A recent post on Housing Wire touted the benefits of using “high-touch” servicing in dealing with homeowners who are behind on their mortgage and headed towards foreclosure.
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Maybe you’ve heard about, or seen the ads for the Hardest Hit program? (more…)
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I mentioned the other day that Fannie Mae has “taken to the [virtual] airwaves” to “educate” homeowners in default on their home loan.
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In an effort to “educate” defaulting homeowners on their options when they fall behind on their mortgage, Fannie Mae has unveiled a new website.
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I’m constantly amazed at how long it takes for an institution to figure out the obvious.
For a few years now, I’ve been saying that the mortgage industry is typically 24-36 months behind the curve. The problems they’re addressing today should have been dealt with 2-3 years ago.
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For quite some time, there have been complaints that the reason why so many homeowners have defaulted, and foreclosure levels are so high, is because “they don’t have enough skin in the game.” The theory is that homeowners who have put little-to-nothing down on their home purchase are more likely to default than those who’ve contributed a substantial down payment, because they have less to lose if their home goes to foreclosure. By extension, it is believed that those with larger down payments will exert more effort to avoid foreclosure and keep their homes.
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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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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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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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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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