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Loan Modification Category

A few days ago the Treasury Department announced their unlimited support for the two GSE’s, Fannie Mae and Freddie Mac. Many speculate sticking this potential bombshell of a story in the holiday news cycle was intentional leading to even more sinister assumptions. The most ‘horrible’ rumor circling the banking industry is Obama wants to give [...]

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The Obama administration announced a new program they call “The Mortgage Modification Conversion Drive” which seeks to pressure mortgage servicers into converting all their “trial” loan modifications into a permanent restructuring of the mortgage. Good Luck…is all I have to say. I have written extensively on the mortgage servicers / lenders whose only desire when [...]

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Home Owners Petition Congress For Help

An avid reader of The Mortgage Insider alerted my attention to a petition home owners seeking loan modifications can use to voice their frustrations with America’s foot-dragging lenders. I can surely empathize with home owners facing foreclosure in that they were told by the Obama administration at the beginning of the year, Obama’s Plan would [...]

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Loan Mod Fraud Targeted By Feds

Loan mods and the cottage industry of “foreclosure rescue” are ripe with fraudsters seeking to scam those desperate home owners facing foreclosure. Loan mods are issued by the lender to either permanently or temporarily change the terms of the mortgage to remove the default and make it easier to pay. It is this “negotiation” with [...]

[ Read More → ] Website Review

Obama’s mortgage plan now has a website to explain the refinancing and loan modification assistance in this convoluted plan. The website called gets reviewed here, not the efficacy of the plan itself. Reviewed First I’m not sure why the government picked this domain name. Doesn’t it make more sense if you like these [...]

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A growing tactic in fighting foreclosure is the “produce the note” strategy which simply requires the lender to prove they have the right to foreclose by producing the actual mortgage note the borrower signed at closing. One Denver couple I read about here in Colorado hired an attorney who used this tactic with success. The [...]

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Housing Recovery Plan - Light On Details

The housing recovery plan we were all waiting to hear about from Treasury Secretary, Tim Geithner, in his first big address to the American people this week was kicked down the road by Mr. Geithner barely mentioning the foreclosure assistance measures. Housing Recovery Stalled The responsibility to inform us of some of the details on [...]

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The FHFA’s Foreclosure Prevention Report for November came out today and paints a rosy picture of GSE loan modification and other “foreclosure prevention” efforts given to those in default on a GSE insured mortgage. Could it be that GSE insured loans and the borrowers on them, get better, more favorable treatment by the servicers than [...]

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President Obama kicked Senator Durbin’s bankruptcy bill with it’s “cramdown” forced loan modification provisions to help foreclosure victims, off his economic stimulus package. Friday, in a meeting the two decided Durbin’s bill could derail the passage of the more important recovery bill. Cramdown Bill Ousted The part of the bankruptcy bill President Obama was afraid [...]

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