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Tips on Applying for a Mortgage After a Foreclosure

“Recovering from a negative credit event like a foreclosure can take years—seven years in many cases. A growing number of Americans are reaching that juncture after going into foreclosure early in the housing crisis. During that seven-year period, gaining access to loans is challenging, particularly in the first two to three years. Getting approved for

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,

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

Winstead Botched $62M Loan Workout, Texas Suit Says

By Alex Wolf Law360, New York (February 17, 2015, 8:42 PM ET) — Winstead PC was hit Friday with a malpractice suit in Texas state court by a Dallas-based bank and private investment group alleging the firm made “countless mistakes and misrepresentations” when handling the structuring of a $62 million loan workout and foreclosure. NexBank

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

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
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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