This is very scary for anyone attempting a mortgage modification and/or short sale. Imagine thinking that your short sale or loan modification was “in review” (we discuss this review process in another article here) then suddenly find out you are in foreclosure or worse – foreclosed already. Sadly this happens every month in the Greater [...]
2,500 Homeowners Put Into Foreclosure While Awaiting Mortgage Modifications
December 16, 2010 By Leave a Comment
Fatal Flaw in HAMP: Uncle Sam isn’t watching
December 14, 2010 By 1 Comment
The total lack of oversight and teeth in the “enforcement” of HAMP is a Fatal Flaw according to Steve Gillan. We agree. Over and over we hear from homeowners, “I am in HAMP and have made seven on time payments in a row but am now facing foreclosure. The bank said I was still in [...]
Is your mortgage modification trials rolling past 3 months?
August 23, 2010 By Leave a Comment
Have three months have past by and you’re still awaiting your “permanent” modification? As Gomer Pyle says, Surprise, surprise, surprise. USA Today points out that Chase & Bank of America just don’t quite seem to know how to calculate three months. It seems three is the same as five or six or NEVER! Unfortunately, this [...]
700+ show up at Bank of America’s top lawyer’s front door
May 18, 2010 By 1 Comment
Over 700 protesters rolled up on the front lawn of Bank of America’s general counsel Gregory Baer because they are sick and tired of getting the shaft from BofA. Straight from the Huffington Post. – The Bank Slayer Huge raucous crowds converged outside bank employees’ houses on Sunday afternoon to demand banks stop lobbying against Wall Street [...]
Disappointing mortgage performance means more foreclosures
April 1, 2010 By Leave a Comment
According to the OCC and OTS the number of mortgages falling behind by 90 or more days increased 21.1%. Bottom line is more foreclosures are coming. Hopefully some will be averted with short sales and modifications but homeowners and REALTORS have to act quickly before the loan is too far behind. The foreclosure process in [...]
Confession from the Treasury…HAMP is a dud!!
December 7, 2009 By Leave a Comment
Finally they fessed up! While Neil Garfield refers to mortgage servicers and trustees as pretender lenders. The U.S. Treasury has been playing pretend for months as well and final conceded that the Home Affordable Modification Program (“HAMP”) is a dud. The 10-month-old program is going nowhere, said the Treasury, because big institutions charged with implementing [...]
