Foreclosure Resolution Blog

Has the loss mitigation industry failed the homeowner who’s trying to prevent foreclosure? There was an excellent article in the Wall Street Journal on a related topic:  Some Consumers Say Wall Street Failed Them. It talks about how the burden of risk and responsibility has been shifted to the consumer, while Wall Street manages to make (take) money at every turn.

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As a person who specializes in helping homeowners to get a loan modification and prevent foreclosure, I have the good fortune of providing a service that offers REAL value to my clients. My goal has always been to leave my clients much better off as a result of working with me than they were before they found me. And while there’s plenty to complain about when it often seems like you’re trying to prevent foreclosure in spite of EVERYONE involved (including the clients themselves in some cases), there are a lot of things for which I’m grateful.

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HUD Secretary Steve Preston spoke in front of the National Press Club on Wednesday regarding the current mortgage crisis, and HUD’s role in foreclosure prevention. I saw a re-broadcast on C-Span.

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When you read articles about how to avoid foreclosure, you’ll often hear some genius from a non-profit saying something brilliant like, “We tell them- you’ve gotta get rid of the cable!” Nevermind that cable is probably one of the cheapest forms of entertainment.

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I’ve looked at the overview of the latest Fannie Mae and Freddie Mac loan modification/foreclosure bailout/trial balloon of the month. Let’s take a look at a few details to see what we have….

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JP Morgan Chase announced a new loan modification plan a little over a week ago. With every new press release, a wave of homeowners flood the phone lines, inquiring about the terms of the new program, and wondering if it will help them to avoid foreclosure. Let’s take a closer look.

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Barney Frank recently made some comments on who should, and who should not, get a loan modification. And I’m happy to announce that Barney and I finally agree on something!

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In June, I outlined one of the main reasons why lenders do not want to offer a loan modification to borrowers in default. That was just one of the many reasons why it’s been difficult for borrowers to avoid foreclosure. (If you’re looking for the long list, that can be found in “How to Avoid Foreclosure and Stay Out of Foreclosure.”

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I recently attended a Chicago Fed conference on “Saving the American Dream.” The agenda was primarily designed for third-party organizations who assist homeowners in preventing foreclosure.

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Paul O’Neil, former Bush Treasury Secretary, proposed a solution to prevent foreclosure crises in the future. His comments were featured in National Realty News. [Thanks to Tim Iacono's blog post.]

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