It has enabled the industry to evolve its loss mitigation norms by helping to define a process that uses income to drive to a specific debt-to-income level, and it is likely that modifications beyond HAMP will continue to occur on this basis.
Read More »Mortgage Industry Surpasses 24 Million Workout Plans Completed Since 2007
For Q2, the number of workout solutions outpaced completed foreclosures by the count of 411,000 to 89,000, which calculates to an average of 4.6 solutions for every foreclosure sale during the quarter.
Read More »GSEs Prevented 121,000 Foreclosures in First Half of 2015
Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015.
Read More »New York AG Highlights Success of Home Retention Programs
New York Attorney General Eric Schneiderman, along with housing advocates and local lawmakers, on Thursday highlighted the success of three programs his office has created in the last three years in order to help families avoid foreclosure and keep their homes.
Read More »Freddie Mac’s ‘Take Root’ Programs Have Been Successful in Hardest Hit Areas
Freddie Mac launched Take Root Milwaukee five years ago, at the height of the foreclosure wave, with the idea that government agencies, financial institutions, and the real estate industry could unite to protect residential neighborhoods by forming a single network that residents can contact with one click or phone number.
Read More »New York AG Highlights Success of Home Retention Programs
Schneiderman said the three programs his office has created, the Homeowner Protection Program (HOPP), the New York State Mortgage Assistance Program (NYS MAP), and AGScamHelp.com, have benefited tens of thousands of homeowners in New York State by helping them avoid foreclosure and keeping them in their homes.
Read More »Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure
Menendez's bill seeks to help both homeowners and lenders. In exchange for reducing the amount of principal owed, banks would be entitled to a portion of any future increase in value the home might experience. This gives the underwater homeowners relief on their mortgages while banks take a short-term reduction in exchange for a long-term gain pending the housing market recovery.
Read More »GSEs Making Push to Clear NPLs From Portfolios, Help Borrowers With Loss Mitigation
With Fannie Mae's announcement on Thursday that it is going to begin selling pools of non-performing single-family mortgage loans, it is clear that the GSEs are making a strong push to rid themselves of the backlog of deeply delinquent loans on their books five years after the peak of the foreclosure wave.
Read More »Indiana AG Urges Lawmakers Not to Eliminate Foreclosure ‘Settlement Conferences’
Indiana Attorney General Greg Zoeller is trying to stop legislation that would eliminate a consumer protection known as the "settlement conference," which is a homeowner's final recourse before their home goes to foreclosure, according to an announcement on Zoeller's website.
Read More »Foreclosure Campaign Gets Underway in Wayne County, Michigan
Wayne County, Michigan, has begun to execute the plan county officials announced in mid-October to start tax foreclosure proceedings on approximately 75,000 distressed properties for which the owners are three years or more delinquent on property taxes.
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