Posted June 7th, 2010 by admin
Bank of America has been busy the last few years offering loan modification plans to their Countrywide clients who did not qualify to refinance. Foreclosure lawyers across the nation have been coming at BofA ever since they purchase Countrywide Home Loans, Inc. BofA agreed to pay $108 million to settle Federal Trade Commission charges that [...]
Tags: bankruptcies, Foreclosure Lawyers, foreclosures, mortgage modifications
Posted January 27th, 2010 by admin
The New York Times has run a couple of articles in recent weeks about whether it makes sense to walk away from a mortgage that is bigger than the house is now worth. In a recent paper cited in an article on Sunday, “Underwater, but Will They Leave the Pool?” a University of Arizona law [...]
Posted September 1st, 2009 by admin
Since the housing crisis began, Arizona loan modification companies have made headlines from a range of loan modification scams. Local TV affiliate ABC 15 reported that Governor Jan Brewer recently signed into law legislation that will force those who work in this industry to have background checks and receive 20 hours of training. According to [...]
Posted September 1st, 2009 by admin
The state of Ohio charges are the result of an 18-month investigation by the Cuyahoga County Mortgage Fraud Task Force in conjunction with the Ohio Organized Crime Investigations Commission. Some 41 people and four companies have been indicted for engaging in a massive mortgage fraud scheme to purchase 453 homes using $44 million worth of [...]
Posted July 21st, 2009 by admin
According to Loan Modification Expert Jeff Morris, “Lenders are granting a very high percentage of loan modification requests.” The Law firm that negotiates most of my loan workouts recently informed me that CITI, WAMU, Chase, BofA, Countrywide, and Indy Mac are extending high volumes of loan modification agreements to struggling homeowners that can demonstrate a [...]
Tags: Jeff Morris, law firm, loan modification, loan modification agreements, Loan Modification Expert, loss mitigation
Posted March 17th, 2009 by admin
Details released by the Obama administration last week about its loan modification initiative, the Home Affordable program, contains FHA loan guidelines for incentive payments in FHA’s HOPE for Homeowners refinance program, but the payments won’t be possible without further legislation.
The Home Affordable loan modification program maintains a specific criteria so it is imperative to [...]
Posted March 8th, 2009 by admin
The Obama administration launched a housing rescue plan a few days ago that’s designed to address the problems at the root of the recession. It includes providing incentives to financial institutions that extend loan workouts or refinance loans. Many experts working on the front lines of the foreclosure crisis are hopeful that it can make a difference.
The [...]
Tags: foreclosure crisis, loan workouts, refinance loans, restructure loan terms
Posted February 9th, 2009 by admin
Ronald D. Roup, Esq. Legislative Chairperson UNITED TRUSTEES ASSOCIATION
Q1. — When does this bill take effect and become law?
A1.- SB 1137 passed the California Senate and Assembly as urgency legislation to take effect upon execution by Governor Schwarzenegger in an effort to help California homeowners prevent foreclosure with a loan modification.. The Governor signed the [...]
Posted February 9th, 2009 by admin
Nearly 2.4 million homeowners nationwide have lost their homes to foreclosure since the housing market went bust a little more than two years ago and it’s nowhere near over, says real estate analyst Jack McCabe, CEO of Deerfield Beach-based McCabe Research & Consulting. “Based upon what the federal government does or doesn’t do to help [...]
Posted February 3rd, 2009 by admin
Loan modification agreements have been “re-defaulting” at an alarming rate.
According to the federal Office of the Comptroller of the Currency, 58% of mortgage loan modifications done in the first quarter of this year have re-defaulted, and fell delinquent within the first eight months of the year. Diana Olick, CNBC’s real estate correspondent, believes the government [...]
Tags: foreclosure crisis, mortgage loan modifications
