Have you applied for a loan modification and felt that your
servicer did not properly review you for HAMP
and other Making
Home Affordable programs? Perhaps your servicer lost your documents or failed
to provide you with the proper update on your file? Well, what are you waiting
for? Escalate your case today and demand...
Showing posts with label Mortgage Trouble. Show all posts
Showing posts with label Mortgage Trouble. Show all posts
Wednesday, January 22, 2014
Thursday, December 12, 2013
12
Dec
A whole new
world of getting a mortgage is coming in the beginning of 2014. You should get
familiar now!!!
To remind
you, in the years before 2008, financial institutions were subject to little
regulation in the United States. Many lenders did not even bother to verify
income or debt before handing over adjustable-rate...
12
Dec
The
Mortgage Forgiveness Debt Relief Act of 2007 has provided relief to thousands
of borrowers who have completed short sales or obtained loan modifications with
mortgage principal reductions. Before this law was enacted, any forgiven mortgage
debt was taxable by the government. For example, if a lender reduced a
borrower’s...
Thursday, October 24, 2013
24
Oct
Are you sick of the unnecessarily long HAMP
application process? Do you have countless loss mitigation initial packages
sitting on your desk at home? Well, good news! Supplemental
Directive 13-09 to the Making
Homes Affordable Handbook, issued on October 18th, 2013, makes
the loss mitigation process more efficient.
Under...
Wednesday, October 16, 2013
Do you know someone who purposely defaulted on his mortgage
even though he had the ability to pay it? Perhaps this person did not want to
waste his hard-earned income on mortgage payments but instead saved up for a
cruise to the Bahamas. Or maybe this person owed more than he originally paid
for the home and did not want...
Tuesday, October 08, 2013
Are you currently applying for a HAMP
loan modification? Then good news! If you are granted a HAMP trial period or
permanent loan modification on or after March 1, 2014, you may have access to
free financial counseling from your servicer!
Currently, Section
6.7 of Chapter II of the MHA Handbook, only borrowers with...
Friday, August 23, 2013
In offering their organized and systematic portal from modifications to Deeds in Lieu and Short Sales hopefully homeowners will realize increased success.
Today, our firm received this email:
------------
Hello Hope LoanPort Partners,
We have responded to request from portal users by adding a robust processing platform...
Thursday, August 01, 2013
01
Aug
2nd Mortgage Modifications - Supplemental Directive 13-05
Treasury just issued Supplemental Directive 13-05, which addresses the scenario of "when a borrower’s first lien is modified under HAMP and the servicer of the corresponding second lien is a 2MP participant, the 2MP servicer must offer to modify or extinguish the...
Monday, June 17, 2013
Pursuant to Supplemental Directive 13-04 of this month, the Making Home Affordable Program, including HAFA (short sales) and HAMP (mortgage mods), is extended through the end of 2015.
Additionally, Supplemental Directive 13-04 simplifies the income documentation requirements under HAMP, by modifications to the rules concerning...
Wednesday, May 01, 2013
01
May
To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here. While reviewing the Handbook you should be aware of the case of Flagstar Bank v. Walker wherein the Court held that the statutory good faith standard for a CPLR 3408 Foreclosure Settlement Conference is compliance with the Handbook. To...
Friday, April 19, 2013
19
Apr
Some information on foreclosure defendants receiving money in the mail, which is being shared by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:
Recently a few clients received a check from their current
or former mortgage lender. Perplexed by this, my clients were a bit hesitant to
run...
Wednesday, April 10, 2013
10
Apr
Today, the Consumer Financial Protection Bureau (CFPB) issued a Small Entity Compliance Guide to the new Ability-to-Repay regulations, which are scheduled to commence effectiveness on January 10, 2014.
To remind our readers, the Ability-to-Repay regulations require loan originators to "make a reasonable, good-faith...
Monday, April 08, 2013
Some information on Freddie Mac's Streamlined Modification program by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:
As of July
1, 2013 Freddie Mac is going to temporarily offer a new type of mortgage
modification called a Streamlined...
Saturday, April 06, 2013
On Friday, 4/5/13, Treasury issued new directives to the mortgage modification process.
To read the Supplemental Directive, click here.
Of note in this directive was a change in the categories for denial that give rise to a servicer's (lender's) inability to conduct a foreclosure sale following a denial. To clarify,...
Tuesday, April 02, 2013
02
Apr
Some information on a great new system for mortgage modifications which is being shared by an Assistant Case Manager at Lieb at Law, P.C., Laura Palermo:
Applying
for a loan modification can be a very frustrating and trying process....
Monday, March 28, 2011
28
Mar
The MARS Rule
This year, the FTC enacted a new rule called MARS (Mortgage Assistance Relief Services) that puts several obligations on anyone negotiating on behalf of a homeowner for a loan modification or short sale. Several disclosures are required about the services and fees.
MARS is defined as a “service, plan,...
Wednesday, February 16, 2011
16
Feb
For the 3rd time this past week the real estate world has been hit with a whopping change for the better. To learn more about the announcement made during Chief Judge Lippman's State of the Judiciary 2011, you can either read a New York Times article by clicking here or the text of the speech by clicking here.
Coupled...
Monday, February 14, 2011
In a great decision for defaulting borrowers, In re Ferrel L. Agard, which can be found by clicking here, the United States Bankruptcy Court for the Eastern District of New York claims to be setting precedent whereby Mortgage Electronic Registration System (MERS) lacks the authority to assign or foreclose a mortgage.
Prior...
Saturday, February 12, 2011
On February 11, 2011, the Obama Administration (through the Department of the Treasury and the Department of Housing and Urban Development) delivered a report to Congress that provides a path forward for reforming America’s housing finance market - LOANS WILL NEVER BE THE SAME.
To read the report, click here.
Key in...
Friday, January 21, 2011
If you are being foreclosed upon and are angry as hell, you should nonetheless think twice before destroying the house to get your revenge. The reason is that destroying the house may prevent you from avoiding the deficiency judgment, in its entirety, in a subsequent bankruptcy. This is talking about the...
