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Freddie Mac Will Require Re-Modifications of Previously Modified Loans

“On March 17, 2015, Freddie Mac issued an update to its Single-Family Seller/Servicer Guide (“Guide”) requiring servicers to offer additional modifications on previously modified step-rate mortgages.  This requirement will take effect July 1, 2015. By requiring loan re-modifications, Freddie Mac is seeking to address what has been on everyone’s mind for a while—the expiring HAMP

Florida’s foreclosure prevention program shifts tactics

“Florida’s $1 billion foreclosure prevention program, which has historically helped homeowners fight off bank repossessions with mortgage assistance, might start pitching in for first-time homebuyers’ down payments. The proposal would earmark $50 million for down payments from the federal Hardest Hit Fund, which was created with taxpayer money, a publication reported. The program has until

Nearly Two Million Homeowners Offered Mortgage Solutions in 2014

“More than 489,000 permanent home loan modifications were offered to homeowners last year, according to HOPE NOW’s 2014 loan modification data released today. HOPE NOW is a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors. The data showed more than 1.88 million homeowners received loan modifications, short sales, deeds in lieu,

Average U.S. rate on 30-year mortgage is 3.87%

“WASHINGTON (AP) — Average long-term U.S. mortgage rates were flat to slightly lower last week, remaining near their highest levels so far this year. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage was unchanged from a week earlier at 3.87 percent. The rate on 15-year fixed-rate mortgages slipped to

Report: Michiganders missing out on loan modification program

“WASHINGTON – Tens of thousands of Michigan homeowners are potentially missing out on the Obama administration’s flagship foreclosure prevention program, according to a government report released last week. Michigan homeowners have used the program to lower their monthly payments at far lower rates than would be expected given the state’s foreclosure rate, according to the

Riding the loan modification merry-go-round

What it takes to climb out of a credit mess by Bernice Ross on Feb 16 According to RealtyTrac’s U.S. Home Equity & Underwater Report for the fourth quarter of 2014, over 7 million homeowners (13 percent) still have combined loan amounts exceeding their property’s worth by at least 25 percent. In many cases, their

Mesa brothers get prison in $28M mortgage fraud scheme

Scott and Kevin Lee made millions through their family business. Authorities said their business was mortgage fraud. The two brothers pleaded guilty to orchestrating a $28 million loan scheme through their Mesa company, Summit Capital. A federal judge last week sentenced Kevin Lee to a year in prison, making him the last of five conspirators

Banks Keep Breaking Into Houses, And Homeowners Are Fighting Back

Every day in neighborhoods across the country, low-paid workers with little oversight or training decide whether to break into someone else’s home. They are independent contractors working indirectly for banks, including Wells Fargo, JPMorgan Chase and Bank of America. Mortgage agreements give these banks the right to enter abandoned properties, even those that are locked
IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. Loan Modification Key® and its owner(s) cannot and do not guarantee results from any lender or servicer. Loan Modification Key® and its owner(s) do not represent any loan modification program or governmental program. Loan Modification Key® and its owner(s) do not represent any government agency. The text herein represents information, opinion and expertise gathered in the last several years' experience in the mortgage industry. Loan Modification Key® is a non-profit 501 (c)(3) tax-exempt organization.
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