Nearly every article that comes out from someone offering foreclosure assistance, or acting as a “consumer advocate” for homeowners facing foreclosure, seems to say the same thing- lenders are not offering enough loan modifications to borrowers.
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The key issue in the Ms. Walker story about her attempt to shame her bank into helping her to avoid foreclosure is that she’s already a member of a national group that claims be in the business of helping people to avoid foreclosure.
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One of the most frustrating things in providing foreclosure assistance to homeowners who are behind on payments and want to keep their homes is dealing with people who won’t act in their own best interest.
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Sheila Bair, FDIC chairman unveiled her plans for wide-scale loan modifications on the mortgages serviced by Indymac Bank, the failed institution that the FDIC took over recently.
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West Virginia tossed its hat into the ring and filed suit against Countrywide / Bank of America. Attorney General Darrell McGraw said, “Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable.”
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New York just enacted new legislation lengthening its already-long foreclosure timeline. What this legislation reveals is an inability of foreclosure “experts” to do their job.
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Countrywide filed fewer notices of default in California for the third straight month. So for the moment, homeowners headed towards foreclosure are getting a breather.
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A number of cities and states have taken to filing suits against major mortgage companies like WAMU (Washington Mutual), Countrywide, etc. It’s unclear what the benefit will be to homeowners trying to avoid foreclosure.
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While everyone’s focusing so intently on the new foreclosure relief bill, there are mortgage industry changes that could affect many more homeowners in default than this legislation.
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With the rise in foreclosures, there are a number of “third-party” companies that aim to help lenders to connect with (and collect from) the homeowners.
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