February 2008

SunHerald: Fannie Mae (NYSE: FNM) announced today that, as part of its HomeStay(TM) initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver Advance(TM). HomeSaver [...]

Gov. Martin O’Malley and mortgage industry representatives met yesterday to create a process for loan “triage” in Maryland by which homeowners at risk of foreclosure could be connected with lenders willing to refinance. Eight loan servicers attended the event, including [...]

Until recently, the Bush administration has focused on getting banks and lenders to restructure or refinance home loans, but critics say it is unclear how many people will be helped. Bruce Marks, the chief executive of the Neighborhood Assistance Corporation [...]

It looks like Bush is adamantly opposed to the new bankruptcy bill that will save American homeowners and it is no surprise. The Bush administration is failing the American people is every which way, shape and form. Their interests are [...]

Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a refund if they make a claim within three years of taking out the loan. Statutory damages are limited to $2,000, while actual [...]

RICHMOND, Feb. 26 — Gov. Timothy M. Kaine (D) is planning to announce Wednesday a proposal aimed at regulating high-risk mortgage lenders and stemming the surge of foreclosures that could cause tens of thousands of Virginians to lose their homes [...]

WASHINGTON — Over the opposition of the nation’s lenders, Senate Democrats are seeking a change in the bankruptcy law that they say could keep hundreds of thousands of hard-pressed borrowers in their homes. The proposal, part of the Foreclosure Prevention [...]

The lenders and bankers are fighting the new bankruptcy bill big time because they hate when government meddles in their business. Well, they hate it when it affects their bottom line. But hey, they sure don’t mind  government assistance if it means bailing their butts [...]

Alright staff. I am under investigation by the SEC. Our stocks are down big time. All those toxic loans we made over the last few years are going bad. Our share holders and the media is on my a$$ big time. [...]

LoanWorkout.org is the only blog on the internet dedicated to following what lenders and servicers are “really” doing in regards to their loan modification and loss mitigation efforts. Are you having trouble with your home loan? Has your mortgage adjusted [...]

By Moe Bedard  If you have been looking for mortgage help or assistance with a loan modification, then you have came to the right website for safe and accurate information. This blog and our forum at LoanSafe.org was created for the [...]

Homeowner story submitted by broken and frazzled  I am one of those dead beats in a subprime loan and also upside down on the loan the minute we signed the papers. First of all we tried to talk to someone [...]

I’m sure these comments are from the fraudsters who sit all high and mighty behind their computers. Fat on grease from the fat they have fed upon as they drive their not paid for almost repossessed BMW’s bought by burning [...]

Loan modification story submitted by Momof3boys  Yup, you read that correctly!!!!! WE GOT A MODIFICATION!!!!!!!!!! Home Eq called us today with an offer we COULDN’T refuse!!!!!!!!! Our initial starter rate was 9.95% going up next month….Well, they called tonight and gave [...]

Yes, you heard it right. I compared the mortgage servicing industry to the mob. Loan sharks. Pay up or we’ll break your knees! Well, at least, “pay up or we’ll take your house!” This is business right? You don’t pay, [...]

Ohio needs effective tools to thwart this poison seeping through the community. One such antidote is the plan Ohio Supreme Court Chief Justice Thomas Moyer has backed that would provide free legal representation to some borrowers facing foreclosure. It’s the [...]

Millions of U.S. homeowners who bought homes with sinking value are set to abandon the properties and cut their losses on bad investments, a leading housing market economist said on Tuesday.“We may face something unprecedented … that is a situation [...]

Gov. Martin O’Malley has called for an emergency work session with mortgage companies to hammer out solutions to the foreclosure crisis. Letters have been sent to about a dozen loan companies requesting they attend a summit on Feb. 28. But [...]

Late-fee profits Some say one problem is that mortgage servicers make their money from late fees and other penalties charged to borrowers. “There’s a built-in incentive for the servicing industry to really rip people off,” contends Richard Gaudreau, a Salem [...]

First Countrywide sold you a toxic loan that caused you to lose your home to foreclosure and devastate you financially and emotionally. Now, they are profiting from your misery by touring your foreclosed home with would be Donald Trumps, AKA foreclosure investors, in [...]

Question to Moe from a reader and Countrywide borrower, Melena Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that [...]

Senator Durbin is behind a Democratic Foreclosure Prevention Package that would allow home owners to renegotiate their interest only loan terms.A surprising twenty-four percent of all mortgages in Peoria County are subprime or interest only which is above the national [...]