In our current distressed market, there are a few avenues available to distressed, underwater homeowners: loan modification, Deed-In-Lieu, short sale or foreclosure. For those that lack the necessary income to qualify for a loan modification, a short sale is often the best choice. If the property is the homeowner’s principal residence, the debt forgiven in [...]
Evidently the government is serious about getting these delinquent mortgages modified – here is another positive change to HAMP:
Press Release from HUD:
WASHINGTON – U.S. Department of Housing and Urban Development Secretary
Shaun Donovan today announced the Federal Housing Administration (FHA)
has implemented changes to its loan modification program to ensure
consistency with the Obama Administration's Home Affordable Modification [...]
Those engaged in foreclosure defense should take a closer look at loans originated by TBW when structuring their defense strategy…
Florida Company Reaches Multi-state Agreement Over Non-traditional Loans
Carrie Bay | 06.25.09
Taylor Bean & Whitaker Mortgage Corp. (TBW), a wholesale lender based in Ocala, Florida, has agreed to pay 13 states and the District of Columbia [...]
I find it utterly amazing that Patterson credits New York’s 23% decrease in foreclosures in 1st Quarter 2009 as compared to 1st Quarter 2008 (compared to a 24% increase nationally) to his New York Foreclosure Prevention & Lender Responsibility Act of 2008 where the credit should lie in New Yorkers’ steadfast resolve to be [...]
This investigation comes as no surprise – I have been speaking with clients and those who wanted to jump on the loan mod bandwagon about the New York Foreclosure and Lender Responsibility Act of 2008 and its effect on them, but often to deaf ears. Most people weren’t even aware of the Act or just [...]
I have been advising everyone in the real estate industry, that New York’s Foreclosure Prevention and Lender Responsibility Act went into effect September 1, 2008 and includes, among other items, strict requirements for those who seek to perform loss mitigation on behalf of distressed home owners. These requirements include written, notarized contracts with a right [...]
Carrie Bay 12/02/08
Investors of securities backed by Countrywide mortgages filed a lawsuit against the lender on Monday, alleging that Countrywide has no right to modify under-performing loans that were packaged and sold as securities.
In early October, Countrywide’s parent company, Bank of America, reached an agreement with 15 state attorneys general to settle claims against Countrywide [...]
More than a Million Homes in Foreclosure in Latest Report – June 5, 2008
NEW YORK (CNNMoney.com) — More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.The Mortgage Bankers Association’s first quarter report showed that a record [...]