Many lenders attempt to work out a mortgage modification with distressed homeowners in good faith, hoping that by doing so, those individuals will be able to maintain their property. Others are using the situation to prey on unsuspecting homeowners who feel they are safe from foreclosure while a mortgage modification is pending. Known as a “dual track foreclosure,” it has prompted legislation in California and Oregon prohibiting such practices. A dual track foreclosure happens whenever a mortgage company pretends to be working out a modification on a loan, yet simultaneously proceeds with a foreclosure. Since most people believe they are safe from foreclosure while a modification is pending, they often do not take measures that would protect them from this action, to include filing for bankruptcy. When finally hit with a foreclosure notice, those who are the victim of this dual-track scam often do not have time to react, and…
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Recognizing that many Americans are still faced with unrealistic mortgage payments, the White House recently announced it is extending the Making Home Affordable Program until 2015. This is important to struggling homeowners since the initiative includes the Home Affordable Modification Program (HAMP). What is HAMP? HAMP is a mortgage modification program implemented by the Obama administration to help lower monthly mortgage payments and prevent foreclosure. It rolled out in 2009 and was set to cease at the end of this year. However, the White House announced the program will now continue until 2015. Eligible homeowners can work with their mortgage companies to refinance loans that originated prior to January 1, 2009. The refinance should lower a borrower’s monthly payment to about 31 percent of his or her annual household income, as well as reduce the overall interest rate of the loan. Lenders are encouraged to participate in the program because…
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Four of the nations five largest mortgage companies have failed to comply with the terms of the $25 billion settlement over mortgage abuse they entered last year, according to an independent monitor assigned to the settlement. The recent review found that most common failure has to do with the requirement that the borrower be notified of information missing from their modification application. It also found that strict timelines set in place for approval of applications are not being met. Read More
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