loss mitigation : Loan Modification Key

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Best practices on how to continue loss mitigation needs

Besides the start of a new year, Jan.1, 2017, will also mark the first time since 2009 that the government’s Home Affordable Modification Program and Home Affordable Refinance Program will not exist.   Falling under the government’s Making Home Affordable program, HAMP and HARP were created as solutions after the housing crisis to keep struggling

Foreclosure Alternatives Grow to New Heights in May | Loan Modification Key

Total foreclosure alternatives were greater than 105,000, according to the May 2016 loan modification data produced by HOPE NOW (the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors).   “For the month of May, non-foreclosure solutions continued to outpace foreclosure sales by nearly a four to one margin,” stated Eric

Watchdog Calls on Treasury to Fix Blight Elimination Program – Loan Modification Key

“We believe the fundamental structure of HHF and the existing controls and compliance measures implemented by [the Office of Financial Stability] and the HFAs have made HHF blight elimination programs effective, flexible, and accountable.” Mark McArdle, Department of Treasury.   The head of the Troubled Asset Relief Program recently called on the U.S. Treasury Department

Ctrl Alt Delete: CFPB says Mortgage Servicers Need Technological Reboot | Burr & Forman – JDSupra

The Consumer Financial Protection Bureau (CFPB) released a special edition of its supervision report, honing in on mortgage servicers on June 22nd[1]. It blamed outdated technology and process breakdown for trends it has seen with violations of the CFPB’s 2014 servicing rules. The primary areas of concern are communications and data related to loan modifications

CFPB Rules Establish Strong Protections for Homeowners Facing Foreclosure | Consumer Financial Protection Bureau

WASHINGTON, D.C. — On January 17, 2013 the Consumer Financial Protection Bureau (CFPB) issued rules to establish new, strong protections for struggling homeowners facing foreclosure. The rules also protect mortgage borrowers from costly surprises and runarounds by their servicers. “For many borrowers, dealing with mortgage servicers has meant unwelcome surprises and constantly getting the runaround.

New York Takes Aim at Zombie Properties – DSNews

In order to fight the long-standing problem of vacant and abandoned homes, New York became the latest state to enact legislation to fight the adverse effect these properties, often called “zombie” properties, have on their surrounding communities.   New York Governor Andrew Cuomo signed the bill into law this week. The bill was passed as
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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