Other Recent Articles
Why Aren’t Lenders Doing More Loan Modifications?
Daily, in the newspapers, radio, television and the internet, articles are written about the difficulty that borrowers face in getting loan modifications. At the same time, the Federal Government and the Obama Administration announce new programs to assist homeowners in getting loan modifications. These programs are going to solve the problems that homeowners have, and are going to save their homes. Yet, closer inspection of the program’s details raises. Next, states like California decide to try and pass legislation to prevent homeowners from paying money upfront to loan modification companies and attorneys for assistance in dealing with the Lenders and Servicers. Then, the President even declares that homeowners should not pay for loan modifications and that their lenders and servicers are doing the modifications for free.
Who does a homeowner believe? What is the real truth? This article will attempt to shed some light on the issues. I will focus primarily upon loans that have been securitized.
TILA and RESPA Rescission Ineffective In Real-World Foreclosure Defense
When facing foreclosure, the homeowner is always confronted with the difficult task of researching information to acquaint him or her with what to expect in the coming months. This research will include a number of different subjects covering such issues as the foreclosure process, loan modification, legal statutes, and current trends. Somewhere in the process of researching this information, the homeowner will come across the subject of forensic loan audits and TILA and RESPA. The question then becomes, “What is TILA and RESPA and how can it help me?”
13Aug2009 | PatPulatie | 3 comments | ContinuedThe 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 | ContinuedBush 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 | ContinuedDemocrats 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 | 1 comment | ContinuedHillary 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 | 6 comments | ContinuedFreddie 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 | ContinuedFed 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.Â
5Mar2008 | iaff_staff | 3 comments | ContinuedBeware of Foreclosure Resue Scams
Homeowners facing foreclosure are often desperate for a way out, but the agencies that claim they can save your home may not be able to help. Foreclosure filings topped 2 million in the United States last year — a 65 percent increase over the previous year.Mave Elise Brown of Housing and Economic Rights Advocates in [...]
26Feb2008 | admin | 1 comment | ContinuedFree Foreclosure Help from Loan Safe
By Moe Bedard Founder of Loan Safe Our forum at www.LoanSafe.org has been offering free foreclosure help to homeowners for the past 6 months and has become the #1 most trusted website for struggling borrowers. Over 25 homeowners have saved their home by getting mortgage help using the tools on this website to negotiate a loan [...]
26Feb2008 | admin | 0 comments | Continued
