(By a Sacramento Homeowner) - There are a lot of similar stories out there and this mess came from a Countrywide mortgage from 2004, 80/20 4 Option Arm. At the time I had a vacation home in Tahoe (lost when payment adjusted and my payment stayed in escrow account.... lost $250k in equity but got a $4400 settlement check from Mortgage Review), and several acres with a new construction home that was a rental as well as my primary residence in El Dorado Hills, outside of Sac. (more…)
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“Your Home Loan Toolkit” Will Help Consumers Be Informed Mortgage Shoppers
(Source: CFPB) WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit will help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. (more…)
(Source: Freddie Mac) - Freddie Mac announced last week it sold via auction 5,398 deeply delinquent non-performing loans (NPLs) from its mortgage investment portfolio on March 25th, 2015. The loans have an aggregate unpaid principal balance (UPB) of $985 million. The transaction is expected to settle in early May 2015. (more…)
As weekly average fixed mortgage rates move down again across the board to their lowest levels since February, the number of U.S. home loan applications rose this past week. Two great indicators that we are moving into a robust season for home buying, and refinance market for this spring. (more…)
Here is a great article from the Federal Reserve Bank of San Francisco research department on a study of bank lending and how the expansion in credit over the last 50 years or so had caused the ratio to GDP to have quadrupled in advanced economies.
A dramatic growth caused mainly in mortgage loans backed by real estate. (more…)
The two Government-sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), announced on Tuesday that they are changing the way they modify some mortgages.
The reason for the change is because many of the loans previously modified under the Home Affordable Modification Program or "HAMP" were often fixed for only five years. Many of these homeowners are now struggling, or simply cannot make their higher monthly mortgage payments once their rates had adjusted upward. (more…)
(Source: NC AG) - North Carolina Attorney General Roy Cooper announced this week that about 2,200 North Carolinians who are owed a total of $2 million from SunTrust for wrongful foreclosures should start receiving claim forms in the mail this week.
“Foreclosures hurt our families, neighborhoods and communities,” said Cooper. “This settlement gives people who lost their homes to wrongful foreclosures an opportunity to get some money back.” (more…)
When you apply for a loan modification, your mortgage servicer is going to review your entire hardship and financial situation to determine your eligibility for a modified payment. With that said, you will need to gather all the required paperwork and financial information required to begin the process.
Here’s a quick and simple list of items you will need to apply for a loan modification. Keep all these documentations in a folder that is easily accessable, and please keep in mind that you may have to send this paperwork many times to your mortgage servicer because they will claim they never got it, or you need to update it, etc. (more…)
There have been several new laws (both state and federal) that have come into play over the last few years to help protect distressed homeowners who are facing foreclosure and are seeking mortgage assistance from their servicers. In this article, we will cover some of these state and federal laws. (more…)
Here is an updated alphabetical list of all the major U.S. mortgage servicer phone numbers for 2014. Please feel free to add to the list below because it helps everyone!
ABM AMRO Mortgage
Accredited Home Lenders (more…)
CFPB supervisory report highlights violations in debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending.
A new report from the Consumer Financial Protection Bureau (CFPB) in its Winter 2015 Supervisory Highlights, showing the legal violations resolved using non-public supervisory actions involving debt collection, consumer reporting, overdraft practices, mortgage origination, and fair lending. (more…)
Mortgage servicers will, in general, look for two main things when you submit a modification request. They look for a documentable financial hardship and what they really want to know, which is if you can afford the new proposed modified payment(s). (more…)
A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more affordable.
If you can afford their home but not your current mortgage, then you may be eligible for a loan modification. (more…)
Two Southern California men from the Inland Empire were arrested last Thursday for an alleged massive loan modification scam that resulted in victims losing over $44 million dollars.
The ringleader of the fraud was disbarred California attorney, Stephen Lyster Siringoringo, 34, of Westminster, California. He had operated the scam from his Siringoringo Law Firm, and was taken into custody along with his co-defendant, Joshua Michael Cobb, 32, of Upland, California. A third suspect, Alfred Orn Clausen, 41, of Rancho Cucamonga, is still at large and is suspected of leaving the country.
A criminal complaint filed in San Bernardino County Superior Court accuses the two of 24 felony counts of money laundering and 23 felony counts of grand theft for millions of dollars taken from victims who were seeking mortgage modifications.
According to San Bernardino D.A., the Siringoringo Law Firm had aggressively advertised on local radio and television, primarily in Spanish speaking media.
The defrauded victims were guaranteed that they would receive a mortgage modification that would be handled by a licensed lawyer. Instead, the files were handled by non-attorneys who are alleged to have falsified the numbers and collected upfront fees and monthly payments, which is illegal under the state law.
Both Siringoringo and Cobb remain in custody with bail set at $17.8 million. They have entered not guilty pleas and are scheduled for a court hearing this Friday.
If you have any information about this case or the defendants, you are encouraged to call the San Bernardino, California D.A.'s Real Estate Fraud Prosecution Unit at (909) 891-3519.
Here is a list of the upcoming training calendar for March through April 2015 for HUD-approved Housing Counseling agencies, servicing lenders, nonprofits, and the Making Home Affordable Trusted Advisors. The links to training below will provide information on FHA Loss Mitigation tools and the Home Affordable Modification Program, (AKA) HAMP guidelines. (more…)