Archive for iaff_staff

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Reality Check on Real Party in Interest / “Produce The Note” Strategy

Contributed by Kevin Chern, Total Attorneys, Inc.
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Homeowners facing foreclosure are, understandably, looking for hope. News reports of homeowners successfully asserting the “produce the note” defense to stop foreclosure have sparked that hope in many. It seems only logical that a [...]

8Mar2010 | iaff_staff | 0 comments | Continued
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The Real Alternative To Walking Away Is A “Back Door Cram Down”

I get many folks who have refinanced that second mortgage, or who want to keep their homes, but can’t pay for the adjusted payment on their mortgage, or don’t want to pay on a house that worth substantially less than they owe on it. They have tried to get the bank to work with them, but are frustrated because the bank won’t talk unless they are two payments behind and the only thing the bank will do is freeze their payments or add their arrears to their loan balance. Banks will not reduce the principal amount on loans to fair market value to save a borrower from foreclosure. They just won’t do it.

Once again it’s the 80/20 loan to the rescue.

18May2008 | iaff_staff | 8 comments | Continued
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Bush Administration Proposes New Foreclosure Plan

The Bush Administration proposed a new foreclosure relief plan today in response to the mortgage crisis. The plan encourages lenders to write down loans and shift risk to the government-backed FHA program.

9Apr2008 | iaff_staff | 4 comments | Continued
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Democrats and Republicans Compromise on Foreclosure Relief Bill

Under pressure from consumer groups and troubled homeowners to prevent further collapse in the housing market, Senate Democrats and Republicans are working together to create a foreclosure relief bill.

2Apr2008 | iaff_staff | 0 comments | Continued
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Hillary Clinton Proposes New Mortgage Bailout Plans

Presidential candidate Hillary Clinton unveiled a new four-part mortgage relief plan at a speech before 150 elected officials and students at the University of Pennsylvania yesterday. The plan calls for immediate action and direct government intervention.

25Mar2008 | iaff_staff | 5 comments | Continued
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Freddie Mac and Fannie Mae to the Rescue

Government regulators eased capital requirements for Freddie Mac and Fannie Mae on Wednesday. The move is meant to ease the housing crisis, but critics say it will cause the two overleveraged firms to hang themselves at the expense of taxpayers.

19Mar2008 | iaff_staff | 0 comments | Continued
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Fed Chairman Urges Banks to Reduce the Amounts Borrowers Owe

Federal Reserve Chairman Ben Bernanke publicly urged lenders yesterday to forgive a portion of the principal owed on loans. Bernanke insists the time has come for banks to consider this tactic if they want to prevent foreclosures. 

5Mar2008 | iaff_staff | 2 comments | Continued
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Project Lifeline: A Lifeline for You or a Lifeline for Banks?

Project Lifeline is the new relief plan that grants a 30-day grace period to homeowners facing foreclosure proceedings. Critics say the plan is for banks, not homeowners.

25Feb2008 | iaff_staff | 3 comments | Continued
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More Struggling Borrowers Decide to Quit Paying Mortgage

As home prices drop and mortgage payments rise, an increasing number of borrowers are handing in the keys to lenders and walking away from their mortgage.

19Feb2008 | iaff_staff | 1 comment | Continued
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Countrywide Announces Historic Subprime Relief Plan

Countrywide Financial Corp. has teamed up with the Association of Community Organizations for Reform Now (ACORN) to help subprime borrowers avoid foreclosure. All of Countrywide’s borrowers with subprime loans will be eligible for relief, according to an announcement made earlier today.

11Feb2008 | iaff_staff | 0 comments | Continued
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