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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

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

Is now the time to refinance your mortgage?

“Interest rates on home loans are historically low. That means now is the time to dig out your mortgage loan paperwork and consider whether refinancing is right for you. Five years ago, the government started injecting trillions of dollars into the U.S. economy. Conventional wisdom suggested that rising interest rates were soon to follow. Some

Mortgage Foreclosures Force Thousands Out of Their Homes

“THOUSANDS of Victorian properties are being seized despite record low interest rates. ” “Foreclosure actions by major banks and lenders to repossess homes, units, businesses and land resulted in 7830 people losing an asset in the past five financial years. Experts warn the figures indicate people are taking on unsustainable debt and could face losing 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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