| Loss Mitigation |
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| Home Affordable Modification Program | ||
| The US Treasury will partner with financial institutions to reduce homeowners’ monthly mortgage payments. The lender will have to first reduce payments on mortgages to no greater than 38% Front-End Debt-to-Income (DTI) ratio. Treasury will match further reductions in monthly payments dollar-for-dollar with the lender/investor, down to a 31% Front-End DTI ratio for the borrower. |
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| Peoples Choice Links New Link | |
| 09/09 | Making Home Affordable Program On Pace To Offer Help To Mill |
| 08/18 | Mortgage Servicers List docstoc.com/docs/6326711/MORTGA |
| 08/18 | Home Affordable Refinance Program (HARP) efanniemae.com |
| 08/17 | Increasing Foreclosures Swallow Modest Gains in Mortgage Rep |
| 08/17 | Home Affordable Modification Program Guidelines ustreas |
| 05/26 | Default Servicing News dsnews.com/ |
| Mortgage Loan Modifications - Keywords | ||
| » Mortgage Loan Modification 21 | ||
| » Mortgage Reduction 29 | ||
| » Short Sale 15 | ||
| » Loan Modification Leads 12 | ||
| » Loan Modification Software 13 | ||
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Loss Mitigation/Loan Modification News |
| •Fannie Mae Becomes Landlord with New Deed for Lease Program Fannie Mae announced Thursday that it is implementing a program under which qualifying homeowners facing foreclosure will be able to remain in their homes as renters if they voluntary transfer the property deed back to the lender. The GSE’s new Deed for Lease Program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. -- DSNews.com,Admin, 11/06/2009 •Retro Appraisals Raises Doubts about Lenders` Past Valuations as Foreclosure Defense The historical revised real estate appraisal, constructed by Retro Appraisals LLC, isn't likely to excite lenders. Used by attorneys as a tool in loan modification, foreclosure defense, and foreclosure mediation, this appraisal estimates the market value of the subject property based on past date. -- DSNews.com,Admin, 11/06/2009 •Fannie Mae announces Deed for Lease program Fannie Mae has announced the implementation of its Deed for Lease Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender. "The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, vice president of Fannie Mae. -- NationalMortgageProfessional.com,NMP Media Services, 11/05/2009 •Ohio AG files second suit against servicers Ohio Attorney General Richard Cordray has filed a lawsuit against American Home Mortgage Servicing Inc. (AHMSI), a Texas-based company servicing more than 12,000 sub-prime and prime mortgage loans in Ohio. The lawsuit alleges numerous violations of the Ohio Consumer Sales Practices Act including but not limited to: Incompetent and inadequate customer service, failure to respond to requests for assistance, failure to offer timely or affordable loss mitigation options to borrowers and unfair and deceptive loan modification terms. -- NationalMortgageProfessional.com,NMP Media Services, 11/05/2009 •Mainly First-time Homebuyers to Benefit from Tax Credit Extension: Survey With the proposed extension and modification of the tax credit for homebuyers pending before Congress, results of a real estate market survey completed by Campbell/Inside Mortgage Finance Monthly show that first-time homebuyers will benefit more than existing homeowners. -- DSNews.com,Admin, 11/04/2009 •Former OTS Advisor Joins NewOak Capital NewOak Capital has announced the appointment of Jay Lown as managing director and senior member of its financial institutions group. Prior to joining NewOak Capital, Lown was a fellow at the Office of Thrift Supervision (OTS), where he served as an advisor to the senior deputy director's office and participated in the creation of the Obama administration's Home Affordable Modification Program. -- DSNews.com,Admin, 11/03/2009 •Clayton Holdings Names Gere Senior Managing Director Clayton Holdings LLC, a provider of customized risk analysis, loss mitigation, operational solutions, and staffing services to the mortgage industry, announced Monday that Thomas Gere, formerly with Lehman Brothers and Cohane Rafferty, has joined the company as senior managing director. -- DSNews.com,Admin, 11/03/2009 •California AG Calls on Lenders to Outline Option ARM Modification Plans California's attorney general has asked 10 leading mortgage lenders to detail their plans for modifying option adjustable-rate mortgages (ARMs), warning that the state will be the epicenter for a new wave of foreclosures as these loans reset in the coming years. -- DSNews.com,Admin, 11/02/2009 •Wolters Kluwer Offers On-Site Fair Lending Consulting for Loan Modifications Wolters Kluwer Financial Services announced last week the expansion of its loss mitigation service to include fair lending compliance consulting. Experts from the company with backgrounds in helping financial institutions avoid discriminatory lending practices can now be deployed on-site at mortgage servicers to help them meet state and federal fair lending requirements when modifying loans for distressed borrowers. -- DSNews.com,Admin, 11/02/2009 • Retroappraisals.com`s `revised Appraisal` Is Attorney`s New Secret Weapon Attorneys have a new tool in their arsenal to use in Loan Modification, Foreclosure Defense and Foreclosure Mediation. It is a Historical Revised Real Estate Appraisal which is completed in the usual manner on standard forms by a certified state licensed appraiser. What makes this appraisal different is that it estimates the market value of the subject property based on a past date - the date of the most recent financing of the property. The theory is that the financing was based upon a questionable appraisal which the lender approved without proper oversight. The Revised Appraisal looks back at the actual facts existing at the time and brings to light the real value of the subject property (on the past date) as opposed to the inflated value that was the basis for the loan. Attorneys are reporting successful outcomes in accelerating stalled cases and receiving significantly better offers when adding a Revised Appraisal to both new and existing files. -- Retro Appraisals LLC,Steven Greene,Delray Beach Fla. 10/29/2009 |