Treasury Done ‘Very Little’ to Fix Gov’t Foreclosure Prevention Program, Says Watchdog
by Marian Wang ProPublica, March 3, 2011, 12:13 p.m.
Making the argument that the Treasury Department has done “very little” to improve a foreclosure prevention program that has failed to meet its goals, the government’s TARP watchdog testified at a hearing on Wednesday that the case for keeping the program alive has worn thin and is “all but exhausted [1]” [PDF]. Read more…
The Fundamental Flaw In the Hamp Mortgage Loan Modification Program
By Kalinda Rose Stevenson, Ph.D.
The Obama Administration Hamp program was originally advertised as a program that would help 3 to 4 million homeowners modify their bank mortgage loans.
Has Mortgage Loan Modification Worked?
To say that it hasn’t worked out that way is to dramatically understate the problem. Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: bank mortgage loan, bank mortgage loans, bank mortgages, banks, facing foreclosure, foreclosure help, HAMP, loan modification, Mortgage Debt, Mortgage Debt Reset, mortgage help, mortgage loan modification, mortgage loan process, mortgage modification
Accusations of Fraudulent Mortgage Documents Led Citigroup to Settle With Homeowners
by Marian Wang ProPublica, Feb. 8, 2011, 12:55 p.m.
In a handful of cases around the country, Citigroup has reached settlements with homeowners who accused the bank of filing fraudulent mortgage documents [1] to prove its legal standing to collect the debt in bankruptcy proceedings, Bloomberg reported today.
The cases put a twist on recent efforts by banks to patch over problems created because lenders and securitizers were sloppy with documentation during the housing bubble. These homeowners alleged that Citigroup’s mortgage assignments—a key document produced whenever the ownership of a mortgage changed hands—were flawed because they were dated after the bankruptcy was filed. Read more…
With An Underwater Mortgage Who Do You Owe When Facing Foreclosure?
By Jim Stevenson
Today most home owners have an underwater mortgage. If that is your situation and you’re facing foreclosure, who do you really owe for the unpaid balance?
Let’s start at the beginning. Read more…
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Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: bank, banks, facing foreclosure, lenders, loan documents, loan servicer, MERS, monthly mortgage payments, monthly payments, mortgage backed securities, mortgage broker, Mortgage Debt, mortgage lender, mortgage loan, mortgage note, mortgage payment, underwater mortgage, unpaid balance
Underwater Mortgage Relief By Stopping The Foreclosure Process
By Jim Stevenson
People are getting underwater mortgage relief right now because some of the largest of the banks have been stopping the foreclosure process.
The interesting thing about the states where the banks have stopped the foreclosure process is that they are all states where the lender needs to go to court to get a judicial order to be able to foreclose. Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: 100% financing, ally, banks, depositions, foreclosures, gmac bank, judicial foreclosure, monthly payments, Mortgage Debt, Mortgage Relief, paperwork problem, senate majority leader harry reid, underwater mortgage, Underwater Mortgage Relief
Temporary Underwater Mortgage Relief For JPMorgan Chase Home Owners In Foreclosure
By Jim Stevenson
The Huffington Post article JPMorgan Foreclosure Disputed, Casting Wider Doubts by William Alden recently reported that JPMorgan Chase stopped processing foreclosures. This gives the home owners currently in foreclosure some temporary underwater mortgage relief.
Fallout From The Ally Financial Foreclosure Processing
This is a repercussion from the Ally Financial problem created by Jeffrey Stephan that was mentioned in Facing Foreclosure? Jeffrey Stephan May Be Your Mortgage Debt Relief. The banks have been playing fast and loose for a long time, and now it is finally catching up to them. Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: ally, banking crisis, facing foreclosure, financial abundance, Huffington Post, in foreclosure, Jeffrey Stephan, JPMorgan Chase, lenders, Mortgage Relief, no money limits, permanent solution, real estate investors, underwater mortgage, Underwater Mortgage Relief
If You’re Facing Foreclosure You May Lose Your Job Too
By Jim Stevenson
What happens when you get your notice of default (NOD) and you’re now facing foreclosure? What are you thinking? You’re going to lose your home. But that’s not all. You could also lose your job.
According to a recent security clearance study by Sheldon Cohen, the federal government is considering foreclosure as a reason to deny security clearances. Read more…
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Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: defense contractor, facing foreclosure, federal contractors, federal government, foreclosure, foreclosure auction, government employees, government job, lose your job, losing your job, Mortgage Debt, Mortgage Debt Reset Program, NOD, Notice of Default, security clearance
Facing Foreclosure? Jeffrey Stephan May Be Your Mortgage Debt Relief
By Jim Stevenson
If you have received a foreclosure notice and you’re facing foreclosure, your mortgage debt relief may be closer than you thought.
In the Ally Financial legal issue with foreclosures may affect other mortgage companies article on the Washington Post by Ariana Eunjung Cha, Jeffrey Stephan admits under oath that he did not “review cases to make sure the proceedings were legally justified and the information was accurate.” He also admits that he did not “sign the documents in the presence of a notary.” Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: 100% financing, bank, banks, current mortgage, facing foreclosure, foreclosures, illegal activities, Jeffrey Stephan, loan processing, monthly payments, Mortgage Debt, mortgage debt relief, Mortgage Debt Reset, Mortgage Debt Reset Program, mortgage lender, mortgage lenders, rule of law, Washington Post
Who Profits From Loan Modifications To Get Mortgage Debt Relief?
By Jim Stevenson
With the Obama Administration pushing loan modifications through their HAMP and the banks offering their own loan modifications programs, who’s making the money here?
Loan Modifications Are A Big Money Making Business For Attorneys
According to a recent article in the Chicago Tribune, Some lawyers profit off foreclosure fears, loan modifications by Ellen Gabler it’s the lawyers who are making the money. “Attorneys are among the few professionals who can legally charge upfront fees to help homeowners modify their mortgages.” Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: 100% financing, attorneys, current mortgage, foreclosure, HAMP, initial payment, lawyers, loan modification, Mortgage Debt, mortgage debt relief, Mortgage Debt Reset, Mortgage Debt Reset Program, Obama, Obama Administration, refundable, underwater mortgage, upfront fees
Underwater Mortgage Relief Through Loan HAMP Gives Only 36 Percent Reduction
By Jim Stevenson
Have you been seeking a loan modification from your mortgage lender using the HAMP process?
What Will You Get If You Get A Permanent Loan Modification?
According to the Loan Mod Profiles: For Some, a Modification article on September 8, 2010 by Karen Weise “those who do get permanent help through the program, the average payment drops by 36 percent, or $510 a month.” Is that enough for you? Read more…
Categories: Debt Freedom, Debt Relief Solution, Mortgage Loan Modification Tags: bank, default, FHA, fha loan, loan holder, loan servicer, mortgage backed securities, Mortgage Debt Reset, Mortgage Relief, mortgage securitization, Refinance, Short Refinance, underwater mortgage, Underwater Mortgage Relief, write down