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trial modification

Revamped Ginnie Mae Buyout Policy to Enhance Loan Mod Performance

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Ginnie Mae has announced that it is expanding the parameters regarding loans eligible for repurchase from Ginnie Mae Mortgage-Backed Securities (MBS). Under the new policy, any modified loan may be repurchased after successfully completing a three-month trial payment period, if a trial period is required. This change aligns Ginnie Mae’s repurchase policy for the Federal Housing Administration (FHA) non-Home Affordable Modification Program (HAMP) high-risk loans with the current policy for FHA-HAMP loans.Click to continue

Class Action Complaint Filed Against EMC Mortgage and Bear Stearns for Loan Mod Breach

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Keller Rohrback LLP has announced that a class action has been filed in the United States District Court for the Eastern District of Washington on behalf of all mortgagors in the State of Washington whose home mortgage loans are serviced by EMC Mortgage Corporation and who (a) have attempted to obtain loan modifications of their loan terms from EMC; and (b) have made payments pursuant to a "Repayment Agreement," a Home Affordable Modification Program (HAMP) trial modification plan, or any other temporary modification plan.Click to continue

California AG Brown warns of spike in short sales fraud

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California Attorney General Edmund G. Brown Jr. has joined the California Department of Real Estate (DRE) and the State Bar of California to warn homeowners about an alarming rise in short sale fraud across California in a field "rife with scam artists." "While short sales can provide homeowners with a last-ditch alternative to foreclosure, this market is rife with scam artists," Brown said. "Homeowners and buyers, agents, and lenders should beware of short sale negotiators who operate without licenses, use straw buyers or charge illegal fees."Click to continue

Bank of America begins principal reduction enhancement under Obama's NHRP

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Bank of America has begun implementation of an earned principal forgiveness approach to modifying certain loans eligible for its National Homeownership Retention Program (NHRP). The plan is being offered to homeowners who owe considerably more on their loan than the current value of their home, when the loan is being considered for modification through the government’s Home Affordable Modification Program (HAMP).Click to continue

HOPE NOW brings mortgage counseling and HAMP assistance to Nevada homeowners

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Representatives from more than a dozen mortgage servicers, plus several local U.S. Department of Housing & Urban Development (HUD)-approved housing counselors, were on hand recently in Reno and Las Vegas to assist struggling homeowners with their mortgages. In Reno, 728 families had the opportunity to sit down one-on-one with their mortgage company and a HUD-approved housing counselor. Three more events were held in Las Vegas. The total attendance for the three days in Las Vegas was 1,625.Click to continue

Bank of America sued for HAMP rejection

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United Law Group has filed a complaint in the Superior Court of the State of California, County of Santa Clara, against Bank of America and its subsidiary, Countrywide Home Loans, for breaches of contractual obligations, violation of the Restatement (Second) of Contracts Section 205, emotional distress, and violation of California Business and Professions Code Section 17200. This case states that though John Wright qualified for a mortgage modification under the federal Home Affordable Modification Program (HAMP), he was denied access to the government-sponsored plan.Click to continue

Chase signs on with HAMP Second-Lien Program

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Chase has announced that it will provide additional help to struggling homeowners by joining the second-lien program of the federal government's Home Affordable Modification Program (HAMP). The Second-Lien Modification Program, known as 2MP, is designed to work in tandem with HAMP to lower homeowners' payments on both their first and second mortgages.Click to continue

Treasury and HUD release updated guidance for HAMP servicers

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As part of the Administration's ongoing housing market stabilization plan, the U.S. Department of the Treasury and the U.S. Department of Housing & Urban Development (HUD) have released updated guidance for servicers participating in the Administration's mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.Click to continue

OCC and OTS report: 680,000 loan mods and payment plans implemented in Q3 of '09

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National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009 to avoid preventable foreclosures, according to a report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS). The OCC and OTS Mortgage Metrics Report for the Third Quarter 2009 showed that the number represented a nearly 69 percent increase in home retention actions from the previous quarter.Click to continue

Citi announces 30-day suspension of foreclosure program

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CitiMortgage and CitiFinancial North America, both units of Citigroup, have announced a national foreclosure suspension program for Citi-owned mortgages to allow distressed homeowners to remain in their homes through the holiday season. During the 30-day suspension, effective Dec. 18, 2009 through January 17, 2010, borrowers with first mortgage loans owned by CitiMortgage and CitiFinancial North America and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications.Click to continue