New law denies homeowners access to legal representation
California has a new law on the books that bans collection of advance fees from firms that provide loan modification services to people struggling to avoid foreclosure.
Other real estate related bills signed into law this month by Gov. Arnold Schwarzenegger aim to crack down on abusive lending practices by mortgage brokers; provide more safeguards for [...]
Loan modifications growing
The Obama administration said Wednesday it is on track to secure 500,000 trial loan modifications for struggling homeowners by Nov. 1, as both the number of participating mortgage companies and the number of offers extended under the Home Affordable Modification Program increased last month.The second report from the Treasury Department on its $75 billion mortgage [...]
Read Full Post | Make a Comment ( None so far )Slow Start to U.S. Plan for Modifying Mortgages
The Obama administration’s plan to help millions of troubled homeowners avoid foreclosure by reducing the size of their mortgage payments is just getting off the ground.
Homeowners protested foreclosures in Elmont, N.Y., last month. The federal mortgage modification plan would help those who owe more on their homes than the homes are worth.
So far, two months [...]
HUD Looking at Hefty Principal Balance Reductions
The creators of the wildly-popular, one customer served, Hope for Homeowners program are reportedly looking to expand their stable of loss mitigation tools.
The Department of Housing and Urban Development is considering principal balance reductions of up to 30 percent on FHA loans in an effort to keep homeowners afloat, according to National Mortgage News.
Details are [...]
Executive Calls ’30s Housing Solutions Superior
A former Fannie Mae executive has deemed Depression-era efforts to modify ailing mortgages more successful than those being used in the current housing crisis. The executive, Edward J. Pinto, who was Fannie’s chief credit officer in the late 1980s, argues in a paper prepared for a research group that current modification efforts by the [...]
Read Full Post | Make a Comment ( 1 so far )Maryland program to stave off foreclosures
Homeowners fearful of losing their homes because of looming defaults and foreclosures could get help through a new state initiative.
Called Homeowners Preserving Equity, the HOPE program offers a commitment of $100 million in private capital to help about 500 homeowners to refinance and switch adjustable-rate mortgages to fixed-rate mortgages.
The state also plans to use $10 [...]
