“A loan modification is just one piece of the puzzle.”
I’ve been saying this for quite some time, but first posted it in a post I made on the proposed Foreclosure Prevention Czar in October of 2008.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Last week, the Senate passed the Restoring American Financial Stability Act.
It now includes a program that would allow unemployed homeowners to prevent foreclosure by borrowing up to $50,000 to stay afloat.
If you enjoyed this post, make sure you subscribe to my RSS feed!
One of the requirements of the President Obama “Making Home Affordable” Plan is that homeowners who want to apply for this foreclosure prevention program must sign IRS form 4506T, which allows the mortgage company to get a copy of past tax returns.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Three Columbia professors recently issued a proposal to prevent foreclosures through loan modifications. Their idea: pay the servicers an incentive to do them.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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).
If you enjoyed this post, make sure you subscribe to my RSS feed!
The U.S. Department of Housing and Urban Development will shut down the FHA Secure Refinance program at the end of this year. The program, which was supposed to help 240,000 sub-prime borrowers to refinance into fixed rate FHA loans, fell just a little short of its foreclosure prevention goal.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
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.
If you enjoyed this post, make sure you subscribe to my RSS feed!
It used to be, way back in 2005, that if you were working with a borrower who was behind on payments, you smiled when you learned that it was an FHA loan, because you knew that HUD foreclosure prevention programs were solid and reliable.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Congressman Barney Frank and Representative Maxine Waters sent a letter to President Bush, urging him to place FDIC Chair Sheila Bair in charge of foreclosure prevention on mortgages acquired through the recently passed $700 billion legislation. You know, the one where the federal government was going to buy distressed mortgages? Never mind that they’ve already spent half of the money injecting capital into banks and NOT buying mortgages.
If you enjoyed this post, make sure you subscribe to my RSS feed!