Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

foreclosures

New York State Launches Probe Into Hard Money Predatory Lenders

Scales of Justice/Credit: Thomas Northcut

Benjamin M. Lawsky, Superintendent of Financial Services, announced that the New York State Department of Financial Services (DFS) is launching an investigation into possible predatory lending practices by companies that originate short-term, high-interest loans to New Yorkers secured by a borrower’s home or other real estate – a practice known as hard money lending.Click to continue

Surge of Past Short Sellers Spotlights New Problems for Sellers With Deficiencies

Short_Sale_For_Sale_Pic

Many are aware of the foreclosure code placed on past short seller credit. As past short sellers surge back into the housing market, new problems come to light. Short sellers who paid on a deficiency after the short sale closed are getting denied by both Fannie Mae and Freddie Mac for a conventional mortgage for three reasons:

1. The short sale credit is coded as a foreclosure, the same problem that almost all short sales are experiencing.Click to continue

Consumers in Foreclosure: Kick'em When They're Down!

On July 23, 2014, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) jointly issued an announcement, entitled “CFPB, FTC and States Announce Sweep Against Foreclosure Relief Scammers” (“Announcement”).1

It seems that the perps (aka “perpetrators”) are out in full force, using deception and false promises to “collect more than $25 million in illegal fees from distressed homeowners.”2Click to continue

Foreclosure Inventory Found to be Significantly Higher in Judicial States

Black Gavel Pic/Credit: Brand X Pictures

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

HUD Decision Abandons Relief for Non-Borrowing Surviving Spouses

Reverse_Mortgage_Money_Pic

When a company like Bank of America causes a problem or harms individuals, resulting in a loss of equity, they typically get in trouble. If General Motors Company (GMC) releases a truck with faulty brakes, whether those brakes were farmed out to a third-party or not, GMC recalls the vehicle and gets in front of the issue. If these cases typically run true, then why hasn’t the U.S. Department of Housing & Urban Development (HUD) come under fire for harming elderly individuals who have taken part in a reverse mortgage?Click to continue

The Viability of GSE Recapitalization

Capitol_Hill_Pic

During a recent National Housing Conference Annual Policy Symposium in Washington, D.C., Treasury Undersecretary Mary Miller discussed the uncertain future of the government-sponsored entities (GSEs). She also covered the basics of the post-economic disaster and its meager, slow-moving recovery.Click to continue

Quandis Announces New Servicemember Search for the Prevention of Foreclosure

Quandis_Logo_02_28_12

Quandis Inc. has announced that it has rolled out a new feature within its existing military search service that identifies multiple name variations of borrowers which could have active duty status in the U.S. military. If in default but on active duty, certain rules prohibit foreclosure.Click to continue

Massachusetts AG Sues GSEs for Foreclosure Prevention Violations

Black Gavel Pic/Credit: Brand X Pictures

Citing a refusal to engage in foreclosure buyback programs is unfairly and illegally causing Massachusetts families to lose their homes, Massachusetts Attorney General Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for violating the state’s 2012 foreclosure prevention law.Click to continue