Save Your Home - Save Your Credit

Friday, March 12, 2010

Save Your Home - Save Your Credit

Blog for Realtors

Pace of foreclosure growth eases

According to some in Washington every little dip in ANY category related to foreclosures... 

Freddie buys loan on Sept 09, 9999.

Forget a 30 or 40 year mortgage term.  How about an 8,000 year term!    This is... 

Lenders fear or can’t buy back loans from FREDDIE MAC

If you are dealing with a short sale situation involving Freddie Mac (and I suspect... 

$8,000 tax credit is just not enough if you can’t sell your home

The website, Housing Predictor carries some interesting commentary and at times casts... 

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Blog for Homeowners

Wells Fargo ordered to pay homeowner $155,092!!!

Finally, Judges are seeing the wanton and willful actions by some of the mortgage servicers to... 

FTC ban on upfront loan mod fees looming

On March 29, 2010 the loan modification realm is likely to see massive changes.  It... 

Bank of America stole my parrot!

Bank of America has a nasty habit of seizing homes.   We see Bank of America changing... 

Memo to self…don’t tell Chase about plan to fly plane into the building

Ok, Ok, I know this is serious stuff but it just goes to show how frustrating it... 

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Blog for Attorneys

GMAC commingled cash. What about the mortgage itself?

If GMAC and other mortgage servicers have no qualms about commingling funds for which they have been entrusted (by investors); it is easy to understand they have no problem jerking a single homeowner around with his loan modification or short sale.  Anything to make a buck. NEW YORK, March 4 (Reuters) – Moody’s Investors Service on Thursday... [Read more of this review]

Lien stripping in action, let’s just get rid of the unsecured part, shall we?

David Leibowitz posted a short blurb on stripping liens from a property.  Bottom line is that the “underwater portion” of a mortgage may be fair game as it is unsecured.  This is a huge benefit for investor or the average homeowner who also has a rental property or two.  Too bad it is not readily accepted for homesteads (yet). Although bankruptcy may... [Read more of this review]

Midland Mortgage grants 37.5% reduction in rate for homeowner

Loan modifications offered through HAMP can be beneficial for some homeowners but if the homeowner is denied for HAMP or the offer is unacceptable, litigation may be an option.  This is a more costly alternative but in most cases results in more beneficial and permanent modifications. Recently we helped homeowners with legitimate hardships due... [Read more of this review]

MERS – Who or What are they?

Recently we came across a great list of data points on MERS.   Prepare to be overwhelmed with the purposeful confusion MERS aims to achieve.  Articles specifically about MERS can be found here. MERS Basic Corporate Information MERS is incorporated within the State of Delaware. MERS was first incorporated in Delaware in 1999. The total... [Read more of this review]

IndyMac sets record for slowest response to RVD!

IndyMac has set a new record (at least in our office) for the longest time for a simple response to a Request for Validation of Debt (“RVD”).   Granted some mortgage companies never respond but as far as actually responding this sets a new bar. We sent a standard RVD to IndyMac, now OneWest Bank, asking to validate the debt for a client.... [Read more of this review]