New Jersey Citizen Action (NJCA), Ocwen Financial Corporation (NYSE: OCN), and the NJ State Conference of the NAACP are teaming up on Thursday, November 16, 2017 at the Appian Way in to explore mortgage solutions with Ocwen borrowers from across the state who are having difficulty paying their mortgages.
Homeowners are invited to join NJCA counselors and representatives from Ocwen and the NJ NAACP for a complimentary dinner and an informative presentation about how New Jersey Citizen Action’s free HUD-certified Loan Counseling Program can help homeowners find mortgage solutions during difficult economic times. Registration for the event is required. (more…)
A California homeowner is suing Nationstar Mortgage U.S. Bank National Association for alleged breach of contract and negligence for failing to notify her that she was approved for a loan modification. (more…)
A Florida homeowner is suing Bank of America for alleged breach of contract in regards to the bank’s failure to honor a loan modification agreement. (more…)
A report by Fitch ratings called “Historical Modification Data Review” shows that loans modified since 2014 have faster re-default rates and approximately 75% fail within two years. (more…)
The U.S. government-sponsored mortgage giants, Fannie Mae and Freddie Mac announced this week a new initiative to help struggling homeowners with their mortgage. It is called the Flex Loan Modification Program, and will be a replacement of the Home Affordable Modification Program (HAMP®), which is set to expire at the end of 2016. (more…)
A new report issued by Fitch Ratings today shows that the end of the U.S. Treasury’s Home Affordable Modification Program (HAMP), scheduled for Dec. 31, 2016, may hurt U.S. homeowners with fewer loan modifications. A further HAMP extension is said to be unlikely. (more…)
A federal jury in Bakersfield, California awarded $158,568 in economic and statutory damages and $300,000 in emotional distress damages to a homeowner against Ocwen Loan Servicing, LLC (“OCWEN”).
The homeowners, Frank and Dora Cornejo had applied for a loan modification, but claimed Ocwen was “dual tracking” in violation of California’s Homeowner Bill of Rights, Civil Code Section 2923.6. Dual tracking is against the law and occurs when a mortgage servicer continues to foreclose on a homeowner’s home while simultaneously considering the homeowner’s application for a loan modification, short sale, or other form of loss mitigation. (more…)
The Mortgage Banker’s Association is looking to help change the way mortgage servicers and lenders process loan modifications with a brand new program that they hope will someday replace the U.S. government’s Home Affordable Modification Program (HAMP).
One Mod: Principles for Post-HAMP Loan Modifications is the new initiative designed by the MBA based on the experiences of lenders familiar with HAMP to formulate universal principles that they propose should be applied to a future program. (more…)
The mortgage servicng guidelines for Fannie Mae loans were recently updated in the latest Servicing Guide Announcement SCV for 2016-2017. The changes reflect Fannie Mae Streamlined Modifications, Government Mortgage Loan Modifications, Processing a Workout Incentive Fees, and Allowable Foreclosure Attorney Fees. (more…)
Massive consumer victory upholds claims that BOA’s HAMP mortgage-modification program was a RICO enterprise
The nation’s seconds largest banking institution, Bank of America must face a class action lawsuit over RICO and promissory estoppel claims for conspiring to obstruct, delay and deny their Home Affordable Modification Program (HAMP) applications. (more…)
The U.S. Department of the Treasury issued a joint white paper today with the U.S. Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA), that is designed to serve as a mortgage servicer guide for future loss mitigation programs.
In the beginning of the financial crisis, mortgage servicers were ill equipped to deal with the massive amount of struggling homeowners who were contacting them for mortgage assistance. The influx of people caused mortgage servicers to be overwhelmed and many mistakes had hampered their loss mitigation programs. (more…)
Here is an updated alphabetical list of all the major U.S. mortgage servicer phone numbers for 2016. Please feel free to add to the list below because it helps everyone!
ABM AMRO Mortgage
Accredited Home Lenders (more…)
Approximately 31,000 loan modifications were made in April 2016, which was down from 32,000 in March, according to a new report released by the mortgage alliance of lenders, mortgage servicers, investors and counseling agencies, HOPE NOW.
The total number of homeowners who received mortgage solutions in April to avoid foreclosure was at 37,169. (more…)
Most of the HAMP loan modifications made to struggling homeowners over the last several years had reduced the interest rate on their mortgage for a fixed period of only five years. HAMP Tier 1 modifications included interest rate reductions to as low as 2% for the first five years to help these homeowners avoid foreclosure.
Many of these borrowers have been facing interest rate reset increases, also known as a rate step-up, of 1% per year (maximum) until their rate adjusts to the market rate at the time of their modification. Approximately 90% of the 900,000 homeowners with an active HAMP modification are scheduled for interest-rate increases from 2014 to 2021, according to a January 2014 report from the Office of the Special Inspector General for the Troubled Asset Relief Program (TARP). (more…)
Dramatic Increase In Mortgage Assistance Efforts Will Enable Thousands Of New Yorkers To Save Their Homes By Clearing Small Debts That Are Preventing Them From Avoiding Foreclosure
New Analysis Released Today Estimates Expansion Will Save $875 Million In Property Values for Neighboring Homeowners of Loan Recipients
Schneiderman: This Investment Is Another Step In Our Effort To Help New York Families Put The Housing Crisis In The Rearview Mirror
NEW YORK – Attorney General Eric T. Schneiderman announced last week a $100 million expansion of efforts to provide no-interest loans to help New York families avoid foreclosure and stay in their homes. The expansion, funded by the Attorney General’s April settlement with Goldman Sachs over the bank’s deceptive practices leading up to the financial crisis, is expected to help more than 3,000 families across the state pay off small debts that are preventing them from securing a needed mortgage modification. (more…)