Loan Modification News

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Ocwen Offering Mortgage Modifications That Restore Equity for Underwater Borrowers But Let Loan Investors Share in Appreciation When Market Recovers

WASHINGTON, Jul 26, 2011 (Source: MarketWatch) — Ocwen Financial Corporation OCN -0.61% , servicer of residential mortgages, has initiated a loan modification program designed to help distressed homeowners who owe more than their houses are worth and, at the same [...]


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Class Action Lawsuits Filed Against Saxon Mortgage Services, Inc. and Ocwen Mortgage Servicing, LLC By Pennsylvania Homeowners

PHILADELPHIA, July 21, 2011 (SOURCE Berger & Montague, P.C.) – The law firms of Berger & Montague, P.C. and Ann Miller, LLC have filed a Class Action complaint in the United States District Court for the Eastern District of Pennsylvania [...]


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New Foreclosure Prevention Law Takes Effect

(Source: kuow) – The state’s new Foreclosure Fairness Act takes effect today (Friday). It requires that distressed homeowners be given the chance to seek mediation before banks can foreclose. Housing counselors say their phones are ringing off the hook as [...]


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State Homeowners Gain New Rights When Facing Foreclosure

(Source: KPIU By Bellamy Pailthorp) – Starting tomorrow, struggling homeowners in Washington have new rights.


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Mediation Efforts Fail To Stem Foreclosure Tide

PRINCE GEORGE’S COUNTY, Md. (Source: MSNBC By Kat Aaron and Mary Kane) — On a hot summer evening, two second-year law students are trudging through the leafy neighborhoods of suburban Prince George’s County, knocking on doors. Toting stacks of fliers, [...]


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Free Legal Clinic On Loan Modification Fraud In The Central Valley

LOS ANGELES (Source: Asian Journals) – The Asian Pacific American Legal Center (APALC), a member of Asian American Center for Advancing Justice, and Fresno Center for New Americans, will provide a free legal clinic on pre- and post-foreclosure rights and [...]


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McGraw Files Suit Against Calif. Loan Modification Co.

CHARLESTON — West Virginia Attorney General Darrell McGraw’s office has taken action against a California-based company for alleged fraudulent loan modification claims.


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17 News Investigation: Homeowner Challenges Bank

(Source: 17KGet) – A Bakersfield homeowner is taking on a bank, in a battle that could have sweeping implications for people facing foreclosure.


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Chase Opens Homeownership Center Near Fort Hood

KILLEEN, Texas, Jul 20, 2011 (Source: MarketWatch) – Continuing its support of military personnel and their families, Chase has opened its newest Homeownership Center near Fort Hood to provide one-on-one help for homeowners struggling with their mortgage payments.


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Mortgage Payment Help Available in Montana

MISSOULA (Source: KPAX by Angela Marshall) – There’s help available for Montana homeowners who are struggling to make their mortgage payments. However, they first must meet some qualifications to be eligible for the assistance.


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Chase Opens Center to Help Struggling Homeowners

(Source: MySanAntonio By Patrick Danner) – JPMorgan Chase & Co., among the nation’s largest mortgage-loan servicers, has opened a San Antonio office to provide help for homeowners struggling to make their monthly mortgage payments.


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Need a Loan Modification? Join Newsday Live Chat at Noon

(Source: Newsday By ELLEN YAN) – “It’s not been dramatically different than what was happening before,” said Joan LaFemina, who runs foreclosure prevention efforts for the nonprofit Community Development Corp. of Long Island.


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Loan Modifications Are Scarce And Even Worse For Borrowers of Color

(Source: California Progress Report By Kevin Stein) – As the nation’s largest banks are paying multi-billion dollar settlements and being investigated by Attorneys General and other regulators, many of their servicing problems and abuses continue to hurt homeowners. A new [...]


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Largest, FREE Foreclosure Prevention Event for South Cook County Happens August 20th, in Matteson at Solutions Church

CHICAGO, July 14, 2011 (SOURCE Neighborhood Housing Services of Chicago) – Neighborhood Housing Services of Chicago (NHS) and Village of Matteson, in partnership with The Chicago Community Trust and Illinois Housing Development Authority, are co-hosting the “Keep Your Home” FREE [...]


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Home Loan Modification Hard to get, Report Says

(Source: The Press Enterprise Leslie Berkman) – California  homeowners continue to have trouble getting home loan modifications that stick under the Obama Administration’s Home Affordable Mortgage Program, according to a report released Tuesday by the California Reinvestment Coalition, a consumer [...]


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Mortgage Loan Modifications: Be on the Lookout

(Source: ABC News By LINH TRAN) – Being rewarded for doing the right thing is nothing unusual but hard to believe when big banks are the ones doing the rewarding.


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Free Homeowner Counseling Event in San Diego on July 16th

(LoanSafe.org) – Homeowners who need dire assistance should come to this free. Families and walk ins are most very welcomed. Save hundreds of dollars in pro-bono legal sessions to learn your legal rights that you have for your financial hardship.Come [...]


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Report: Foreclosure Prevention Program a Failure

(Source: The Bay Citizen By Aaron Glantz) – The Obama administration’s flagship anti-foreclosure program is failing California homeowners.


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When Banks Voluntarily do Principal Reductions

(Source: Reuters) – The holy grail of mortgage modification is principal reduction — the only thing which gets homeowners out of negative equity hell. And one of the big questions is why it’s not more common: it seems to make [...]


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Hundreds in Hollywood Wait in Line for Help to Save their Homes

(Source By Donna Gehrke-White, Sun Sentinel) – HOLLYWOOD Some homeowners emerged jubilant from the Westin Diplomat Resort on Monday, snagging instant mortgage modifications during a daylong event in Hollywood.


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Wells Fargo to Help Central Valley Customers Facing Mortgage Payment Challenges

MODESTO, Calif., Jul 11, 2011 (Source: Market Watch) — Wells Fargo & Company WFC +0.84% announced today it is hosting a free workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing [...]


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Foreclosure Defense – One for Our Side!!

(Source: jacksonville) – There once was a man who had been working with his home loan servicer and had gotten a trial modification.  He sent in all his documentation for the permanent modification, but then the servicer said, “You scratched [...]


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Putting Brakes on Foreclosure

(Source: Chicago Tribune) – Q: I have been working with my bank on a loan modification, but just received a notice of foreclosure. I contacted the lawyer who is handling the foreclosure process, but she said she is acting on [...]


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Jobless Homeowners Could Get Mortgage Reprieve

(Source: Derek Kravitz, Associated Press) – The Obama administration is making it easier for out-of-work homeowners to stay in their homes, as it tries to revamp its troubled foreclosure-prevention program.


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Court Says Lender Must Face Suit Over Loan Modifications

(Source: Boston Globe By Jenifer B. McKim) – Bank of America Corp. lost a bid yesterday to dismiss a series of legal challenges filed by financially troubled homeowners in 19 states after a US District Court judge in Boston ruled [...]


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Obama Says “Back to the Drawing Board” on Mortgage Help

(Source: CBS News By Stephanie Condon) – President Obama said today that his administration is “going back to the drawing board” for ways to help homeowners struggling in the poor housing market.


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Big Banks Sued for Botching Loan Modifications

LOS ANGELES (Source: Oregon Live By the Associated Press) — It seemed Maria Campusano’s financial problems were behind her when the mortgage on her Victorian home in a Massachusetts mill town was chopped by hundreds of dollars a month.


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Program to Deter Foreclosures in Maryland is Less Successful Than Anticipated

(Source: The Washington Post By Ovetta Wiggins) – Louise Golden, 79, recently stood at the front door of her tidy brick split-level in Lanham, still shocked to hear the terms of the refinancing agreement she and her now-deceased husband, Stanley, [...]


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Shareholder Wants Goldman Execs Canned

MANHATTAN (Source: CN By DAN MCCUE) – Goldman Sachs’ top dogs failed to take corrective action before and after the collapse of mortgage-backed securities touched off the global financial crisis, exposing the firm to billions of dollars in liabilities, shareholders [...]


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Treasury Slams Big Banks’ Mortgage Modifications

(Source: By Julie Schmit, USA TODAY) – The nation’s largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government’s foreclosure prevention program and need “substantial improvement,” the Obama administration said Thursday.


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