ARE LOAN-MODIFICATION QUOTAS THE ANSWER TO FORECLOSURE CRISIS

By
Real Estate Agent with Century 21 New Millennium MD

Today in the Washington Post an article touched on the question ARE LOAN-MODIFICATION QUOTAS THE ANSWER TO FORECLOSURE CRISIS.

Briefly the article states that LOAN-MODIFICATION QUOTAS may be enforced as part of a settlement in the case against improperly handled foreclosures.  It has not been determined yet whether the QUOTAS would be for individual companies or the mortgage servicers as a group, nor how many distressed loans would be involved.

The article stated that the 2009 voluntary Home Affordable Modification Program has not performed as hoped. HAMP has permanently modified the loans of approximately 600,000 borrowers compared to the 3-4 million projected.

In the coming weeks state and federal officials will try to determine how they will require the banks to take more steps to reduce foreclosures.  The new Plan, or Program, will no longer be voluntary and will be a penalty for mortgage servicers mishandling of foreclosures.

The article by Dina ElBoghdady and Brady Dennis is entitled "For some banks, U.S. may set loan-modification quotas" was in the March 3, 2011, Wasington Post.

I am Margaret C. Taylor St Mary's County MD REALTOR®.

I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.

I am qualified to help you buy or sell your home.

CALL or TEXT 301 481 8407 for a FREE Consultation

I am a Century 21 New Millennium Real Estate Agent, St Mary's, MD

I welcome your REFERRALS. Ask for MARGARET C.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

What do you think ARE LOAN-MODIFICATION QUOTAS THE ANSWER TO FORECLOSURE CRISIS?

Posted by

 Century 21 New MillenniumFor more informational articles go to St Mary's County, MD Real Estate Agent Subscribe to my Blog

FREE HOME SEARCH 

 

 SOUTHERN MD MAP of St Mary's, Charles and Calvert County, Maryland

Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, and more, also Calvert and Charles County MARYLAND

  CALL ME  I CAN HELP AND I CARE

MARGARET C. TAYLOR REALTOR 301 481 8407 

 Provide YOUR HOME CRITERIA for a complete HOME SEARCH RealEstate@MargaretC.com

Office: 301 862 2169

SFR Logo    e-PRO©

Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE  Your lender may not agree to change your loan and/or agree to a Short Sale.  If you stop paying your mortgage you could lose your home and damage your credit.  Seek legal and financial counsel.

Comments (0)