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Settlement Services

New York Attorney General Dedicates $20 Million to Housing Counseling

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New York State Attorney General Eric T. Schneiderman has announced $20 million in grants to fund housing counseling and legal services for homeowners across the state. The award money represents the second round of a three-year, $60 million commitment made by the Attorney General’s Office to aid struggling homeowners in New York who are fighting to avoid foreclosure and remain in their homes. Throughout New York State, 34 legal services organizations and 54 housing counseling agencies will receive funds to provide free foreclosure prevention services.Click to continue

Office of Mortgage Settlement Oversight Releases Progress Report

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia interim credit reports on Bank of America, Chase, Citi and Wells Fargo. These reports cover credited consumer relief and refinancing conducted through Dec. 31, 2012 and demonstrate each bank’s progress toward its total consumer relief obligations.Click to continue

Nearly 70,000 Homeonwners Receive Loan Mods in August

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HOPE NOW has released its August 2013 loan modification data, finding an estimated 67,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The total number of loan modifications for 2013 currently stands at approximately 580,000. This compares to approximately 438,000 foreclosure sales reported for the year to date.Click to continue

U.S. Foreclosure Activity Drops for 36th Consecutive Month in September

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RealtyTrac released its U.S. Foreclosure Market Report for September and the third quarter of 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 131,232 U.S. properties in September, a two percent increase from the previous month but a 27 percent decrease from a year ago.Click to continue

Study: More Than Half of Qualified HARP Homeowners Have Been Previously Rejected

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A loanDepot.com LLC survey has found that more than half of homeowners who refinanced through the Home Affordable Refinance Program (HARP) in the last year had been turned down previously when they tried to refinance. HARP reforms announced in December 2011 removed a number of restrictions, and homeowners who previously were denied may now be eligible.Click to continue

Completed U.S. Foreclosures See Near 25,000 Annual Drop in August

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CoreLogic has released its August National Foreclosure Report with a supplement featuring quarterly shadow inventory data as of July 2013. In August, there were 48,000 completed foreclosures in the U.S., down from 72,000 in August 2012, a year-over-year decrease of 34 percent. On a month-over-month basis, completed foreclosures increased 1.3 percent, from 47,000 in July 2013.Click to continue

Number of Refi-Eligible Homeowners Slipping

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The August Mortgage Monitor report released by Lender Processing Services Inc. (LPS) found that prepayment activity (historically a good indicator of mortgage refinance activity) declined sharply in August as mortgage rates continued to rise. In conjunction with those rate increases, a large portion of borrowers has been effectively shifted out of the “refinancible” population.Click to continue

Short Sales and REOs Combine for 25 Percent of August U.S. Home Sales

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RealtyTrac released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up two percent from the 5.5 million pace in July and up 12 percent from the 5.0 million pace in August 2012.Click to continue

Permanent Loan Mods Surpass the 6.6 Million Mark Nationwide

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HOPE NOW released its July 2013 loan modification data which found that an estimated 63,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The total number of loan modifications for 2013 currently stands at approximately 519,000. This compares to approximately 378,000 foreclosure sales reported for the year to date.Click to continue

Illinois AG Madigan Files Suit Against Safeguard Properties for Improper Foreclosure Tactics

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Illinois Attorney General Lisa Madigan has filed a lawsuit against Safeguard Properties LLC for illegally evicting struggling Illinois homeowners by breaking into their homes, changing locks to bar residents from re-entry, and shutting off utilities well before a foreclosure is finalized. Madigan filed her lawsuit in Cook County Circuit Court against Safeguard, a Delaware corporation based in Ohio.Click to continue