Proprietary mortgage modifications, not HAMP mortgage modifications, lead the way according to HOPE NOW Loan Mod statistics. 120,000 modifications have been done by the mortgage companies themselves, compared to only 27,840 HAMP mortgage modifications, compared to HAMP has been, and remains, a gigantic government failure. It was supposed to lower the foreclosure rate. There are [...]
banking
Judicial mortgage modification, also known as mortgage cramdown, would NOT disrupt the residential mortgage lending market, but would prevent home foreclosures Says who? Says a Federal Reserve Bank of Cleveland study just released.. See the L. A. Times article by Lew Sichelman for a more readable explanation of mortgage cramdown. Judicial mortgage modification, NACBA‘s euphemism [...]
Foreclosure or not? I’ve been using the f-word a lot here in my Summerville, South Carolina law office. (That’s “foreclosure,” not the other f-word, by the way.) And I’ve noticed a transition in attitudes among clients. It’s gone from, “I don’t want foreclosure no matter what” to “let’s discuss what happens if my lender forecloses.” [...]
Just because you have not been foreclosed on yet, does not mean you will be getting a mortgage modification. image by: dreamstime Foreclosures will be increasing again, as the freeze on foreclosures by Fannie Mae and others has ended. Having further depressed the housing market with all the foreclosures already completed, mortgage companies appear to [...]
image credit: dreamstime One of the many problems with Mortgage loan modifications is, the bank virtually always forces homeowners to give up their rights, under consumer protection laws, to sue the mortgage company. In other words, say there were Truth in Lending law violations committed against you by your mortgage company. Now, in order [...]
image credit: dreamstime Thought all we had to do was get through this sub-prime crisis? (Michigan bankruptcy attorney Kurt OKeefe has blogged on this issue many times.) Do you think we have hit bottom, ready to start the turn around? In a stunning Business Week cover story, the authors reveal that many of the crooks [...]
