“HOPE NOW is a waste of time!” she exclaimed. Now granted, I don’t get calls from any of HOPE NOW’s satisfied “customers.” She goes on to tell me the usual story about HOPE NOW, and how they did very little to help her solve her problems. “All they did was take down my monthly budget numbers and pass them on to the lender. I never heard from them again.”
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I don’t often comment on topics like this, but I just saw Shepard Fairey on the “Colbert Report,” and learned that he was the artist who created the iconic Obama Hope poster.
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A very important consideration when you’re trying to prevent foreclosure is your loan-to-value ratio. This is the measure of what you owe on the home, versus what it’s worth.
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Three Columbia professors recently issued a proposal to prevent foreclosures through loan modifications. Their idea: pay the servicers an incentive to do them.
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I’m on hold with a smaller servicer, checking the progress of three Fannie Mae files I’m working on to prevent foreclosure. They just informed me that one of the borrowers had just been approved in July for the Homesaver Advance (HSA).
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If you weren’t already aware of the power of the U.S. Government as an investor, CITI has agreed to support bankruptcy cramdowns to help homeowners avoid foreclosure.
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The solution du jour floating around in Congress is a proposed provision to allow mortgage cram-downs on personal residences through bankruptcy to stop foreclosure. Senator Dick Durbin has once again rolled out this proposed legislation. As usual, Democrats think it’s a stellar idea, while Republicans are outraged at the thought.There is a tremendous amount of confusion as to how this would work in practice. However, my goal here is not to write a treatise on bankruptcy cram-downs to stop foreclosure. Rather, I want to focus on how effective they would be in helping homeowners to stop foreclosure.
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