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Mortgage Help

Homeowners Rent Out Rooms to Stop Foreclosure

by Moe Bedard

While renting out a room has been around for years, especially in the South Bay’s Latino neighborhoods, sharing a home in order to save it has become an increasingly popular way to hang on to the front-door keys to the American dream.

“I’m up against a wall and I had no other place to turn for [...]

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Family left on the street after loan modification nightmare

by Moe Bedard

In the middle of the fierce storm that pounded Southern California last week that momentarily displaced some homeowners, Blanca Ordoñez was going through a more serious tempest.
On Tuesday January, 20, Ordoñez and her two daughters, Clair and Genesis, were forced out of their Panorama City home after sheriff’s deputies showed up with an eviction notice [...]

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Loan modifications don’t always stop foreclosure

by Moe Bedard

LAKEWOOD, Colo. — Imagine modifying your home loan only to have your house taken from you three months later.

That’s the reality for one Arvada family.
After the modification, Bank of America sent them a letter saying the bank had bought the home back and they were being evicted.

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Angry Orange County homeowners fill foreclosure workshop

by Moe Bedard

About 500 people attended two sessions of a foreclosure-prevention workshop with loan counselors and bank representatives Saturday at the city’s Community Center, according to HomeOwnership Center director Clemente Mojica. A long line stretched around the center as homeowners checked in.
The mayor called it a sign of the times.
“Just a couple years ago, you’d be lucky [...]

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Treasury says loan modifications are improving

by Moe Bedard

Reporting from Washington – After a month of intense pressure on banks and other mortgage servicers, the Obama administration on Friday reported improvement in its much-criticized program to reduce mortgage payments to stave off foreclosures.
The number of temporary loan modifications that were made permanent

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6.5 million American are suffering sleepless nights, every night, wondering if they will have a home tomorrow

by Moe Bedard

In a day’s worth of testimony, no one took issue with this happy scenario presented by the grateful bankers until Julia Gordon, a housing expert from the Center for Responsive Lending, took the stand and dove straight in.
“The bankers touched upon their sleepless nights at the height of the crisis. Today, 6.5 million American are [...]

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New Mortgage Rules to Help Borrowers at Closing

by Moe Bedard

The main change is how lenders communicate fee information to borrowers. Under the old system, there was no standardized format. “Fees were communicated in multiple ways, which adds to the confusion when comparing costs,” says Keith Gumbinger, a vice president at HSH Associates, which tracks the mortgage market. Under the new rules, lenders will all [...]

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The Long Road of Loan Modifications

by Moe Bedard

For the record, mortgage lenders aren’t required by law to cut mortgage principals as part of loan modification deals. Principal reductions are only one item on the government loan modification menu, along with extending the term of the loan and lowering the loan interest rate.
But data is beginning to emerge that suggests banks make out [...]

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Homeowners Plead for Help from Abusive Mortgage Servicing

by Moe Bedard

Loan servicers act as middlemen between borrowers making mortgage payments and investors who own their loans.  It’s the loan servicing company that is responsible for  managing the loan. Though they play a crucial role in the subprime mortgage mess, they continue to have virtually no oversight. The mortgage servicing industry is currently unregulated, equating to [...]

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Why are banks slow to offer loan modifications?

by Moe Bedard

Why do you think that the banks are dragging their feet? Here’s the shocking secret – it’s called a “Shared-Loss” agreement. This agreement is with the FDIC, the government insurer. FDIC has this same agreement with around 50 banks. A couple of years ago a bank would do anything rather than get a foreclosed property [...]

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The Loan Modification Hamster Wheel

by Moe Bedard

I worked out a modification with my loan servicing company, and a third-party loan counselor was involved as well. I signed the paperwork, made the down payment on time and then made the first payment according to the agreement.
But this week I received a letter from a law firm that said I had 90 days [...]

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Homeowners Face Stacked Deck

by Moe Bedard

Homeowners facing foreclosure who have been the victims of fraud have little hope of obtaining justice or financial restitution. That was the message of Lionel Ouellette, executive director of the New York City-based advocacy group Changer. He was speaking to a grim-faced group of about thirty Hispanic and African-American homeowners at a community center in [...]

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More Loan Modification Horror Stories

by Moe Bedard

My story is not unique. I was able to stop foreclosure (only days before the trustee sale) temporarily by filing a complaint with my state attorney general. However, I still have not received a permanent modification and my lender continues to claim paperwork that I have provided is missing.

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Litton Loan Services Nightmare

by Moe Bedard

Submitted by a Homeowner: Well guys I am fighting back and fighting angry.
If you guys have not done so if you have your account on line I strongly urge each and everyone of you to print and keep all documents. I have the BBB involved Texas, as well as the attorney general Iowa Senator Harkins office [...]

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Prime Loan Borrowers Struggling to Survive

by Moe Bedard

Kathy Schwed spends her days teaching special education. She spends her nights caring for her 11-year-old triplets, two of whom have autism. There isn’t much free time in between.
What time she has, though, has been spent trying to convince Sovereign

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The Homeowner HAMP Limbo Game

by Moe Bedard

More than 700,000 homeowners are in three-month “temporary” trial loan modification plans, but mortgage servicers have managed to convert only 31,382 to permanent  modifications, according to the Treasury Department’s November report released today.   
Given that the industry voluntarily modified, permanently, more than 100,000 mortgages per month just before HAMP was announced, these results are abysmal.  [...]

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Modifying Loans Isn’t As Easy As It Sounds

by Moe Bedard

But, also like many Americans, Leahy has hit a snag in converting her loan.
The bank says she should qualify but has yet to process her paperwork. Now a collection agency has started to circle her home, saying she has until Jan. 4 before it goes up for sale.

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Some Homeowners Can’t Get Help

by Moe Bedard

To qualify for a reduced mortgage, borrowers must first make three reduced payments under a trial program. To receive a permanent fix, borrowers must also provide a hardship affidavit and other documents.
But many borrowers complain that it is difficult to get a permanent loan modification even after making required trial payments.
Roughly 375,000 borrowers are on [...]

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66 Reasons Why You Will Be Denied a Loan Modification

by Moe Bedard

Many homeowners are being denied loan modifications and for most, it is certainly not their ability to pay an affordable interest rate or not having a job. Many of the homeowners who are getting denied can pay and have jobs.
So, my friends over at our forum, LoanSafe.org figured that these 66 reasons must be why homeowners are getting denied help from their [...]

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Wall Street Profiting From Homeowners Again

by Moe Bedard

As millions of Americans struggle to hold on to their homes, Wall Street has found a way to make money from the mortgage mess.
 
Investment funds are buying billions of dollars’ worth of home loans, discounted from the loans’ original value. Then, in what might seem an act of charity, the funds are helping homeowners by [...]

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