Mortgage Law Network: Loan Modification

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Last Entry: July 09, 2009 at 08:02:14

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...

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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...

Threatened With Foreclosure? Hire a Lawyer!

Posted on June 10, 2009
A homeowner threatened with foreclosure should talk to a lawyer, and do it right away. Talking to a experienced foreclosure defense lawyer immediately after receiving the first notice may pay large dividends. Despite a default in payment homeowners often have defenses under state or federal law...

Investigation of Foreclosure Law Firms Continues

Posted on June 09, 2009
Connecticut’s Attorney General, Richard Blumenthal, is continuing to press his investigation of three law firms who appear to file more than 90% of all the foreclosures in the state. Together, the law firms file more than 2,000 foreclosures per month in Connecticut...

Can Obama?s Mortgage Modification Program Save Your Home?

Posted on June 09, 2009
The Home Affordable Mortgage Modification Program called HAMP, and the companion home refinance program (HARP) applicable to loans held or securitized through Fannie Mae and Freddie Mac, are touted by the Obama Administration as having the potential to help up to nine million homeowners...

Mortgage companies scrambling to meet new Truth in Lending requirement

Posted on June 08, 2009
An over-looked Truth-in-Lending Act rule that goes into effect July 30, 2009 has mortgage companies scrambling. The new rule requires timely delivery of the good faith estimate on home purchases, refinancings, and home equity loans. Applications taken after July 29th require lenders to deliver the good faith estimate “GFE” to the borrower within three business [...

Bank Loan Modifications and FDIC Traps For the Unwary

Posted on June 02, 2009
A couple common scenarios could combine these days to harm consumers if they are not prepared for them. Borrowers trying to get reasonable mortgage modification arrangements should be wary of their lenders being taken over by the FDIC also. Many mortgages are held as part of a bank’s portfolio...

Compare the cost of renting to the cost of buying a home.

Posted on May 29, 2009
A recent Wall Street Journal article concludes that homeownership has not been a particularly good investment. According to article, the rate of return on residential real estate has been much less than the rate of returns on even a safe investment like a treasury bill taking into account rates of return over the past 20 [...

South Carolina Supreme Court Establishes HAMP Procedure

Posted on May 28, 2009
The South Carolina Supreme Court has issued an administrative order that establishes a procedure which delays foreclosure sales in pending cases until HAMP applications can be processed where the mortgage is subject to HAMP, requires lenders to notify the court when HAMP applies in new cases, and allows foreclosure to proceed where loans are not [...

You CAN defend against your mortgage foreclosure

Posted on May 28, 2009
If you are facing mortgage foreclosure, your best defense can be a good offense. Mortgage lenders who file foreclosure cases count on you to do nothing. They count on you to ignore their complaint. They count on you to default. That way, they can easily go to court and get a foreclosure judgment without having [...

Foreclosure Defense Limited in Connecticut

Posted on May 28, 2009
Connecticut is a Judicial foreclosure state meaning that a foreclosure must take place in the context of a court proceeding. It is also one of only two states that recognizes the old English rule of Strict Foreclosure. Despite the setting of a court proceeding, Connecticut Rules of Practice (civil procedure rules) limit defenses in a [...

Short Sales In Florida Part I

Posted on May 27, 2009
One of the most common topics that I am asked about on a daily basis is the short sale: Can I short sale my property? Doesn’t it look better on my credit report to short sale the property? Can I short sell the property to a relative? What is the difference between a short sale [...

What is Strict Foreclosure?

Posted on May 27, 2009
There are two states in the United States that follow the old British practice of ’strict foreclosure’ - Vermont and Connecticut. Strict foreclosure will be ordered by a court in a foreclosure proceeding when there is little or no value to be recognized for the homeowner if the property were to be auctioned...

Don?t Spend the Equity in Your House

Posted on May 26, 2009
Do you have any equity left in your house? If you are one of the lucky ones who do, the temptation to pull out what little value left in your home may be great. You may have lost income or some bills have grown to large to manage. But resist the urge to refinance now [...

Resist the Offer of a Debit Card That Draws on Your HELOC

Posted on May 25, 2009
Lenders have come up with a lot of products that have turned out to be bad news for consumers-exploding ARMS, payment option loans, just to name a couple-but the one I heard about this weekend may have far greater negative potential for consumers than any of the others...

Is It Really A Good Time to Refinance?

Posted on May 24, 2009
Or stated another way; “Does a rate reduction help your finances?” Not all refinances are a good idea. Even a refinance solely to reduce your interest rate can be a losing proposition. You have to consider how long it will take to recover the cost of a refinance...

BankUnited Fails - What does that mean to you?

Posted on May 22, 2009
BankUnited is suing quite a few of my clients. We are fighting back. BankUnited, located in South Florida, was a leader in the use of Option ARMS. These mortgages were among the worst of the predatory toxic loans we have seen. One of my clients is an elderly man who received this horrible loan shortly [...