Another tool to help Florida homeowners keep their home and avoid foreclosure will be available this summer. Only Fannie and Freddie owned mortgages are eligible, but starting July 1, 2013, a new streamlined program is being rolled out to help modification efforts. This program will eliminate the strenuous income documentation…
We are still seeing significant principal reductions for some of our very lucky clients, mostly from Bank of America and Ocwen. An article by Drew Harwell in the Tampa Bay Times and the Orlando Sentinel and the Tampa Bay Times indicates that since March, more than 1,000 Florida homeowners have…
There are several exciting things happening in mortgage modifications lately. The modification puzzle pieces seem to be falling into place, albeit four years after the foreclosure crisis began. We hope to take full advantage of this and get as many of our clients through a mediation this fall as possible.…
Here’s an example in Tampa, Florida this month for one of our foreclosure clients who wanted to keep her house and avoid the possibility of a deficiency judgment: New monthly payment: $933.45 with escrow Old monthly payment: $1,491.35 New interest rate: 4% fixed Old interest rate: 7.75 % fixed Term:…
Here in Florida, our foreclosure defense clients have seen two more excellent principal reduction offers in the past month – both from Ocwen. Both reductions were to the fair market value, maybe even below, and both were reduced over $100,000. Additionally, the interest rates were reduced to 4% for the…
The recent AG settlement among the states’ Attorneys General and the five largest mortgage servicers is expected to be filed any day now. Hopefully then more light will be shed on what exactly the terms are and how they will help Florida homeowners. The Wall Street Journal reported today that…
The Federal Housing Finance Agency (FHFA) that recently approved of HAMP principal reduction for Freddie and Fannie loans has rejected a proposal by the National Association of Consumer Bankruptcy Attorneys (NACBA). The Principal Paydown Plan is designed to amend the bankruptcy code to allow for payments during a Chapter 13…
The Home Affordable Modification Program (HAMP) is being extended and expanded to reach more borrowers- will it be enough to help or an example of “too little too late”? On January 27, 2012, the Treasury department announced the revisions. First, to encourage principal reduction, the Treasury is tripling incentives and…
Nation Mortgage News reports today that Ocwen is on the verge of closing on two large MSR purchases: a $15 billion package of nonprime product from JPMorgan Chase, and a $26 billion deal from Saxon Mortgage. Both could close this month. The $300 billion figure, the company says, excludes the…
Why aren’t we seeing any legislation or rules addressing servicers’ inability and unwillingness to modify loans even when the modification is clearly in the best interest of the investor-owner of the mortgage? Florida foreclosure defense and bankruptcy attorneys see the conflict of interest daily between mortgage servicers and their own…