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Servicing

One in Six Homeowners Are Still Underwater, According to Zillow

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One in six (17 percent) U.S. homeowners with mortgages – or 8.7 million – were still underwater on their mortgage in the second quarter of 2014, despite rising home values, according to the Zillow Negative Equity Report. This is down from 18.8 percent in the first quarter of 2014, and down from 23.8 percent from last year (Q2 2013).Click to continue

New York AG Files Suit Against Florida and New York Loan Mod Firms

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Attorney General Eric T. Schneiderman filed a lawsuit in New York County Supreme Court against four interrelated companies and their principals for operating a fraudulent loan modification scam. The lawsuits were filed against Home Affordable Direct, Inc. (Farmingdale, NY), Home Affordable Solutions, Inc. (Farmingdale, NY), JR Holding Group Corp (Babylon, NY), Clear Solutions and Settlements, Inc. (Tampa, FL) and their principals, Javier Gutierrez and Shadi Soumekh.Click to continue

National Foreclosure Report Indicates Over 20 Percent Decrease, Year-Over-Year

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CoreLogic released its July National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of July 2014, there were 45,000 completed foreclosures nationally, down from 57,000 in July 2013, a year-over-year decrease of 21.2 percent. On a month-over-month basis, completed foreclosures were down by 8.5 percent from the 49,000 reported in June 2014.Click to continue

HOPE NOW Reports 116,000-Plus Loan Mods Granted in Q2

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HOPE NOW has released data for the second quarter of 2014, which shows that approximately 421,000 homeowners received non-foreclosure solutions from mortgage servicers between the months of April and June. Permanent loan modifications totaled approximately 116,000 and short sales totaled 33,000.Click to continue

July Foreclosure Activity Down for 46th Consecutive Month Year-Over-Year

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RealtyTrac has released its U.S. Foreclosure Market Report for July 2014, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 109,434 U.S. properties in July, an increase of two percent from the previous month but still down 16 percent from a year ago. The report also shows one in every 1,203 U.S. housing units with a foreclosure filing during the month.Click to continue

NAR Partners With FHFA for Atlanta HARP Workshop

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More than 34,000 Atlanta residents are potentially eligible to reduce their mortgage payments under the Home Affordable Refinance Program, or HARP, according to Federal Housing Finance Agency Director Mel Watt and the National Association of Realtors, who recently participated in a special town hall meeting in Atlanta for community leaders and real estate professionals.Click to continue

Loan Mod Scheme Netting $18.5 Million From 8,000-Plus Victims Taken Down

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced the unsealing of charges against Ped Abghari, a/k/a “Ted Allen,” Dionysius Fiumano, a/k/a “D,” and Justin Romano for engaging in a mortgage modification scheme that defrauded over 8,000 homeowners in all 50 states out of over $18.5 million, in what is believed to be the largest mortgage modification scheme ever charged.Click to continue

Foreclosure Inventory Found to be Significantly Higher in Judicial States

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The Data and Analytics division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of June 2014. An analysis of the month's mortgage performance data showed that the nation's inventory of loans in foreclosure is disproportionately distributed in states with judicial foreclosure processes.Click to continue

J.D. Power Finds Quicken Loans Tops in Servicing

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Mortgage servicers are making substantial progress in improving the overall customer borrowing experience—specifically for “at-risk” customers—with technology helping to simplify and streamline the experience, according to the J.D. Power 2014 U.S. Primary Mortgage Servicer Satisfaction Study. The Study measures satisfaction in four factors of the mortgage servicing experience: Billing and payment process; escrow account administration; Web site; and phone contact.Click to continue

Foreclosues For Month of June Down, Year Over Year

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CoreLogic has released its June National Foreclosure Report, which provides data on completed U.S. foreclosures and foreclosure inventory. According to CoreLogic, for the month of June 2014, there were 49,000 completed foreclosures nationally, down from 54,000 in June 2013, a year-over-year decrease of 9.9 percent. On a month-over-month basis, completed foreclosures were up by 2.7 percent from the 48,000 reported in May 2014.Click to continue