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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

Loss of income does not mean loss of home

“DESPAIR SETS IN” “When Sarah lost her unemployment income in January 2014, she thought all was lost in terms of her ability to continue to make payments on her mortgage. Her concern deepened when after missing only two payments, her mortgage company returned a regular monthly payment she sent in. In returning her payment the

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

How To Fight Foreclosure And Save Your Home

“Are you behind on your mortgage payments or worried about getting behind? Perhaps your work hours have been reduced or maybe you’ve been laid off. For whatever reason, you may have already missed a mortgage payment or perhaps several. When economic problems occur and we know we won’t have enough money to pay our house

The foreclosure trap

“The Patricks, like millions of homeowners who have run into mortgage problems before them, were actually put in a worse position by the very party they thought would help them out, their loan servicer. When they sent in their regular $700 monthly mortgage payment last October, the Patricks were just two payments behind. Their issues

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

Why refinance when you can modify?

“With interest rates being lowered a tad and with the relaxation of Fannie Mae and Freddie Mac’s lending guidelines, there’s been a recent advertising push by loan brokers about this being a great time to consider refinancing your home mortgage. For some folks who are simply looking for a deal better than the one they

Ocwen relents, enables retired nurse to keep her house

“A 75-year-old Brooklyn woman won her five-year legal battle with one of the nation’s biggest mortgage servicers after The Post reported on her struggle to save her Brooklyn home. Eartha Smith, a retired nurse for the New York Fire Department, finally got an e-mail from Ocwen Financial granting her a mortgage modification following several false

Ocwen Woes Continue as CEO Pens Apology to Borrowers

“Amid an ongoing investigation by the New York Department of Financial Services (DFS) into the servicing practices of Ocwen Financial Corporation (NYSE: OCN), the company has issued an apology to any homeowners who may have been affected by misdated letters regarding foreclosure or loan modification. In an open letter dated Friday, Ocwen CEO Ron Faris
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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