Bank of America is set to resume over 100,000 foreclosures only two weeks after announcing a temporary suspension to apparently check for errors in their records and paperwork. That was some quick checking.
One homeowner has sued GMAC for fraud arising out of the alleged “robo-signing” and related errors.
If you don’t mind watching the intro commercial, here is John Stewart’s Daily Show take on the foreclosure situation and mistakes by mortgage banks – it starts at 3:24 on this video clip from Comedy Central from 10/7/10. It is worth the time to watch this. It is really well done.
The Wall Street Journal is reporting that the big three mortgage lenders have temporarily suspended mortgage foreclosures in some states while they review their files and check for mistakes and screw-ups that they believe have been made. This is nothing new to us – we see bank mistakes and mishandling of files every day. It […]
The Home Affordable Unemployment Program (UP) is a supplemental program to the Home Affordable Modification Program (HAMP) which provides assistance to unemployed borrowers. The Unemployment Program grants qualified unemployed borrowers a forbearance period which reduces or suspends their monthly mortgage payment. The program is effective for participating HAMP servicers on July 1, 2010, however servicers […]
Here is a NY Times article in today’s paper discussing mediation programs for foreclosures in Nevada. It refers to problems that are similar to those in the NY settlement conference program. When Mortgage Mediation Is a Gamble
Here is an FTC press release about their crack down on non-attorney loan mod companies that were acting deceptively. Many made false promises or offered false guaranteed refunds.
File this one under credit card scams. FTC bans upfront fees for debt settlement firms. Here is the FTC Press Release: FTC Issues Final Rule to Protect Consumers in Credit Card Debt Chapter 13 bankruptcy is often a better solution to solve credit card problems and for many people that frees up funds needed to […]
Today’s NY Times has an article about short sales.
Foreclosures in New York can take a long time. Maybe 6 to 12 months. They take longer if they are contested or if the property owner files a bankruptcy which stops the process (sometimes temporarily, sometimes permanently). The NY Times has an article today about the foreclosure mess in Florida and what those courts are […]