loan modifications
The Obama administration is revamping a program that's designed to let more homeowners refinance their mortgages even if they don't have any equity. This isn't a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program. Here's a look at some frequently asked questions.
Economists say the recession ended in mid-2009. Yeah, I know. But the American public has never really bought that line, especially when it comes to the real estate market. In fact, a December study showed that 58% of American adults actually think it will be 2012 or later before the housing sector...
Florida Is Still Letting Banks Break the Rules in Foreclosure Cases
12:30PM 1/05/2011
Columns, Economy, JP Morgan Chase, Bank of America, Wells Fargo & Co, Real Estate
An affidavit in a court case needs to include the documents that support its claims. Except for banks in Florida foreclosure cases. Despite the massive robo-signing scandal and evidence of errors in mortgage files, judges there still merely take the bank's word about what you owe.
More Foreclosure Document Problems: Are Cram Downs the Answer?
2:00PM 10/04/2010
Columns, Economy, JP Morgan Chase, Bank of America, Wells Fargo & Co, Real Estate, Credit
Wells Fargo still won't admit it, but its employees' testimony makes it clear that, like GMAC, JPMorgan Chase, Bank of America and OneWest Bank, they have a problem with their foreclosure documents. But the solution isn't just a better documentation process: It's time to bring back cram downs.
Nonprofit launches loan modification scam campaign
3:15PM 2/18/2010
Real Estate, Economy, Refinancing, Real Estate, Family Money
NeighborWorks, a national nonprofit created by Congress in 1974, has launched a campaign that is loan modification scam central: tips on how to spot scams, numbers to call if you suspect you are being scammed and poignant vignettes of people who have been scammed.
The timing for a national...
Investigation reveals banks illegally denied loan modifications
8:00AM 2/05/2010
An investigation by the nonprofit journalism operation, ProPublica, raises intriguing questions about reasons desperate homeowners are being turned away for the very government program aimed at helping them.
Some of the problems ProPublica uncovered echo complaints WalletPop heard when we wrote...
As the numbers of foreclosures continue to mount, the Obama administration called loan servicers to a meeting today in Washington to figure out what can be done to save the mortgage-rescue plan. Only 200,000 people have been helped since the plan -- which was supposed to help 4 to 5 million -- was...
Writing on DealBook, Paolo Pellegrini has an idea for dealing with the more than 20 percent of homeowners who are upside down on their mortgages. It works like this:
Homeowner Smith has a $350,000 mortgage on a house worth perhaps $250,000. Mr. Smith petitions the bankruptcy court for a mortgage...
Every once in awhile -- and by every once in awhile I mean daily -- you come across a study that is so obvious in its conclusions that it's actually appalling that it made headlines.Friday's Wall Street Journal headlines says it all (subscription required): "Cutting financially troubled borrowers'...
Loan modification bureaucracy paves path for scammers
6:00PM 3/09/2009
Consumer fraud expert Bob Sullivan recently wrote about his efforts to help a woman who emailed him avoid getting scammed by one of the many "send us a check and we'll help you work with your lender to modify your loan" outfits that are popping up. He advised the lady to save her $3,000 and go with...
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