Go Permanent
Thursday, March 25, 2010
5.66% of eligible mods were permanent in January according to the Treasury Dapartment. GMAC leads the pack at over 19% and Wachovia is in last place according with 1.39%. Check out how your lender is doing...
Continue reading...7 Fatal HAMP Flaws – Why Servicers Won’t Modify Your Mortgage
Monday, March 22, 2010
If you’ve been struggling with your lender to get a Home Affordable Loan Modification, the fact that a measly 5% of ‘eligible’ homeowners (170,000 to be exact) have actually entered into a long term modification plan with their lender won’t come as surprise. It’s likely that your effort has drug on for months or, worse, you’ve been denied one or more times just to be told to reapply. Why is this? Well, as it turns out and we’ve reported before, there are actually 7 major flaws with HAMP that put its success in jeopardy and act as disincentives to lenders and servicers.
Continue reading...The Standard Second Mortgage Modification Process
Friday, March 12, 2010
Ever wondered how your lender decides how to modify your second mortgage in a HAMP modification? It's complicated and intricate, but we pulled this step-by-step guide off their administration website for your reference.
Continue reading...HAMP for 2nd Mortgages
Thursday, March 11, 2010
Under 2MP, when your first lien is modified under HAMP and the servicer of the second lien is a 2MP participant, that servicer must offer either to modify your second lien or agree to extinguish it. Come see if your second mortgage is eligible.
Continue reading...States Hardest Hit by Foreclosure Get More Money
Wednesday, March 10, 2010
The Obama Administration released the next steps in the recently-announced Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets ("HFA Hardest-Hit Fund"). States where house prices have fallen more than 20% from their peak will share $1.5 billion in funding. Those states are ...
Continue reading...Foreclosures Take 12 Months on Average
Wednesday, March 3, 2010
Several new proposals have made their way to the President to help you save your home from foreclosure. These are all proposals, but some of them will probably make it to law…only question is how long before they do. They include a 30 day HAMP appeal period and a possible re-working of the Net Present Value model.
Continue reading...January’s Top 5
Tuesday, February 23, 2010
January was a very busy month for us here at Truth in Foreclosure and we had more site visits than any other month in our 3 year history. So we’ve put together the top 5 posts for January so you don’t miss anything.
Continue reading...Foreclosure Assistance Programs by State
Monday, February 22, 2010
I found this list of state housing agencies. I haven't checked to see if each state has a foreclosure assistance program, but if you’re looking for assistance from your state, here’s where you can start. All 50 states plus Puerto Rico and the Virgin Islands are listed below in alphabetical order.
Continue reading...Home Affordable Foreclosure Alternatives (HAFA) for Non-GSE Loans
Friday, February 19, 2010
A couple weeks ago when I wrote about the Home Affordable Foreclosure Alternatives program, I got some questions about what you could do if your loan wasn’t serviced by Fannie Mae. Well, I did a bunch of searching around and found the training video below on the HAMP Admin web site…
Continue reading...HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
Thursday, February 11, 2010
According to the Obama Administration, HAMP's not about modifying loans! They're more concerned with helping homeowners "avoid foreclosure." With a paltry 66,000 loans permanently modified through the end of December, it sounds like the administration is pulling a bait and switch...and it may cost you your home...
Continue reading...Servicers Make More by Foreclosing than Modifying
Thursday, January 28, 2010
Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help borrowers stay in their homes. Come read more and download the free 60 page special report...
Continue reading...What if Freddie and Fannie Weren’t There Any More?
Monday, January 25, 2010
Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. Does this mean anything at all for you, your mortgage, or your fight to keep your home? After all, Freddie and Fannie own or service over half of all mortgage loans in the country. Come see why it won't matter!
Continue reading...HAMP – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010
Wednesday, January 6, 2010
Effective December 23, 2009 and lasting through January 31, 2010, Treasury is implementing a review period for all active HAMP trial modifications scheduled to expire on or before January 31, 2010. Servicers may not cancel an active HAMP trial modification during this period for any reason other than failure to meet the HAMP property eligibility requirements. If you're in a HAMP trial period or have been kicked out of yours, you MUST read this post NOW!!!
Continue reading...Mortgage Modification Conversion Drive – Part 2
Monday, December 28, 2009
The new Obama Mortgage Modification Conversion Drive includes more servicer accountability, web-based tools for borrowers, and engagement of local and state agencies; but will it be any better for borrowers in the end?
Continue reading...Obama administration Kicks off Mortgage Modification Conversion Drive
Saturday, December 26, 2009
The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) kicked off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration's Home Affordable Modification Program (HAMP) convert to permanent modifications. Come to the site to see what it means for you and your modification.
Continue reading...Home Affordable Short Sale Program – Will it Help You?
Wednesday, September 30, 2009
I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.
Continue reading...Programs for Foreclosure Mediation
Tuesday, September 29, 2009
Summary of 22 state/local programs that establish some type of foreclosure diversion program requiring lenders to engage in mediation, conciliation, or a settlement conference. Summaries include a general program description and lender and borrower obligations under the program.
Continue reading...Home Affordable Program for Short Sale & Deed in Lieu?
Friday, September 11, 2009
According to Housingwire.com, Congress expects to put out a program similar to the Home Affordable plan to help homeowners trying to short sell their home or give it back to the bank through a deed in lieu. And they expect to have the details out by late this month...come to the site to see what it may mean for you and me as we try to short sell...
Continue reading...Hope for Homeowners Equity Sharing
Wednesday, June 10, 2009
If your lender agrees to work with you and refinances you through the HOPE for Homeowners program, you must share both the equity they initially create as well as any price appreciation that comes from selling. See what this means to you with actual examples...
Continue reading...- Todd: The bottom line is that once the home is sold, it'...
- Todd: First of all, just because the bank says you CAN s...
- Todd: I'd recommend going to your state attorney general...
- Jane Stewart: Dear Todd, We got behind on our mortgage and was ...
- D Weaver: I applied for the Home Modification program last m...
Wednesday, April 11, 2012
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