Posts tagged as:

making home affordable

Riding the loan modification roller coaster

by Moe Bedard

The problem is, Oakland County resident Tracey Briggs said, people aren’t getting the help they need; rather, she said, many banks are giving homeowners the runaround — in her quest to save her family’s home through HAMP, Briggs said, her lender kept “losing” documents and refused to help until she got an attorney.

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Reports on the Home Affordable Modification Program are “glossing over disappointing results”

by Moe Bedard

March 17 (Bloomberg) — The Obama administration is inflating the success of programs that prevent foreclosures by skewing data on loan modifications and revising the goals, according to House Republicans.

Reports on the Home Affordable Modification Program are “glossing over

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5 states rush foreclosure plans for $1.5 billion in housing aid

by Moe Bedard

PHOENIX—The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month.

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Government says permanent loan modifications grow by 45%

by Moe Bedard

The Obama administration Friday said its mortgage modification program continued to make progress, with the number of homeowners receiving permanently reduced monthly payments in February increasing by 45% to 168,708.

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Months of trial loan modification limbo, then foreclosure

by Moe Bedard

Ben Mayfield believed he had a deal that would save his dream home from foreclosure.
His mortgage servicer, GMAC, slashed his monthly payment about 70 percent last July after he asked for a loan modification. Mayfield, who is 57

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90,000 borrowers lose mortgage aid under HAMP

by Moe Bedard

About 90,000 distressed borrowers have lost their mortgage aid under the government’s foreclosure prevention plan and many more are at risk of losing the help, according to Treasury data released Friday.

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Appraisers are whining because they are not in Obama’s short sale plan

by Moe Bedard

Real estate appraisers today announced their opposition to part of an Obama administration plan to pay homeowners in trouble to move if they agree to a short sale, saying the program will lead to mortgage fraud.
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Under the plan, which takes effect April 5, delinquent borrowers who couldn’t get a loan modification can get $1,500 to [...]

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Home Affordable Foreclosure Alternatives kicks in April 5th

by Moe Bedard

A new government push to clean up bad home loans could dent bank earnings because the industry may have to take losses on the assets sooner than some investors expect.
The new effort, called Home Affordable Foreclosure Alternatives, or HAFA, kicks in April 5. Some banking and real-estate industry experts see it as a

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Family finally gets approved after a year fighting for a loan modification

by Moe Bedard

A Buffalo family who spent nearly a year fighting for a loan modification through the government’s “Making Homes Affordable” program, just learned they can afford to stay in their home.
Jewel Zwack contacted 5 EYEWITNESS NEWS because she and her 84-year-old mother were facing foreclosure.
She said shortly after she was approved for a trial loan modification [...]

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The birth of a loan modification: It’s an approval!

by Moe Bedard

Mack-Westrom believes KALW’s coverage contributed to the positive outcome. He says a couple days after our story aired, he got a call from a Chase representative saying she had seen his name in association with the bank.
MACK-WESTROM: And she called expressing interest in the file, and just straight offered to work with me through the [...]

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Why making homes affordable is failing

by Moe Bedard

The complaints about the success — or lack thereof — of the Home Affordable Modification Program (HAMP) are getting louder.
By all accounts, the program is far less successful than government officials had hoped. Out of 1 million homeowners who received a temporary loan

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Year of the short sale

by Moe Bedard

But homeowners who are underwater and struggling to offload their homes through a short sale may get relief soon through Home Affordable Foreclosure Alternatives (HAFA). Part of the government’s Making Home Affordable program, HAFA is designed to incentivize borrowers and lenders to avoid foreclosure. It takes effect April 5, lasts through Dec. 31, 2012, and [...]

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The loan modification nightmare continues

by Moe Bedard

The complaints have a common tune. Homeowners say the banks are giving them the runaround — either by pledging to modify loans and then not following through, as with the Davis family, or by signing them up for the trial period and then leaving them in limbo.
“This is an epidemic problem,” said Stuart Rossman, director [...]

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Dennis Kucinich upset at Obama administration for excluding Ohio from $1.5 billion foreclosure program

by Moe Bedard

Rep. Dennis Kucinich and other members of Congress from Ohio on Thursday called the Obama administration on the carpet for excluding Ohio from a new $1.5 billion program to fight mortgage foreclosures.

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Rebublicans claim government foreclosure programs have failed

by Moe Bedard

Republicans say foreclosure aid ‘has failed’
The Obama administration’s chief foreclosure-prevention program “has failed” and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform. The report will be presented at a subcommittee hearing Thursday.

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Lenders may be tempted for another carrot from Washington

by Moe Bedard

Last week, President Obama launched yet another initiative to avert foreclosures, offering $1.5 billion from the $700-billion Troubled Asset Relief Program to housing finance agencies in California and four other states where home prices have dropped by at least 20%. The administration gave states a great deal of flexibility in using the aid, which will [...]

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Government may make changes to mortgage modification program

by Moe Bedard

The U.S. Treasury is considering new guidelines to mortgage lenders that would give distressed borrowers more time to try to qualify for a federal program aimed at averting foreclosures.

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5 states to get $1.5 billion in Fed money to fight foreclosure

by Moe Bedard

LAS VEGAS — President Obama will announce a plan Friday to direct $1.5 billion in taxpayer money to five state housing finance agencies to help them develop new programs for addressing the housing crisis in their communities, according to a senior administration official.
The five states — California, Nevada, Arizona, Michigan and Florida — have been [...]

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Obama Administration Facing Pressure to Retool its Troubled Mortgage Relief Program

by Moe Bedard

The $75 billion program pays lenders to modify the mortgages of troubled borrowers, typically lowering their payments by about $500 a month.
But so far, fewer than 200,000 borrowers have received a permanent change to their loans, according to Treasury Department data released Wednesday, a small fraction of the 3 to 4 million borrowers who government [...]

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New Tsunami of Foreclosures Feared by End of 2010

by Moe Bedard

Reporting from Washington – Experts fear that a new wave of foreclosures will hit this year as prolonged unemployment makes it difficult for millions of homeowners to pay their mortgages — and many of them aren’t likely to get much help from a federal program aimed at keeping them in their houses.

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