Posts tagged as:

Stop Foreclosure

The media loan-modification program

by Moe Bedard

But I made a call to Select Portfolio Servicing anyway and left a message. A staffer called back, but only to ask what the questions were and to relay them to a higher-up.
Shortly after that, Nido’s attorney sent me an e-mail.
“I don’t know what you did but I’ve got an offer from SPS (Select Portfolio [...]

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Life after the bubble: From American dream to American nightmare

by Moe Bedard

A year has passed since the peak of the great financial panic of 2008. Regulators and analysts alike spent much of September pontificating about the economy’s regained stability.

Debt: Life in Oregon after the bubble

Thanks to a multitrillion-dollar bailout, much of the financial sector has regained an uneasy equilibrium. Some banks that seemed on death’s door [...]

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A Cul-de-Sac of Lost Dreams, and New Ones

by Moe Bedard

Over the last two years, half of Beth Court has been in foreclosure, and homes whose owners took out thousands of dollars in equity during the bonanza years are now worth less than half the price paid for them.

In one house, the owner took in extended family members as tenants to help make the mortgage [...]

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Foreclosures Plunge People Into Depression

by Moe Bedard

“The foreclosure crisis is also a health crisis. We need to do more to ensure that if people lose their homes, they don’t also lose their health,” the study’s lead author, Dr. Craig E. Pollack, who conducted the research while at the University of Pennsylvania School of Medicine, said in a news release.
The financial strain [...]

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FFIEC Support for Responsible Loss Mitigation Activities

by Moe Bedard

Federal Financial Institutions Examination Council Press Release For Immediate Release August 6, 2009
“Servicers have an obligation to act in the best interests of the owners/investors of serviced residential mortgage loans and in accordance with the terms of the governing contracts. Any decisions that are not anticipated to produce a greater recovery to investors given the [...]

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Mortgage Modifications Can’t Catch Foreclosures

by Moe Bedard

But industry critics have little patience for that kind of reasoning. In a blistering statement, the Center for Responsible Lending, a consumer advocacy group, dubbed the Administration’s list of mortgage companies a “Wall of Shame.” The group, like other housing and consumer advocates, is calling for legislative measures to force mortgage companies to give struggling [...]

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Keep Americans In Their Homes

by Moe Bedard

We must do more for responsible homeowners who are underwater.
Here in Florida, a place synonymous with bad real estate and mortgage decision-making that has consequently seen steep declines in home value, I’ve been noticing yet another troubling trend.
Owners of homes worth less than their mortgage loan balance–those so-called “underwater,” “negative equity” or “upside down” homes–are [...]

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How long can I live in my house after foreclosure?

by Moe Bedard

A loan modification didn’t work and the darn Realtor handling your short sale didn’t really sell much of anything. So, now you are left holding the raft, with no paddle in a fast moving crappy creek and all you want to know is, ” How long can I live in my house after foreclosure?”
Well, that depends on 50 different [...]

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Free legal aid available for low-, middle-income homeowners facing foreclosure in Washington

by Moe Bedard

The Washington State Bar Association has launched a program to provide free legal help to low- and middle-income people in danger of losing their homes to foreclosure.
Homeowners who call a toll-free number will be referred to volunteer attorneys in their communities who are trained to deal with foreclosure-related issues.
The bar association started recruiting and training [...]

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What are you allowed to take when you are foreclosed on?

by Moe Bedard

More and more reports are coming out of foreclosed homeowners stripping their properties of anything of value before they bail on the bank.
In my forum over at LoanSafe.org, I am getting a lot of questions in regards to what I can take and what I can’t take. Often, these people used their own money to improve [...]

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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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Where’s the note, who’s the holder: Enforcement of the promissory note secured by real estate

by Moe Bedard

I have been writing about the missing note theory almost two years now and it appears that the great minds in the legal profession and of our courts have decided to really dive into this fascinating subject. The results have been nothing short of awesome and the banks should be very scared about the potential implications that this has and will have on initiating “illegal foreclosures.”

A hat tip to foreclosure fighter and consumer advocate lawyer from Florida, April Charney for sending this great legal analysis of the missing note theory to me via email.

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U.S. regulator urges thrifts to halt foreclosures

by Moe Bedard

WASHINGTON (Reuters) – The U.S. Office of Thrift Supervision urged its regulated institutions on Wednesday to halt home foreclosures until the government’s $50 billion plan is implemented.
The request comes one day after Treasury Secretary Timothy Geithner unveiled a bank rescue package that includes a program aimed at reducing monthly payments for troubled homeowners.
A broader U.S. [...]

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Home loan modification – online support resources

by Moe Bedard

There are online resources available where you can discuss mortgage difficulties. The anonymity of the web coupled with the sense of not being alone can be a late-night security blanket while you are in the midst of resolving your financial issues.

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Coakley and Kenner:Guidance for homeowners: Modifying your mortgage

by Moe Bedard

Massachusetts continues to experience a dramatic surge in foreclosures, often due to deceitful and predatory lending practices. Many foreclosures have resulted from loan practices and products that were destined to fail because lenders failed to reasonably assess the borrower’s ability to repay before lending money.

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Waters Backs Bair and Turns Up the Loan Modification Heat in Washington

by Moe Bedard

“And so here we are and we don’t have any systematic way to help homeowners to modify these loans,” Rep. Maxine Waters (D-Calif.) said. “I’m not even going to cooperate with you anymore,” Waters said, turning to Chairman Barney Frank (D-Mass.) whose tireless efforts she praised.
“I just want you to know as much as [...]

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Massachusetts AG Coakley Puts the Legal Brakes on Option One & AHMSI Foreclosures

by Moe Bedard

Finally, a ”true” foreclosure victory for homeowners in the great state of Massachusetts!
In what I am suspecting will be common news in the coming months, Massachusetts Attorney General Martha Coakley office announced today that they have secured preliminary injunctions to prevent Option One Mortgage Corp. and H&R Block Mortgage Corp. from initiating or advancing foreclosures [...]

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Bush Administration Balking at Helping Main Street Homeowners

by Moe Bedard

The Bush Administration is balking at helping Main Street homeowners after several bail outs on Wall Street in a New York second. Apparently the administration’s dilemma is concerns over a loan modification program that may help as many as 3 million homeowners through $500 billion of home mortgage guarantees.
The players in the negotiations include [...]

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Unexpected foreclosure help causing unexpected headaches

by Moe Bedard

Local officials are getting their first whiff of a direct benefit from the federal bailout of Fannie Mae and Freddie Mac – and getting a little lightheaded.
Congress buried about $4 billion in the Housing and Economic Recovery Act of 2008 specifically to assist state and local governments in addressing problems with abandoned or foreclosed homes. [...]

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Safe Tools to Help You Through the Foreclosure Process From Loan Safe

by Moe Bedard

By Moe Bedard

The foreclosure process moves fast and in order to make it through this unforgiving time frame, you need to have a plan. The best mindset for anyone in this situation is to hope for the best and plan for the worst because there are no guarantees of success when attempting to negotiate with [...]

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Foreclosure Prize Fighters: Obama vs. Mccain

by Moe Bedard

Obama wants the government to step in to help homeowners facing foreclosure. McCain has gradually broadened his position to support government intervention, but wants stricter requirements for borrowers seeking aid.

Obama’s plan to fight foreclosures:
 

Give homeowners the chance to have their loan modified, provided they meet certain criteria.

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WAMU Borrowers Sue After Being Denied a Loan Modification

by Moe Bedard

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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He’s Taking Law Into His Own Hands To Help Broke Homeowners

by Moe Bedard

This is a great story of man that is truly using his power and the law to help people. Sometimes you have to “not” uphold the law to make a difference in the world. This is when people come first and the law second.
Especially when it involves kicking people out of their homes.
(Hat tip to [...]

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Barney Frank Calls for Foreclosure Freeze

by Moe Bedard

The chairman of the House Financial Services Committee called on lenders to stop filing foreclosures until a new foreclosure-prevention program takes effect.

On Wednesday, Rep. Barney Frank (D-Mass.) had called on lenders to make immediate use of the program, which is included in a massive housing package that passed the House this week and is [...]

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Bring Down the Banks with these Foreclosure Defense Tactics

by Moe Bedard

Get your gloves on and start training for the fight of your life because foreclosure defense is going to be no easy battle. Make no bones about it, you are definitely fighting against one of the toughest and most powerful opponents in the world. The banks
Let’s get one thing straight here ladies and gentleman. The [...]

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California Assembly Passes Foreclosure Reform Bill But More Needed to Protect Future Borrowers from Predatory Loan Practices

by Moe Bedard

By Frank D. Russo
Legislation that would reform the foreclosure process in California for the benefit of homeowners trying to hold on to their homes passed the Assembly today on a 55 to 18 vote, just one vote above the two-thirds majority it required. Ten Republican Assemblymembers joined 45 of the 48 Democrats in voting for [...]

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Will I go to jail because of my bills? Will I lose my kids because I am homeless?

by Moe Bedard

Submitted by an American Homeowner:
The most crushing thing to me has been the judgement. Every single situation has a story behind it and they are NOT all bad.
Who is the “real” enemy here? Those who were spoon fed the American Dream and wanted a *home*? Who had poor education and were guilty of trusting their [...]

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Obama criticizes John McCain saying that he is “out of touch with the struggles of working people.”

by Moe Bedard

The candidates have been scurrying to obtain support from the American consumer. AKA, The American worker, blue collar folks or Homeowner Joe.
In their attempts to connect, are they just showing how disconnected they really are?
The guy suffering in the street is someone that all presidential candidates are out of touch with. How can any of the candidates [...]

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Yup, you read that correctly! WE GOT A LOAN MODIFICATION!

by Moe Bedard

Loan modification story submitted by Momof3boys 
Yup, you read that correctly!!!!! WE GOT A MODIFICATION!!!!!!!!!!
Home Eq called us today with an offer we COULDN’T refuse!!!!!!!!! Our initial starter rate was 9.95% going up next month….Well, they called tonight and gave us 8% fixed for 5 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!! WOW!!!!!!!!!

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Why does Countrywide appear to have so many folks with troubled loans?

by Moe Bedard

Question to Moe from a reader and Countrywide borrower, Melena
Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that has changed. Why? Did they grow too fast? New management perhaps? Why don’t they seem to [...]

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Stop Foreclosure and Learn to Fight Back Against Your Lender

by Moe Bedard

 Please join our one of a kind homeowner’s forum to help you stop foreclosure and where you can ask questions and get answers in this unique and interactive community. This forum was created to assist people in an anonymous, yet open question format. Meet other homeowners that are trying to get a loan modification and are going through [...]

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These Loans Were Destined to Fail

by Moe Bedard

By Poppy (36 year mortgage industry veteran & senior underwriter)
This is a challenging and open statement to those of you in the Servicing game, Modification, Short Sale, Deed in Lieu, Collections, better known as the Work Out phase of our industry. 
This is where I started in this industry in 1972, at a little tiny, itsy bitsy [...]

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The federal government will “step up the pressure” on the lending industry to work out America’s mortgage mess so fewer people lose their homes – FDIC’s Sheila Bair

by Moe Bedard

“This is deadly serious,” Sheila Bair said  in a speech Downtown. “Foreclosures are too high in Pittsburgh and around the country.”
The FDIC chairman seems to speaking out more and more in regards to the efforts of lenders and servicers to perform loan workouts and loan modifications. Bair spoke at a downtown Pittsburg, Pa. to more [...]

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Hillary Calls For Quick Action To Stop The Foreclosure Of The American Dream

by Moe Bedard

Outlines Visions For Tackling America’s Immediate And Long-Term Economic Challenges
Just days before the State of the Union Address, Hillary Clinton urged the current administration to take immediate action to jumpstart the ailing economy. She outlined the solutions that can be taken now to fix the mortgage crisis and get more money in the pockets of [...]

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Countrywide Home Retention Division Gives Single Mother a Great Loan Modification

by Moe Bedard

By JacMac – Homeowner & Single Mother from New York
See her actual Loan Modification Paperwork From Countrywide Here.  An incredible 5.25% 4o Year Fixed Mortgage! You don’t get to see an actual loan modifcation document often and I wanted homeowners to see for their own eyes.
JacMac – “I did not have the horrible experience that others unfortunately [...]

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Blame us, the lending industry and Wall Street, we DESERVE it, NOT the distressed homeowner.

by Moe Bedard

By Poppy (30 year mortgage industry veteran and senior underwriter) 
Well, my hat is off to you citizens of America, you have not disappointed me once again.  Just about everyone that responds to the articles in the Newspapers and Media that report on this now widening foreclosure debacle, has in their infinite wisdom, deemed that the distressed [...]

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Loan Modification Approved – Courtesy of Angelo Mozilo and Countrywide

by Moe Bedard

Countrywide loan modification.
People think that I enjoy reporting doom and gloom. Some people out there in the bogsphere think that I get my thrills by bashing Angelo Mozilo and Countrywide. One person has went so far to say this about my blog, “He also pointed to me to what may be the most anti-Countrywide blog out there.”  Thanks Jane [...]

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Baltimore Is Suing Bank Over Foreclosure Crisis

by Moe Bedard

Baltimore’s mayor and City Council are suing Wells Fargo Bank, contending that its lending practices discriminated against black borrowers and led to a wave of foreclosures that has reduced city tax revenues and increased its costs.
The recent surge in homeowner defaults nationwide, generated by lax lending practices during the real estate boom, has officials bracing [...]

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Ohio Homeowner Fights Foreclosure and Lives Payment Free for 11 Years

by Moe Bedard

Let the truth be known. Most homeowners do not respond or fight back when they are facing foreclosure. The lender files the notice of default and the court hearing comes and goes without an appearance from the defendant (homeowner). Four to six months later, the trustee’s sale happens on the court steps and the home [...]

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Foreclosure help on the internet for homeowners from LoanSafe.org

by Moe Bedard

 Please join our one of a kind homeowners forum for foreclosure help. A safe place where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open format. Meet other homeowners that are going through the same thing and get the help you need [...]

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Forcing banks to get the paperwork, known as an assignment, could hamstring a high-volume industry that prefers to transfer loans electronically

by Moe Bedard

Forcing banks to get the paperwork, known as an assignment, could hamstring a high-volume industry that prefers to transfer loans electronically, said Cleveland State University Law Professor Kathleen Engel.
A Cleveland federal court ruling that has the potential to block foreclosures across the country looks as if it is already doing that in the court where [...]

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FHA Secure Flop. Only 266 Borrowers Have Been Assisted!

by Moe Bedard

By Moe Bedard and Aaron Krowne

It has been 4 months since President Bush announced a new refinancing program called the FHA Secure. This new refinancing product was touted as a foreclosure prevention device and viable alternative to homeowners stuck in adjustable rate mortgages as a way “out” of their toxic loan and into a 30 [...]

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Statement of Center for Responsible Lending in Response to President Bush’s Plan to Address Foreclosure Crisis

by Moe Bedard

From the Center of Responsible Lending December 6, 2007
With 2 million foreclosures predicted over the next two years, the plan announced by President Bush for targeted loan modifications for some subprime borrowers is a positive, but very limited, first step. CRL estimates the President’s plan will only help about 7% of subprime borrowers—about 145,000 families—because of the program’s [...]

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Despite Lender Rhetoric, Modifications to Date Have Been Limited

by Moe Bedard

 Paul Leonard, California Office Director for the Center for Responsible Lending in recent testimony said;
Despite Lender Rhetoric, Modifications to Date Have Been Limited
For months now, many large servicers have been trumpeting their efforts to contact borrowers facing resets early and to offer aggressive loan modifications. To date, however, the reality of results has not matched the [...]

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Where’s Waldo Version 2.0, or: “Which One of You Stinking 2 Million Homeowners Deserves Help?”

by Moe Bedard

No one seems to know exactly what borrowers will be “helped” by US Treasury Secretary Henry Paulson’s “new” Hope Now initiative.
And not everyone’s clear (to say the least) about California Governor Schwarzenegger’s deal with Countrywide, Litton, Home Eq and GMAC to modify mortgages in the golden state.
The New York Times reports;
The Governors plan in California [...]

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