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Fannie Mae Deed for Lease: Rental Policy FAQ’s

by Moe Bedard

Deed for Lease™ (D4L) – Frequently Asked Questions
Q1.What are the terms of the lease?
Fannie Mae will offer lease terms of up to 12 months at market rates.

Q2. How are investor properties with tenants handled?
Once the servicer determines that a borrower is eligible for deed-for-lease consideration, the servicer will discuss the possibility of a D4L with [...]

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Will our government ever help Main Street homeowners?

by Moe Bedard

The number of government programs that have come out of Washington DC over the last three years and have done absolutely nothing to truly help homeowners has been a ongoing joke here on my blog and over in my forum with over 19,000 homeowner members.
We have seen the Hope Now committee give us Hell Now. [...]

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Loan Modification Program – Get the facts & info you need to save your home!

by Moe Bedard

Over the past couple years many mortgage programs have came from Washington DC to try and help struggling homeowners with thier toxic loans. Programs were announced such as FHA Secure, Project Lifeline, Hope Now etc, but none of these were much help to struggling homeowners.
I wrote about all these failed programs in my blog post [...]

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No help from Hope Now & I got scammed for $2995, HELP!!

by Moe Bedard

This plea for help from a homeowner that emailed this morning seems to be  the same old emails and comments I received back two years ago when I started this blog. People are STILL NOT getting help from their mortgage servicers, they are also not obtaining good representation through Hope Now or  995 Hope and they are getting [...]

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Are homeowners getting REAL help or just the SAME old BS?

by Moe Bedard

From a Countrywide/Bank Of America Mortgage Holder:
Since I’m 55 and have lost most of my retirement fund, and am facing age discrimination in the job market, I don’t feel like I will be able to retire in the US, and Mexico is cheap but too dangerous/corrupt. I’m thinking of selling everything soon and moving to [...]

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Stabilizing the Housing Market: Focus on Communities

by Moe Bedard

To help those distressed households for which foreclosure can be prevented, servicers must implement effective and sustainable modifications. Key private and public steps toward preventing unnecessary foreclosures have already been taken, but much more must be done. While community bankers typically do not have large portfolios on which to perform wholesale modifications, I would urge you to be sure that you are making reasonable accommodations whenever possible to keep homeowners in their homes.

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Washington Foreclosure Flops: New Washington Efforts Will Fail Without Mortgage Servicer Regulation

by Moe Bedard

Many people wonder why lenders and mortgage servicers are not helping struggling homeowners as much as they should. Please read below and I’ll try and help you understand.
I have been researching mortgage servicers and analyzing what they will and will not do during the loan modification process for almost two years. So, I thought that [...]

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Do it Yourself Mortgage Modifications | Free Tools, Free Help and Safe Websites

by Moe Bedard

You obtain a mortgage modification on your own for free or without buying a book!I have proven over the last year and a half that homeowners can get a loan modification on their own. If you visit my forum, www.LoanSafe.org, you will see over 200 documented successful stories of people just like you who have [...]

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FDIC Loan Modification Program | Loan Mod in a Box

by Moe Bedard

After months of sitting on the sidelines, hoping that private lenders would take advantage of government programs such as HOPE for Home Owners and the FHA Secure, the Federal Deposit Insurance Corporation (FDIC) and Sheila Bair are leading the home saving charge in Washington.
This week the FDIC has put forth a model loan modification plan [...]

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Hope for Homeowners: Will it Help You?

by Moe Bedard

The Hope for Homeowers (H4H) program has been launched and as I have mentioned before here on LoanWorkout, I am very apprehensive as to what this will do for struggling homeowners on Main Street. The reason I am looking at the H4H so pessimistically is because it still leaves lender and mortgage servicer participation in [...]

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Real Estate Short Sales the Right Way with Loan Safe

by Moe Bedard

By Moe Bedard
If you find yourself in a difficult real estate situation where your home and loan is upside-down, don’t fret, a short sale might just be the answer to help cure your mortgage woes. In today’s market, it is imperative that you take a step back from all of the noise to reflect upon [...]

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The Year of Foreclosure Prevention Flops

by Moe Bedard

Looking back over the last year, I can’t help but notice the ridiculous amount of clever names used by our government and other consumer advocates in relation to homeowner foreclosure assistance and relief.
The latest Hope for Homeowners program has met little fan fare on this blog because quite frankly, I feel it is just the [...]

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The Mortgage Servicing Sector Has Failed & Is In Complete Chaos

by Moe Bedard

The facts remain that without provisions mandating loan workouts and loan modifications, increased regulation on mortgage servicers, servicer accountability and without complete 100% control of these mortgages, themselves, this bailout plan WILL NOT work.
Well, at least for the people on Main Street losing their homes.
The proposed $700 bailout proposed by U.S. Treasury Secretary Henry Paulson, in [...]

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Safe Tools to Help You Through the Foreclosure Process From Loan Safe

by Moe Bedard

By Moe Bedard

The foreclosure process moves fast and in order to make it through this unforgiving time frame, you need to have a plan. The best mindset for anyone in this situation is to hope for the best and plan for the worst because there are no guarantees of success when attempting to negotiate with [...]

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Paulson on US Housing Market Before the FDIC on Mortgage Lending

by Moe Bedard

July 8, 2008
hp-1070
Remarks by Secretary Henry M. Paulson, Jr. on U.S. Housing Market before FDIC’s Forum on Mortgage Lending to Low and Moderate Income Households

Washington, DC–Good afternoon. Thank you Chairman Bair for convening this forum, and thanks to all of you for your interest in encouraging responsible lending to low and moderate income households.

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Remarks by Secretary Henry M. Paulson, Jr. on the U.S. Economy, Housing and Capital Markets

by Moe Bedard

May 16, 2008
HP-981Before the Washington Post 200 Lunch
Washington – Thank you, Len. Over the last forty years, Washington has transformed into a diverse corporate center. Congratulations to the Post for recognizing this through their annual list of 200. And I am pleased to join you and represent the “old” Washington, the less than ten [...]

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Remarks by Secretary Henry M. Paulson, Jr on Current Financial and Housing Markets at the US Chamber of Commerce

by Moe Bedard

 March 26, 2008
HP-887Washington – Thank you for inviting me to address your Capital Markets Competitiveness Conference. We share a commitment to competitive markets, and Treasury will soon release a Blueprint for Regulatory Reform that proposes a financial regulatory framework which we believe will more effectively promote orderly markets and foster financial sector innovation and competitiveness.
As [...]

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Treasury Releases Blueprint for Stronger Regulatory Structure

by Moe Bedard

March 31, 2008
hp-896
Washington- The U.S. Treasury Department today released its Blueprint for an improved financial regulatory structure, one that strengthens consumer protections, improves tools for market stability and enhances financial innovation. Treasury’s Blueprint for a Modernized Financial Regulatory Structure presents a series of short-, intermediate- and long-term recommendations for reform of the U.S. regulatory structure. [...]

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Clinton Calls For Bold Action To Halt Housing Crisis

by Moe Bedard

Plan Would Help Families Avoid Foreclosure And Unfreeze Mortgage Markets
Hillary Clinton delivered a major speech in Philadelphia today on the state of the American economy and announced a four-point plan to stem the tide of home foreclosures, which has been a key driver in the weakening economy. Her plan includes new action to help at-risk [...]

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Fact Sheet: Taking Responsible Action to Help Homeowners and the Economy

by Moe Bedard

 President Bush Sets Forth Principles For Appropriate Government Action To Address The Economy And Housing Market
Today, President Bush delivered remarks at the Economic Club in New York and discussed the appropriate role the government must play to strengthen the economy and protect our communities. 
The U.S. economy is structurally strong, but we are experiencing a period [...]

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Need Help With Your Mortgage or a Loan Modification?

by Moe Bedard

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 sole purpose of assisting homeowners who are struggling with their mortgages to find the “real deal” [...]

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All Aboard the Countrywide Foreclosure Bus Tour

by Moe Bedard

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 the new sick “for profit” service known as “foreclosure bus tours”.
First they had “Flip This House” [...]

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Will Project Lifeline be Another Foreclosure Flop?

by Moe Bedard

First we had the FHA Secure loan that was “supposed” to be a life raft for hundreds of thousands of homeowners. Then we had the Hope Now coalition led by US Secretary Paulson and his army of lenders that took out their freeze guns and placed a “limited” amount of loans in a “secret” freezer [...]

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Mortgage Bankers’ Defense Remains Unconvincing: Voluntary Foreclosure Prevention Is Not Working

by Moe Bedard

DURHAM, N.C., Jan. 31 /PRNewswire-USNewswire/ — Recently the Center or Responsible Lending (CRL) released an analysis showing that during the third quarter of 2007, mortgage lenders initiated foreclosures seven times more requently than they modified mortgages, and 13 times more frequently than they modified problematic adjustable-rate subprime loans. In addition, CRL estimated that under the Treasury [...]

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Foreclosure Prevention and Neighborhood Preservation – Secretary for Domestic Finance Robert K. Steel Testimony

by Moe Bedard

January 31, 2008    US Treasury Press Room
HP-792Washington -Chairman Dodd, Ranking Member Shelby, Members of the Committee, good morning, I very much appreciate the opportunity to appear before you today to present the Treasury Department’s perspective on “Foreclosure Prevention and Neighborhood Preservation.” These are important and challenging issues; addressing them will require collaborative work on all [...]

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Blame us, the lending industry and Wall Street, we DESERVE it, NOT the distressed homeowner.

by Moe Bedard

By Poppy (30 year mortgage industry veteran and senior underwriter) 
Well, my hat is off to you citizens of America, you have not disappointed me once again.  Just about everyone that responds to the articles in the Newspapers and Media that report on this now widening foreclosure debacle, has in their infinite wisdom, deemed that the distressed [...]

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Countrywide is Fixing Loans and Saving Homes, Finally!

by Moe Bedard

Something strange has happened over in Countrywide land. A weird occurrence and pattern is emerging from the Mozilo camp and it has me a bit baffled. They are actually helping people fix their loans now. Yes, you heard it right. Countrywide has finally put their loan mods where their mouths are.
I would say that before [...]

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In 99 percent of the residential foreclosure cases, plaintiffs are asking the court to accept a promissory note copy as the original because it is presumed lost

by Moe Bedard

 If car dealers can keep track of titles, banks can track promissory notes, Joseph Lents says.
Somebody has been trying to foreclose on Joseph Lents’ Boca Raton home for five years. So far, they have been unsuccessful because he has legally fought them every step of the way.
The original lender, or the assignee, seems unable to [...]

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NeighborWorks America to administer a $180 million national mortgage foreclosure mitigation counseling program

by Moe Bedard

FORECLOSURE PREVENTION COUNSELING EFFORTS RECEIVE BOOST FROM
$180 MILLION APPROPRIATION

NeighborWorks® America Selected to Award Grants to Approved Intermediaries
 WASHINGTON, D.C. – Today NeighborWorks America announced that it was named in the FY2008 Consolidated Appropriations Act to administer a $180 million national mortgage foreclosure mitigation counseling program.
Under the legislation, NeighborWorks America (formally the Neighborhood Reinvestment Corporation) will make [...]

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The FHA Secure Bait and Switch – FHA Clearly Violates Truth in Advertising Laws

by Moe Bedard

By Moe Bedard 
“Thousands Have Switched to FHASecure to Keep Their Homes - Why Not You?” – FHA Website
“only 266 such borrowers have cleared all FHA hurdles, according to data compiled by the Department of Housing and Urban Development that was provided to Reuters” – Reuters
“In only the first 4 months of FHASecure, more than 40,000 households [...]

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President Bush Signs H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007

by Moe Bedard

1:05 P.M. EST
THE PRESIDENT: Thank you all for coming. Welcome to the White House. I’m pleased to sign a bill that will help homeowners who are struggling with rising mortgage payments. The Mortgage Forgiveness Debt Relief Act of 2007 will protect families from higher taxes when they refinance their homes. It will help hardworking Americans [...]

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The FHA Secure Flop and The No Hope Now Plan = 2 Strikes for the Bush Administration

by Moe Bedard

In only the first 4 months of FHASecure, more than 40,000 households have refinanced under the new housing insurance program to protect their families’ investment in the American Dream.  Announced by President Bush on August 31, 2007, along with HUD Secretary Jackson and Treasury Secretary Paulson, FHASecure is already helping thousands of American families, faced [...]

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What are they going to do, put the ‘frig in their car after the foreclosure?

by Moe Bedard

Submitted by Bill H.
I have been an FHA originator for 25 years and I can tell you that the FHASecure is a joke. In order to qualify, the borrower must be diliquent on his mortgage, but all of his other credit must be paid on time. Who in their right mind will pay their Sears [...]

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FHA Secure Flop. Only 266 Borrowers Have Been Assisted!

by Moe Bedard

By Moe Bedard and Aaron Krowne

It has been 4 months since President Bush announced a new refinancing program called the FHA Secure. This new refinancing product was touted as a foreclosure prevention device and viable alternative to homeowners stuck in adjustable rate mortgages as a way “out” of their toxic loan and into a 30 [...]

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Secretary Paulson Prepared Remarks in Orlando, Florida

by Moe Bedard

December 17, 2007
HP-740

 
Orlando, Fla. – Good afternoon. Thank you, Congressman Feeney and thanks to all of you for joining me to discuss the current housing market.
After years of unsustainable home price appreciation and an abundant supply of easy credit, the U.S. housing market is experiencing an inevitable downturn. Here in Orlando, house prices increased by [...]

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Democratic proposal giving bankruptcy judges the power to force loan modifications

by Moe Bedard

Lobbyists Hope Bush Rate-Freeze Plan Prevents Democrats’ Bankruptcy Proposal on Home Loans
December 05, 2007: 06:23 PM EST

NEW YORK (Associated Press) – A White House plan asking lenders and investors to freeze interest rates on troubled mortgages could derail a Democratic proposal giving bankruptcy judges the power to force loan modifications.
Lobbyists for some of the biggest [...]

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American Securitization Forum Outlines Procedures for Servicers to Follow in Streamlining Loan Modifications

by Moe Bedard

By Moe Bedard 
American Securitization Forum, which represents companies that issue mortgage backed securities, as well as investors, loan servicers and rating agencies, issued a 34 page document outlining guidelines for servicers to follow in streamlining refinancing or loan modifications on adjustable rate mortgages that are scheduled to adjust in the next 2 1/2 years.
ASF Executive Director George Miller [...]

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Statement of Center for Responsible Lending in Response to President Bush’s Plan to Address Foreclosure Crisis

by Moe Bedard

From the Center of Responsible Lending December 6, 2007
With 2 million foreclosures predicted over the next two years, the plan announced by President Bush for targeted loan modifications for some subprime borrowers is a positive, but very limited, first step. CRL estimates the President’s plan will only help about 7% of subprime borrowers—about 145,000 families—because of the program’s [...]

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Despite Lender Rhetoric, Modifications to Date Have Been Limited

by Moe Bedard

 Paul Leonard, California Office Director for the Center for Responsible Lending in recent testimony said;
Despite Lender Rhetoric, Modifications to Date Have Been Limited
For months now, many large servicers have been trumpeting their efforts to contact borrowers facing resets early and to offer aggressive loan modifications. To date, however, the reality of results has not matched the [...]

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Is Chase the True Leader of Loan Modifications and Loss Mitigation for Homeowners?

by Moe Bedard

By Moe 
I have to say that I have been quite impressed with Chase and their advancements they have made without having to agree to any political persuasion. It appears that they are doing things their way and they are not waiting for any Hope Now agreements or political persuasion.
In fact I believe that they should [...]

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Fast & Sleazy – Schumer is on Mozilo’s A$$ Big Time

by Moe Bedard

By Moe
The honorable Senator Charles Schumer has a bone to pick with Angelo Mozilo and Countrywide Financial. It appears that he isn’t buying these BS press releases that have been coming out over the last couple months or so and he isn’t going to roll over and play Mr. nice senator–especially when this company was [...]

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Loss Mitigation Phone Numbers

by Moe Bedard

This is the most complete list of lender loss mitigation contact information on the internet. It is sorted in alphabetical order. If you have some information on your lender or different contact info that I am not privy too or I have a wrong number or web address then please let me know so we [...]

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Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure

by Moe Bedard

Sacramento, California – Governor Schwarzenegger Discusses Ways to Help Homeowners Avoid Foreclosure in his radio address.
Hi, this is Governor Arnold Schwarzenegger with another California Report.
Thanksgiving was Thursday and all across California, people gathered in their homes with friends and family to share a meal, give thanks and build memories that last a lifetime.
But in too [...]

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Many Lenders Pay Lip Service When it Comes to Loan Modifications, Even When They Caused the Borrowers Problems

by Moe Bedard

By: Nathan Fransen, Esq.
I am an attorney practicing in California, representing consumers against lenders.  I want to share a story that is unfortunately all too common.
A client came to me with what I expected would be a problem I could resolve relatively quick.  Approximately two years ago they had refinanced their primary residence.  They had [...]

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GOVERNOR SPITZER AND ATTORNEY GENERAL CUOMO ADVANCE INITIATIVES TO ADDRESS IRRESPONSIBLE HOME LENDING PRACTICES

by Moe Bedard

FOR IMMEDIATE RELEASE:
November 8, 2007
GOVERNOR SPITZER AND ATTORNEY GENERAL CUOMO ADVANCE INITIATIVES TO ADDRESS IRRESPONSIBLE HOME LENDING PRACTICES
HALT Task Force Expands Efforts to Address Subprime Lending Crisis
Governor Eliot Spitzer today met with Attorney General Andrew Cuomo and members of the Governor’s Halt Abusive Lending Transactions (HALT) Task Force to address the subprime and foreclosure crisis [...]

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