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 [...]
loss mitigation
It was bad enough that Credit Suisse projected 6.5 million foreclosures over the next five years, back in April. This month they upped the ante to over 8 million potential foreclosures — or about 16% of all mortgages in the United States. The frightening thing about such projections is that they are (so far) turning [...]
Yes, mortgage foreclosures predicted to increase, to 16% of all homes with mortgages, by the end of 2012. All the more reason bankruptcy reform is needed now, as advocated in this post by Kansas bankruptcy attorney Jill Michaux. Horrible ARM mortgages were being written through June of 2007. I know because I had a client [...]
Loss Mitigation is a term used to describe the process of reducing the loss to the owner. It is used quite frequently these days as our economy continues to head for a down turn. I hear loss mitigation most often in reference to landlords and mortgages. Landlords because they have a duty, generally, to mitigate [...]
Former black sheep loan servicer, Select Portfolio Services (SPS), is far ahead of the pack on home loan loss mitigation. I previously wrote about the reception I received when I called SPS about a troubled loan. My client was behind on payments by about 12 months and had not paid the property tax for more [...]
Does this story sound familiar? A homeowner is struggling with his mortgage payment and wants to work something out with the lender to avoid foreclosure. He has read in his local newspaper that lenders have pledged to help distressed homeowners in these difficult times, and so he calls the loan servicer (whom he thinks is [...]
