loan modification: California Legislation to Quell "Double Tracking" by Banks
- 07/02/12 12:01 PM
Late breaking news for California homeowners surfaced today, from the office of Kamala Harris, California Attorney General. In hopes of helping troubled homeowners stay in their homes, a series of legislative bills have been approved by state lawmakers,
The focus of the legislation is to tackle practices some homeowners see as egregious in the foreclosure process, which often appear inconsistent and arbitrary.
Attorney General Harris is a key sponsor of this legislation, and cites 1 million Californians who lost their homes to foreclosure between 2008 and 2001, while another 500,000 homeowners are in the foreclosure pipeline.
Governor Jerry Brown is expected to sign the legislation, … (6 comments)
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loan modification: Small Fraction of Loan Modification Funds Spent by U.S.
- 11/12/10 12:44 PM
Various news media sources have reported interesting numbers related to the TARP funds devoted to loan modification and foreclosure prevention program. The Obama administration pledged up to $50 billion to assist struggling homeowners, but the government has spent only a tiny fraction of that, thus far.Launched in early 2009, the Treasury Department reported recently TARP spending has put the total at $600 million through the month of October 2010.To obtain details of the spending, a request was filed for data via the Freedom of Information act. This data demonstrates exactly how much money has gone to each servicer.Initially, there was hope … (22 comments)
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loan modification: Are Banks Reneging on Loan Modifications
- 11/07/10 10:27 AM
The Sacramento Bee is currently running a story, about homeowners who were provided trial mortgage modifications, only to have the lenders foreclose instead.The story showcases the plight of William and Esperanza Casco of Long Beach, California, who were managing to stay current on their mortgage. However, when JPMorgan Chase & Company offered them reduced payments via a loan modification, they signed up.The Cascos claim they never missed a subsequent payment, and were horrified when the bank decided to foreclose on their modest home because the smaller payments weren't enough.The Cascos aren't alone in making claims like this one. Lawsuits filed by … (6 comments)
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loan modification: You Own Your Home – How Has The Mortgage Mess Affected You
- 11/04/10 09:31 AM
This morning, I was reading an article presented by AARP. It provided interesting statistics and projections by Rick Sharga, a senior vice president with RealtyTrac. According to Sharga, the foreclosure inventory may very well reach into 2014 before it is cleared out and home prices start rising once again. Bank repossessions continue to run at record highs. 100,000 homes were foreclosed upon in August alone.Seniors have been hard hit, as many of them abandoned the principles of past generations of Americans who paid off mortgages as they migrated toward retirement. According to AARP, retirees today, are just as likely as younger … (41 comments)
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loan modification: "Save The Dream Tour" - Arriving in Sacramento!
- 10/07/10 11:16 AM
They are already forming a line, with some planning to spend the night at Sacramento's Cal Expo. The "Save the Dream Tour" event begins tomorrow, Friday, October 8th.The tour is presented by the nonprofit group, "Neighborhood Assistance Corporation of America" (NACA). The goal is to help people at risk of foreclosure to reduce their mortgage interest rates and restructure their home loans.Funding commitments from lenders in the amount of $10 billion have armed the group to assist homeowners. They have held similar events around the country, including a five-day event held at the Los Angeles Convention Center last week, which … (24 comments)
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loan modification: Lenders Must Produce The Note
- 09/29/10 11:12 AM
Awhile back, I was alerted by a past client of a video posted on CNN titled, "Lenders Must Produce The Note." The video speaks to the current arena of home mortgages, where troubled homeowners are often twarted in their efforts to negotiate with their lenders to avoid foreclosure. Because so many mortgages were bundled, packaged and sold as derivatives on Wall Street, actually finding the entity that has your note can sometimes become difficult. There is only one original note for your mortgage that has your signature on it. This document proves you owe the debt and they should know WHO OWNS THE … (10 comments)
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loan modification: More Information for Troubled Homeowners
- 08/03/10 06:39 AM
This morning, Sacramento's KCRA Channel 3 News ran a segment on Fannie Mae's Hope For Homeowner's Program. The report provided additional help to that which I provided last week when I blogged, "Tread Carefully When Seeking Legitimate Mortgage Counselors" - The KCRA segment showcased the dangers of becoming entangled with scam artists that still seem to be victimizing troubled homeowners. In addition to the Department of Housing and Urban Development website, which aids in locating the best certified legitimate counseling help available in your area. There is also the Making Home Affordable government site, which provides valuable information about working through issues … (6 comments)
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loan modification: Obama Administration to Announce Friday - Plan to Shrink Mortgages for Some Troubled Homeowners
- 03/25/10 02:30 PM
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loan modification: Bank of America to Launch New Program for Loan Modification
- 03/24/10 01:25 PM
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loan modification: Surviving the Difficult Housing Market of Today
- 03/18/10 03:10 AM
It certainly isn't uncommon to find real estate professionals brainstorming with one another about the state of our current housing market.Real estate professionals not only help buyers purchase property, and sellers to sell homes. Sometimes they voluntarily take up the shield to help past clients, friends and family to stay in their economically challenged homes during these difficult times. As a real estate professional, some examples of the circumstance I've personally seen, are as follows:(1) A friend, who bought a house in the 1990s, built up equity, then put on a second mortgage to finance an improved life-style with boats, RVs, vacations, … (10 comments)
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loan modification: Locating Reliable and Legitimate Mortgage Counseling
- 02/05/10 02:04 AM
Before the clock had struck 7:00 am this morning, I received a call from a troubled acquaintance, who is hoping to get a better mortgage, or take advantage of the lower interest rates currently available.Because the news media has provided many reports about foreclosure scams, and many folks are a little gun shy of beginning the process that could very well improve their financial lot.There are a number of qualified, honest and caring professionals trying to help the multitudes with loan modifications. But the question remains - How do you identify a legitimate agency from a scam?There have been so many unscrupulous scam artists … (11 comments)
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loan modification: You're Wanting to Refinance - Can You?
- 01/19/10 04:42 AM
Every once in awhile I hear from a friend, neighbor, or past client. These folks are often part of the group of homeowners who have found themseves in a situation they would have never dreamed of a few years ago. They had purchased their homes in good faith, had stayed current with payments, and they had managed to keep their jobs. BUT, because of declining home values brought on by the current housing crisis, they are unable to refinance and take advantage of current lower interest rates, because their homes are worth less than what is now owing on them.The government has a plan, to try to … (8 comments)
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loan modification: Just 4% of Distressed Homeowners Find Long-Term Help
- 12/10/09 09:54 AM
For all the hype surrounding the Obama plan for troubled homeowners and the administration's foreclosure prevention program, only about 4% of distressed borrowers have actually procured long-term help.A similar percentage of trial modifications have been denied permanent assistance, according to Treasury officials in a statement today.31,382 homeowners have been converted by loan servicers from trial adjustments to long-term assistance as of November 30th. But denials to 30,650 homeowners in trial modifications have occurred, according to the Treasury officials.CNN has posted an indepth report about the revelations presented today which can be accessed as follows:
http://money.cnn.com/2009/12/10/news/economy/permanent_loan_modifications/index.htm
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loan modification: Locating Legitimate Loan Modification Resources
- 11/24/09 07:27 AM
There are still many troubled homeowners, who are hoping to get a better mortgage, or take advantage of the lower interest rates currently available.However, the news media has provided many reports about foreclosure scams, and many folks are a little gun shy of beginning the process that could very well improve their financial lot.There are a number of qualified, honest and caring professionals trying to help the multitudes with loan modifications. But the question remains - How do you identify a legitimate agency from a scam?The loan modification realm has been plagued with so many unscrupulous scam artists posing as legitimate loan … (9 comments)
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loan modification: 13% of Americans Behind on Their Mortgages
- 08/20/09 02:23 PM
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loan modification: California Foreclosure Prevention Act
- 06/15/09 08:58 AM
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loan modification: "The Short Sale Savior" - A Good Read
- 06/09/09 07:53 AM
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loan modification: So is it 1 or 55,000?
- 05/31/09 11:59 PM
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loan modification: Navigating the Housing Market of Today
- 05/18/09 07:35 AM
The other morning I was brainstorming with another Realtor. Both of us agreed that in addition to helping buyers purchase property, and sellers to sell their homes, we had voluntarily taken up the shield, for helping past clients, friends and family, to stay in their economically challenged homes during these difficult times.Currently, I am averaging about a call a day, running the gamut consisting of the following:(1) A friend, who bought a house in the 1990s, built up equity, then put on a second mortgage to finance an improved life-style with boats, RVs, vacations, big screen TVs, etc. (2) A couple, … (8 comments)
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loan modification: A Great Resource For Finding Legitimate Mortgage Counselors
- 04/14/09 04:48 AM
I continue to hear from troubled folks, who are hoping to get a better mortgage, or take advantage of the lower interest rates currently available.However, the news media has provided many reports about foreclosure scams, and many folks are a little gun shy of beginning the process that could very well improve their financial lot.There are a number of qualified, honest and caring professionals trying to help the multitudes with loan modifications. But the question remains - How do you identify a legitimate agency from a scam?There have been so many unscrupulous scam artists posing as legitimate loan modification, or housing counselors … (1 comments)
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Late breaking news for California homeowners surfaced today, from the office of Kamala Harris, California Attorney General. In hopes of helping troubled homeowners stay in their homes, a series of legislative bills have been approved by state lawmakers,
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