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loan modifications

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

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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

CFPB and FTC Target Fraudulent Mortgage Relief Operations

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The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Nearly 40,000 U.S. Homeowners Granted Permanent Loan Mods in May

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HOPE NOW has released its May 2014 loan modification data, finding that an estimated 37,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month of May. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

CFPB Offers Clarification on Heirs Losing Homes

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The Consumer Financial Protection Bureau (CFPB) is issuing an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay (ATR) rule. This clarification will help surviving family members who acquire title to a property to take over their loved one’s mortgage, and to be considered for a loan workout, if necessary, to keep their home.Click to continue

Seven Million-Plus U.S. Homeowners Granted Loan Mods Through April

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HOPE NOW has released its April 2014 loan modification data, finding that 7.02 million American homeowners have received a loan modifications since the first data report was released in 2007. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Approximately 5.65 million homeowners have received proprietary loan modifications since 2007 and 1,364,674 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

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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 that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

Fitch: Bank of America Sees Credit Role Improved After NY State Supreme Court Decision

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The decision by a New York State Supreme Court judge to approve the terms of a settlement between private-label mortgage securitization investors and Bank of America (BofA) is positive for the bank's credit profile, if not successfully appealed with respect to loan modifications, according to Fitch Ratings. The settlement removes a substantial source of uncertainty from BAC's remaining contingent liabilities, though future appeals are possible.Click to continue

Loans Mods See 12 Percent Drop in November While Foreclosures Overall See 20 Percent Decline

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HOPE NOW has released its November 2013 loan modification data where an estimated 44,000 homeowners received permanent, affordable loan modifications from mortgage servicers during November. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue