Posts tagged as:

MORTGAGE ASSISTANCE

Few Getting Loan Modifications

by Moe Bedard

Only a tiny percentage of troubled homeowners have received permanent modifications under President Obama’s foreclosure prevention plan, raising concerns about the effectiveness of the $75 billion effort.
Fewer than 5% of the trial modifications on loans owned or guaranteed by Freddie Mac were converted to long-term adjustments as of Sept. 30, according to the mortgage finance [...]

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Counseling Helps Homeowners Avoid Foreclosure

by Moe Bedard

Troubled homeowners who receive housing counseling are 60 percent more likely to avoid foreclosure and have their mortgage payments lowered significantly than borrowers who navigate the process themselves, according to a study to be released Wednesday.
The study, by the D.C.-based Urban Institute, examines the effectiveness of the government-funded National Foreclosure Mitigation Counseling program, established in [...]

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The Faces of Loan Modification

by Moe Bedard

“This went on for months,” she said. “I would return their calls saying I was undergoing a mod. They would say they didn’t know anything about it and to call their loss mitigation department. I would call loss mitigation and they would say that yes, my records showed I was under the three-month period and [...]

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California Attorney General Brown’s Letter to Banks & Loan Servicers

by Moe Bedard

The foreclosure crisis continues to plague California homeowners who are trapped in mortgages with exploding monthly payments. While the economy is beginning to improve, homeowners desperate to save their homes have seen little relief. And analysts predict that foreclosures will continue to worsen, particularly as Pay Option ARMs begin to recast.
Economists estimate that about one [...]

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Banks and Delinquent Borrowers: The Chickens Are Coming Home to Roost

by Moe Bedard

Never mind that Bank of America seemed to think it was “entitled” to tens of billions of taxpayer dollars. Now the bank suddenly thinks that other people being “entitled” is such a bad thing? Who set the example?
The article also cites a disturbing trend:
On a recent morning, Tiffany Palmer was on the line with a [...]

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Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners

by Moe Bedard

Having legal help can be the difference between people keeping their homes and being evicted. A lawyer can stop foreclosure proceedings or put enough pressure on lenders to get them to rework the terms of the loan. A lawyer can also intervene in other ways, such as enforcing consumer protection laws or spotting legal violations [...]

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Mortgage relief hard to come by

by Moe Bedard

Orion Wisness tried to control his temper as a Wells Fargo representative delivered the bad news: No, Wisness did not qualify for a new federal program that would give him a break on his monthly mortgage payments.
Five months had passed since Wisness, 35, lost his job at a Minneapolis law firm and asked to enroll [...]

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Mortgage-modification program questioned, protested

by Moe Bedard

Protesting near the National Constitution Center, where a congressional panel yesterday tried to gauge the progress of homeowner-rescue programs, Aponte said his lender had agreed to modify his mortgage, then had withdrawn the offer.
“They said that without a job, how could I pay even that?” Aponte said. “They’re right, but it isn’t fair.”
That opinion was [...]

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Small details sometimes hinder help on mortgages

by Moe Bedard

The community groups said disparate banking practices and inefficiencies have led to delays in approvals, clogged the pipeline, curtailed the success of loan mod programs.
Eileen Fitzgerald, chief operating officer of NeighborWorks America, said it can take as long as two hours to reach a mortgage servicer. Some homeowners send in documentation, but are asked to [...]

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Emergency mortgage assistance programs for homeowners

by Moe Bedard

Millions of homeowners are looking for immediate help to stop foreclosure. They just do not have time to play games for months on the phone and they need legitimate emergency mortgage assistance programs NOW!
If you came across this blog, the good news is that I have the most current list of available free services that [...]

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Attention Abused Homeowners: Please contact the FTC and report your mortgage servicer

by Moe Bedard

Are you trying to get loan modification or short sale assistance from your mortgage servicers and all you are getting  is used and abused? Has your mortgage servicer or their employees lied to you? Does your mortgage servicer keep losing your paperwork and is giving you the 2-3-6  plus month run around? Are you afraid of losing your [...]

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