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Mortgage Servicers

Foreclosures crisis caused by investors. And lenders. And politicians. And buyers.

But a St. Petersburg Times analysis of thousands of foreclosures in Hillsborough County, which has one of the highest default rates in Florida, shows individual homeowners are getting too much of the blame.
The truth is that real estate speculators and revenue-hungry local governments bear just as much of the responsibility — and maybe more — [...]

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California AG Brown Demands the Banks & Mortgage Servicers Foreclosure Plan

Brown Calls on Banks and Loan Servicers to Detail Plans to Stem New Wave of Foreclosures

Los Angeles – Concerned about a “new wave” of foreclosures, Attorney General Edmund G. Brown Jr. today called on ten major banks and loan servicers to detail their plans to assist homeowners facing dramatic monthly payment increases on Pay [...]

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Congresswoman Maxine Waters Calls for More Class Action Lawsuits to Prevent Foreclosures

Washington, DC – Congresswoman Maxine Waters (CA-35), Chairwoman of the Financial Services Subcommittee on Housing and Community Opportunity, recognizing the impact foreclosures are having on the country, called on the attorneys general from the nation’s 50 states to bring suit against lenders in order to force more loan modifications.

“We need aggressive action to force lenders [...]

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Cheaper to foreclose than offer loan modifications

New Report Describes How Little Noticed Incentives Prompt Banks to Deny Relief to Homeowners
BOSTON, Oct. 20 /PRNewswire-USNewswire/ — Why have several recent programs designed to encourage loan modifications failed to slow America’s
still-worsening home mortgage foreclosure crisis? A new report from the
National Consumer Law Center (NCLC) discloses that mortgage servicers -
including many large banks – have [...]

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Customer DIS-Service: The Unspoken Reason for the Continued Collapse of the U.S. Housing Market

If it’s this hard for a housing counselor, what is the poor homeowner supposed to do? “Call a nonprofit, HUD-approved housing counselor,” say all the government brochures and broadcast public service announcements. But housing counseling agencies like ours cannot possibly handle the flood of calls for help we receive on a daily basis. Thousands of [...]

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FORECLOSURE MEDIATION PROGRAMS’ POTENTIAL TO HELP HOMEOWNERS NOW IN JEOPARDY DUE TO LACK OF INDUSTRY ACCOUNTABILITY

NCLC Looks at 25 Programs in 14 States: CA, CT, FL, IN, KY, ME, MI, NV, NJ, NM, NY, OH, OR and PA; Mediation Programs Seen as Faltering For Same Reasons as Struggling Federal Voluntary Foreclosure Modification Efforts.
WASHINGTON, D.C.///September 23, 2009///A spate of new state and local programs that have emerged over the last year [...]

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Helping homeowners?

Lenders are not moving quickly enough to do their part and refinance mortgages
In March, Phoenix homeowner Bobbi Giguere started asking her mortgage company, Wells Fargo, to modify her loan. She since has gone rounds with the company, trying to provide information and get an answer.
As The New York Times recently reported, it took bankruptcy Judge [...]

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Ohio Governor backs lawsuits against mortgage servicers

Ohio Gov. Ted Strickland said on Thursday he backed the state attorney general’s efforts to sue mortgage servicers who fail to work with troubled borrowers to avoid foreclosure.
“For those servicers who aren’t willing to work with us and cooperate with us, I support the strongest legal action we can bring against them,” the Democrat told [...]

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Lenders, Servicers Fight Anti-Blight and Property Laws

Housing Advocates Say Industry Is Skirting Health and Safety Ordinances, While Taking Taxpayer Money
The end result: Some of the same servicers the Obama Administration is urging to complete more loan modifications still are walking away entirely from vandalized homes, or failing to fix broken windows, get rid of junked cars, clear trash, repair damaged roofs [...]

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Mortgage servicers vow, yet again, to speed up loan modifications

The AP – The Obama administration, scrambling to get its main housing initiative on track, extracted a pledge from 25 mortgage company executives on Tuesday to improve their efforts to assist borrowers in danger of foreclosure.
Blah, blah, blah…..blah, blah, blah……….
This is a blog, my blog and I simply do not have to abide by the [...]

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Scammed Hope Now Homeowners Left in the Cold?

Just this last month, the FTC had issued court injunctions on two predatory loan modification companies. These companies were parading around advertising their services in a manner very similar to the 2008 Paulson formed Hope Now coalition of mortgage servicers dedicated to foreclosure prevention.
The Federal Trade Commission convinced a U.S. district court to order two [...]

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Cramdown Safe Harbor Protection for Servicers Under Attack

By Moe Bedard
It seems that Main Street isn’t the only important party angered by safe harbor clauses in the pending cramdown bill, mortgage investors are agitated as well. While Main Street looks at safe harbor clauses as an appeasement to banks to allow cramdowns under extreme circumstances, mortgage investors are also asking themselves…”Hey, wait a [...]

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Servicers are Finally Coming Around

By Moe Bedard

It’s no secret that loss mitigation departments are notorious for terrible customer service. They treat people like criminals for having financial problems. Over the years I’ve written numerous articles suggesting how loss mitigation departments can improve their customer service. First and [...]

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Home Loan Resolution Reality Check

The word is out! If you just pick up the phone and call your mortgage servicer, they will take care of you and help you out of the foreclosure process holding your hand all along the way. These mortgage servicers are on your side and want to save your home.
You can trust them, right? WRONG!
To [...]

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Schumer Says 2/3 of Mortgage Servicers on Board Obama Foreclosure Boat

It appears that 2/3 of mortgage servicers are on board the Obama foreclosure boat has it heads to neighborhoods to rescue struggling homeowners. The boat is leaving the port very soon and the remaining mortgage hold outs will most likely will drown in a sea of bad PR if they don’t jump on the Obama [...]

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Fannie Mae Finally Gets Loan Modification Friendly

It looks like Fannie Mae is finally implementing stronger loan modification methods and starting to progress with the foreclosure prevention times by implementing their new “Stream Lined Loan Modification Program” or (SMP).
Read the Fannie Mae Guidelines here

What does this mean “only” to Fannie Mae borrowers?
Key changes are that Fannie Mae mortgage servicers will now [...]

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Survey on Mortgage Servicers: Please help us help you

Mortgage Servicer Survey – The Loan Safe Report
The homeowner responses are coming in by the droves and to no one’s surprise, it is looking very bad for many home mortgage servicing companies. Apparently many of them simply, “suck!” Homeowners get the foreclosure shaft and has they are losing their homes, they are being kicked in [...]

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Still waiting on Main Street

THE US Treasury Department needs to take the same kind of aggressive steps to ease financial strains on homeowners that it took to guarantee the investments of banks and financial institutions. The economy can’t turn around until the housing market stabilizes. That requires a timely plan to stem mortgage defaults and foreclosures.

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Trapped in American nightmare

Here on LoanWorkout.org, I have been writing about the American Nightmare and the resistance homeowners recieve from their mortgage servicers when reaching out for help. And until this “serious issue” in our mortgage and housing crisis is addressed and these mortgage servicers are held accountable, Main Street and plumber Joe will continue to drown in [...]

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Calif.’s Boxer urges more help from mortgage firms

WASHINGTON – Sen. Barbara Boxer on Friday pressed for action from 21 banks and lenders that an advocacy group has accused of insufficient support for at-risk homeowners in California.
Boxer, D-Calif., sent letters to executives at the mortgage servicers urging them to participate in a federal program called Hope for Homeowners that provides financial backing to [...]

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FDIC Simplifies Coverage Rules for Mortgage Servicing Accounts

The FDIC Board of Directors today adopted an interim final rule, effective immediately, to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers.
Under the FDIC’s current rules, accounts maintained by a mortgage servicer comprised of principal and interest payments made by borrowers are insured based on the ownership interest of [...]

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Mortgage servicers sucking loans dry?

Mortgage industry milking homeowners before foreclosure, critics say
“I have had people in the [servicing] industry tell me that their best customer is the one who is always 30 days late,” said Howard Glaser, a former official at the U.S. Department of Housing and Urban Development, and the president of the Washington, D.C.-based Glaser Group, a [...]

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11 State AG’s Calling for Nation’s Largest Loan Modification Program

In a move to follow in the footsteps of the recent Bank of America $8.4 billion predatory lending settlement, the State Foreclosure Prevention Working Group is adding pressure and much needed media attention on the mortgage servicing crisis.
In a letter signed by Iowa Attorney General Thomas Miller on behalf of the State Foreclosure Prevention [...]

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The Incentives of Mortgage Servicers: Myths and Realities

Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs
Federal Reserve Board, Washington, D.C.
As foreclosure initiations have soared over the past couple of years, many have questioned whether mortgage servicers have the right incentives to work out troubled subprime mortgages so that borrowers can avoid foreclosure and remain in their homes. Some [...]

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The “loan modifications,” Coakley said, would have kept homeowners in their homes under affordable, “sustainable” terms.

Little more than a week ago, Massachusetts Attorney General Martha Coakley was in Washington, D.C., testifying before the U.S. House Financial Services Committee about the state’s prosecution of auction-rate securities fraud.
However, more interesting was written testimony Coakley submitted to the committee regarding the failure of the state’s attempt to get the mortgage industry to rearrange [...]

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Emergency Economic Stabilization Act of 2008 Gives Little Hope for Homeowners

I personally have read over the preliminary details of the 106 page Wall Street Bailout Bill, called the Emergency Economic Stabilization Act of 2008 and I am disappointed to say the least. This was the most significant federal intervention in the economy since the Great Depression and a golden opportunity to develop a loan modification [...]

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The Mortgage Servicing Sector Has Failed & Is In Complete Chaos

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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JD Powers Mortgage Servicing Survey is a Complete Joke

Don’t these guys just rate cars and appliances? That’s what I thought until I saw the new survey titled simply, “Satisfaction with Mortgage Servicing Declines for a Second Consecutive Year.”
Looking down the list of small time and big time mortgage servicers, I see the familiar names and players. Some belong where they are on the [...]

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Ocwen delinquencies flat to down, on modified loans

NEW YORK (Reuters) – Ocwen Financial Corp., a large subprime mortgage servicer, on Thursday said delinquency rates on loans it manages held flat, or fell, since May in a reprieve from the subprime crisis.
Ocwen (OCN.N: Quote, Profile, Research, Stock Buzz) said falling delinquencies on loans it serviced follow so-called loan modifications, which can include cutting [...]

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Wachovia Says They are NOT Offering Loan Modifications to Struggling Homeowners

The Soup Nazi from the TV show Seinfeld was known for his abusive customer service skills and saying, “NO soup for you, to the back of the line!” Now, it appears that he is working at Wachovia in the loan modification department.
Attention American homeowners, the FDIC, the OCC, the FTC, Barney Frank and anyone else who [...]

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New FTC Scrutiny Deemed Likely for Servicers

An attorney who spoke at the Western States Loan Servicing Conference in Las Vegas predicts that the Federal Trade Commission will produce a “significant enforcement action” involving a major mortgage servicer within the next several months. Anand Raman, a partner at Skadden, Arps, Slate, Meagher & Flom, said the FTC has broad authority to scrutinize [...]

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WAMU Borrowers Sue After Being Denied a Loan Modification

What? You are not late? NO loan modification for you. To the end of the line. Next!
That is the usual lip service borrowers receive when they reach out to their servicers when they are not yet late on their mortgage payment. Many reach out because they know they will soon be in very deep trouble and [...]

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Fannie & Freddie Offer More Carrots (Cash) for Servicers to “Try” and Entice Them to Help Struggling Borrowers

Cash is king and when it comes to helping people in need, cash seems to light a fire under people’s arses to make them help a little bit more than they would if there were no cash incentives involved.
This is the “new” American way, right?
The facts are that it costs a servicer more money to perform some type [...]

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Hope Now Reports Record Loan Workouts in April – Moe Says, “It Still is Not Enough!”

Yes, loan modifications and loan workouts are happening and it appears that most lenders and servicers have stepped up to the loss mitigation plate. Or have they?
Hope Now, led by US Treasury Secretary Henry Paulson, has just reported record loan workouts in April.
It is only common sense, that every month we are going to start to [...]

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Key House lawmaker warns mortgage servicers to cooperate or face more regulation

WASHINGTON (Thomson Financial) – Mortgage servicing companies which are resisting loan modifications aimed at preventing foreclosures need to stop fighting the idea or face tougher regulation, Democratic Chairman of the House Financial Services Committee Barney Frank of Massachusetts warned today.
Read the rest of the Forbes Story

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Mortgage Servicers Need to Change Their Mob-Like Collection Techniques

Yes, you heard it right. I compared the mortgage servicing industry to the mob. Loan sharks. Pay up or we’ll break your knees! Well, at least, “pay up or we’ll take your house!”
This is business right? You don’t pay, you lose your home. That’s fair right?
In the old days it was fair for banks to [...]

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Loss Mitigation, Home Retention, Loan Workout and Loan Modification Phone Numbers

Below is a current list of loss mitigation department phone numbers for various lenders and servicers. If you can’y find your mortgage company here, then call the phone number on your mortgage statement and ask to speak with the loss mitigation department about a repayment plan, loan modification, forbearance agreement, partial claim or loan assumption.
The [...]

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Talk to Litton to Modify Your Loan Today

You need to know the facts to stop foreclosure with Litton. Many people are unaware that you can obtain a loan workout with your lender to modify your loan. However you will still need to qualify for the type of loan modification on of your mortgage based on your ability to pay.
Litton Loan Services has announced that [...]

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Countrywide Workout Department

If you are looking for Countrywide’s Workout Department, then you have landed on the right website. The name of that division is called the HOPE Department and they handle all loan workout’s and loan modifications for people facing foreclosure.
That phone number is 800-262-4218. You will need to have your loan number ready and be prepared [...]

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Countrywide’s HOPE Department

OK, it seems like a lot of people are having difficulty in dealing with Countrywide’s HOPE Department which handles all loss mitigation, collections, loan workout’s and loan modifications. The problem that I see is not the people seeking help but the way calls are handles and the service you do get once you do speak with a representative [...]

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EMC Loan Modification or Short Sale

If you need a loan modification or short sale with EMC to stop foreclosure, then you’re in luck. They are aggressively helping their clients by being pro active in the loan workout process.
They recently hire a team of 50 people dubbed “The MOD Squad”, who’s Members will spend an unlimited time on the phone with [...]

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