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Loan Modification

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Last Entry: February 15, 2011 at 19:26:59

Propping The Door Open: Treasury Orders That Trial Modifications Won?t Expire

Posted on December 29, 2009
The Treasury Department appears to have begun to notice that HAMP may not be working; in response, a directive that any trial loan modifications set to expire by January 31, 2010 must remain in place while servicers establish that the borrowers are eligible for modification...

What is a judge?s role in a foreclosure case?

Posted on December 28, 2009
As a lawyer with 500 actively defended foreclosure cases throughout the state of Florida, I have argued every conceivable foreclosure issue before dozens of Florida judges. Clients often ask me, and I often ask judges, ?What is the role of a judge in foreclosure cases?? Don?t get me wrong...

Common Sense v. Legal Sense: You Can?t Get Refinanced? Guess Who Got A New Second Mortgage? O.J. Simpson

Posted on December 28, 2009
Washington Mutual's history of reckless lending and predatory tactics doomed the 119 year institution to failure in 2008. WaMu specialized in subprime home loans and more than 1/3 of WaMu subprime loans failed. Related posts:A Common Sense Mortgage Solution From An Arkansas Attorney Sarasota Florida Judge Berlin Slams The Foreclosure Door On Wamu! Credit Cards vs...

Why I don?t do loan mods

Posted on December 16, 2009
As a Jacksonville Florida foreclosure defense attorney, I am often contacted by homeowners requesting representation in the loan mod process, and my answer is always the same: NO! My firm never engages in the pointless process of loan modification because we would like to keep our sanity, thank you very much! There is only one way to [...

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What Is Happening With Mortgage Modifications?

Posted on December 14, 2009
The short answer to my question: What Is Happening With Mortgage Modifications? NOT ENOUGH! Again and again, I keep saying, judicial mortgage modification, which was up in the House again last week, and lost, is the best solution the government can provide How are the government encouraged mortgage modifications going? Are mortgage modifications working? What effect is the [...

Mortgage Modification in Bankruptcy Not Dead Yet

Posted on December 07, 2009
Mortgage Modification in Bankruptcy not Dead Yet On December 9th the full House of Representatives will consider H.R.4173, the Wall Street Reform and Consumer Protection Act. A bipartisan group of Representatives will offer an amendment to that bill to allow bankruptcy judges to modify the loans of homeowners in a Chapter 13 Bankruptcy...

Divorce yourself from your home!

Posted on December 07, 2009
As a Florida foreclosure defense attorney, I?ve counseled literally thousands of people about their past due mortgage. The first thing I tell my client to do is emotionally divorce yourself from your home. The mortgage industry looks at the American homeowner like cattle, and there is no concern whatsoever about the social implications of mass foreclosures...

Creative Accounting On Government?s Gain On TARP Funds

Posted on December 07, 2009
The US Treasury Department announced today that it recovered $200 Billion of the $700 Billion bailout for financial institutions. Despite popular belief, the Bailout was not a free handout. The money came with strings and the banks want out from under the TARP...

New liability while waiting out the foreclosure

Posted on December 03, 2009
The house is yours until the foreclosure sale is held by the bank. So when the leaking toilet in the condo damaged the unit below, my client the homeowner stands to be responsible for the repair. Only the client cancelled her homeowners insurance after she moved out of the condo...

?In Foreclosure??What Does It Mean?

Posted on December 02, 2009
I frequently have clients tell me that their homes are “in foreclosure.” Upon reviewing the situation carefully, however, I find that the phrase “in foreclosure” may mean different things to different people, and it may be important to distinguish between those different meanings...

Why Are Connecticut Foreclosures So Weird? ? (Pt 2)

Posted on November 30, 2009
Foreclosures in Connecticut are unlike foreclosures in 48 other states. (Connecticut and Vermont share this weirdness.) In most cases, a foreclosure does not result in an auction. Usually, the lender will just come to own your property without an auction...

Wait for Modification or File Chapter 13?

Posted on November 30, 2009
Lately I have had a number of clients who have asked me whether they should continue to seek mortgage modification, or go ahead and file a Chapter 13 to stop a foreclosure. With the slow pace of lenders’ response to modification applications, and the pressure of possible foreclosure, it can be a difficult decision...

Walk Away From Your Home, Advises Report

Posted on November 30, 2009
Walk Away From Your Home Advises Report An interesting report by a University of Arizona Law professor is causing some stir in the real estate industry. Professor Brent T. White suggests that homeowners who are seriously upside down in their home should just walk away...

White House Now Jumps In The Deep End (Or Perhaps Sticks In More Than One Toe?)

Posted on November 30, 2009
The mainstream media continues to catch up on the crisis, reported months ago by the Congressional Oversight Panel, that only a tiny percentage of distressed homeowners are receiving assistance. The Treasury Department announced that it would be sending in SWAT teams to monitor the larger mortgage companies' compliance with the modification program...

Shame on you, President Obama

Posted on November 30, 2009
Our politicians? and our financial institutions? inability or unwillingness to fix our real estate market should disgust every Middle Class American. The result has been the continued destruction of homeownership and community by the foreclosure cancer...

Massachusetts Mortgage Foreclosures Severely Backlogged

Posted on November 30, 2009
To foreclose on a mortgage in Massachusetts it is standard practice to file an action in the Land Court for a declaration stating that the homeowner isn’t in the active duty military. This is so because a mortgagee has a duty to get a fair sale price at a foreclosure auction...

Can Junior Mortgages Foreclose?

Posted on November 30, 2009
In Massachusetts, the answer is yes. There are additional procedures for the foreclosure of junior (second, third, etc.) mortgages, however they can be foreclosed. The practical difficulty is that many junior mortgages are partially or wholly under water...

Lies, Damned Lies and Statistics on Mortgage Modifications

Posted on November 30, 2009
It seems that every time you turn on the radio or television in Southwest Florida, all you hear is a new advertisement from a mortgage modification company and how many modifications are getting done and how good the banks are doing at saving homes. If you call the latest scam company, they can help you [...

What Are Those Fees Added To My Mortgage?

Posted on July 09, 2009
Frequently, they are junk fees, so the mortgage servicer can make more money off of you. Kirsti Marohn of the St. Cloud Times wrote a story explaining how the mortgage servicer benefits from screwing up your records so they can charge added fees onto your mortgage...

Modifying Your Mortgage in California May Get Much Tougher

Posted on July 07, 2009
New legislation introduced, allegedly at the request of California Governor, Schwarzenegger, will make it tougher to get a mortgage modification in California. This legislation, California Senate Bill 94, includes language that says that attorneys can?t be paid for helping a homeowner apply for a modification until the process is completed! Previous California legislation had similar provisions [...

Short Sales and Bank of America

Posted on July 07, 2009
Bank of America has made a splash recently by updating its short sale agreements. The bank is now, intentionally or not, making it simpler for folks to decide to allow a foreclosure or file bankruptcy instead. Bank of America has reportedly changed its short sale agreements to provide that the homeowner will remain liable for any [...

What Is The New Michigan Foreclosure Law?

Posted on July 06, 2009
Effective yesterday, homeowners can get a 90 day delay foreclosure delay after getting the foreclosure notice. Some of the terms of the new Michigan foreclosure law are: After the homeowner, (the law applies to principal residences only) gets the written notice: 1...

Foreclosed By Mortgage Company That Tricked Me?

Posted on July 04, 2009
You relied on the mortgage broker, who was maybe even a “friend,” and signed papers without reading them, and now you are facing foreclosure by the mortgage company that scammed you. It is possible you do not even know what documents were submitted by the mortgage broker to get the loan that you now cannot pay...

What Is A Short Sale?

Posted on June 30, 2009
When your home is not worth as much as you owe on it, and you sell it for less than the amount that would pay the mortgage, or mortgages, that is a short sale. Last month, the Obama Administration announced changes in the making homes affordable program related to short sales...

My Mortgage Company Won?t Discharge My Mortgage. What Can I Do?

Posted on June 30, 2009
Once you have paid off your mortgage in full, the mortgage company is under an obligation, at least in New York State, to discharge your mortgage within thirty days. Unless you request otherwise, the mortgage company should present a satisfaction of mortgage to the county clerk’s office for recording within thirty days...

Seriously Delinquent Mortgages NOT Facing Foreclosure More Than Doubles

Posted on June 25, 2009
Mortgages in default are taking longer to go to foreclosure. In yesterday’s Washington Post it was reported that “During the first quarter of this year, the share of all homeowners seriously delinquent on their mortgage but not yet facing foreclosure more than doubled to 3...

What is the Truth About Mortgage Loan Modification?

Posted on June 21, 2009
There are so much information out there about mortgage loan modification? How can you find the truth about mortgage loan modification programs? American’s consumer law experts, the National Consumer Law Center, have assembled the information about the various programs to help home loan borrowers in financial distress into one website...

New California Law Extends Time Periods For Foreclosures

Posted on June 16, 2009
An additional 90 days has been added, is some cases, to the length of time for a California homeowner to cure a default in mortgage payments. The California Foreclosure Prevention Act went into effect on June 15, 2009. This bill extends the current 90 day period in California’s non-judicial foreclosure process between notice of default [...

Can I Owe Tax If I Lose My Home to Foreclosure?

Posted on June 13, 2009
Strange as it may seem, you can end up with a tax bill if you settle a debt for less than the full amount due or if your home, or other property, is foreclosed or sold without full payment of the loans against it. Federal tax law provides for tax on debt that is cancelled [...

Foreclosure Mediation Becomes Mandatory in Connecticut

Posted on June 10, 2009
Effective July 1, 2009 and continuing at least until June 30, 2010, all new foreclosure actions filed in the State of Connecticut must pass through the foreclosure mediation program. Initially established last year by the General Assembly, the mediation process was voluntary and slowly gained success as the program matured...

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