Sally Herigstad, a contributor for Interest.com posted an article on “How to Fight Foreclosure.” She reports that only about 15% of homeowners that try to do it on their own succeed. Borrowers can spend months negotiating with customer service reps and documenting every aspect of their financial lives, only to have their requests abruptly denied. [...]
On Friday, October 1, 2010, Fannie Mae, as program administrator for the Home Affordable Modification Program (HAMP), plans to release the base Net Present Value (NPV) model v4.0 spreadsheet tool, which will include new input fields, changes to existing input fields, and new output fields. As stated in the HAMP Guidelines: A standard NPV Test will [...]
Citigroup Suspends Foreclosures: Grinch’s Heart Grows Three Sizes! After a dismal day attempting to raise money for its TARP exit, Citigroup needed a boost. What might shine a brighter light on the fallen financial super market? Maybe an anti-Goldman move – something that would show the public that the bank has a heart after all. [...]
December 17, 2009 | Posted in
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Critical Home Affordable Modification Program Waiver Granted to Participating Servicers Effective today, a new critical Home Affordable Modification Program (HAMP) Waiver is granted to participating servicers, as detailed below. Permanent HAMP Waiver for Elimination of the 25% Trial Period Restart Rule #20091203 Supplemental Directive 09-01 (issued April 6, 2009) required borrowers to be reevaluated for [...]
Obama vs. the Banks: The Pressure Intensifies Beating on Wall Street makes political sense these days. The public is furious that big banks and Wall Street firms are once again making pots of money while Main Street suffers through 10% unemployment. With year-end bonuses soon to be handed out to financial executives, Obama and the [...]
Shadow foreclosures loom over market A new wave of foreclosures is expected to hit the Washington area as prime borrowers stumble financially under the weight of the economic downturn. Although foreclosure activity nationwide fell last month by 8 percent, November marked the ninth straight month in which more than 300,000 properties received foreclosure filings, according [...]
Report: Lenders increase cancellations of foreclosures in California but continue to take back troubled properties Fresh evidence that lenders are increasingly working with California’s troubled homeowners emerged today as a research firm reported that the average number of foreclosures canceled on a daily basis increased by 40% in November compared to October. Nevertheless, the average [...]
Few troubled mortgages being modified permanently Only 31,382 of more than 700,000 home loans in the federal program have been converted, data show. Reporting from Washington – Federal data released Thursday showed just how poorly banks are doing at turning the growing number of temporary loan modifications into permanent ones under the Obama administration’s effort [...]
December 16, 2009 | Posted in
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FIGHTING TO KEEP THEIR HOMES Workers at the Shore who once had loans that were considered safe are struggling to prevent foreclosure. Kathy Schwed spends her days teaching special education. She spends her nights caring for her 11-year-old triplets, two of whom have autism. There isn’t much free time in between. What time she has, [...]
December 16, 2009 | Posted in
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Can home market bounce back without more help? USA TODAY-Colleen Wells heard the housing market was supposed to be picking up, so she felt optimistic when she put her 60-acre farm in Ocala, Fla., up for sale early this year. When no one bought the farm at its asking price of $894,000, she slashed the [...]
December 16, 2009 | Posted in
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