Housingwire.com talks about principal reduction
Freddie Mac CEO Charles “Ed” Haldeman gave a strong signal Friday that new incentives from the Treasury Department may be enough to start principal reduction on mortgages backed by the government-sponsored enterprises. To read the full article, click here.
President Obama Announces New Plan to Help Struggling Homeowners
On October 24th, 2011 President Obama announced a new plan to help homeowners who owe more on their mortgage than their house is worth. The President announced his plan while visiting us here in Las Vegas, which is the “most fun city in the world” and “foreclosure capital” of the world at the same time. […]
HOPE NOW Data Shows Increase in Loan Modifications in 2010
HOPE NOW, a group of mortgage servicers, investors, non-profit counselors, and mortgage insurers released its final 2010 numbers showing its members completed about 1.24 million loan modifications last year. During this same time, servicers also completed 512,712 Home Affordable Modification Program (HAMP) loan modifications. During December alone, approximately 100,000 loan modifications were completed. Faith Schwartz, […]
Default Servicers, Foreclosure and the Securitization Debacle
On November 16, 2010, the Senate Committee on Banking Housing and Urban Affairs held a hearing on Mortgage Services and Foreclosure Practices which included, Bank of America, among other lending institutions, along with consumer advocates and academics. Coincidentally, the Congressional Oversight Panel has recently produced a 127-page report, “Examining the Consequences of Mortgage Irregularities for Financial […]
Huffington Post Article: Tom Miller says, “We Will Put People In Jail” For Foreclosure Fraud
The leader of a nationwide investigation of foreclosure fraud told homeowners Tuesday that the probe will have some serious consequences for bankers. To read the full article click here.
Map and Directions to the Town Hall Meeting THIS Weekend
Don’t miss this weekend’s FREE Town Hall meeting hosted by Prudential Americana features experts from various fields related to the Real Estate market to answer YOUR questions. This meeting will be on September 25, 2010 at 10:00 AM located at Green Valley Ranch, Conference Room La Sirena IV. Please submit any questions you would like to have answered […]
Nearly 4 Million Homeowners 60+ Days Late on Mortgages
The phrase “Delinquent Mortgage,” once a foreign concept for many Americans, has now become part of our everyday vernacular. When nearly 4 million homeowners are currently 60 or more days behind on their mortgages, it is actually no surprise that citizens nationwide are buzzing about the housing crisis. That crisis is worse here in Las Vegas […]
New Report States the Obvious: Principal Reductions Lead to Lower Re-Default Rates
According to a new report from the State Foreclosure Prevention Working Group, a group of state attorney generals and bank supervisors across the country, loan modifications made in 2009 are forty to fifty percent less likely to be delinquent six months after modification than loans modified at the same time in 2008. Additionally, the report […]
June HAMP Numbers Look Gloomy
The Treasury Department recently released figures that indicate approximately 91,000 borrowers dropped out of the Home Affordable Modification Program (HAMP) in June, putting the total number of dropped-out borrowers to 530,000. Meanwhile approximately 49,000 borrowers received a permanent modification in June, bringing the number of total active permanent modifications to 389,000. Therefore, more than forty […]
Bank of America’s Principal Forgiveness Program Begins
On June 2, Bank of America began its new mortgage program for eligible underwater borrowers which includes an earned principal forgiveness in a loan modification. Bank of America mailed out an initial round of letters notifying customers who may qualify. Upon review of these customer applications, the first trial offers for the program could find […]