Mortgage Nightmares
Here is an MSNBC.com article about mortgage troubles.
Entries by Scott Lanin
Successful Loan Modification With CitiMortgage
We just assisted one of our firm’s clients in obtaining a loan modification with CitiMortgage. His two mortgage loan payments went from $2,596.00 to $2,120.95 and from $682.00 to $157.83. He is saving approximately $1,001 per month in year one of his modification, which is an effective savings of $12,000 for the entire first year […]
Short Sales Can Take A Long Time
Here is an interesting article about the difficulty of trying to sell real estate short.
SEC Charges Fraud By Goldman Sachs In Mortgage Deal
The Securities and Exchange Commission has accused Wall Street giant Goldman Sachs of selling garbage mortgages as the housing market began to crumble so a hedge fund client could profit from their failure. Source
Why Struggle For Years To Save A Property With No Equity? Forecasts for Underwater Owners
Many homeowners have no equity as a result of over-leveraging their properties and depressed values. The question they must ask is whether it is worth it to struggle to make the payments, even if they are lowered through modification, if in the end they will still have no return on their investment – meaning, that […]
NCLC Class Action Litigation To Challenge Lender’s Failure To Convert Trial HAMP Loan Modifications To Permanent Ones
The question is this: can you sue to enforce a trial loan modification? Until now, the answer has been no. You can’t. A contract is a contract. It’s binding. And banks have no legal obligation to change your mortgage terms. Yes, they do it all the time for qualified homeowners and to avoid taking back […]
New Deadline For Suspension Of Foreclosure Sales After Submission Of A HAMP Request For Loan Modification
New Supplemental Directive 10-02 which takes effect 6/1/10 states that if you submit a HAMP loan mod request at least 7 days before the foreclosure sale date, the loan servicer must suspend the sale to evaluate the papers. There are some exceptions to the suspension rule including failure to make trial mod payments after receiving […]
HAMP, Loan Modifications And Bankruptcy Seminar
Here are the materials I received at the HAMP seminar in the Southern District of New York on 2/18/10. Bankruptcy Judges Glenn, Drain, Morris and Craig spoke on a panel with attorneys from the Treasury Department and Legal Aid. The seminar was very thorough and covered many of the issues homeowners face in dealing with […]
Brooklyn Man Pleads Guilty In Mortgage Rescue Scam (Home Savers Consulting Corp)
A Brooklyn man has pleaded guilty in federal court in New Jersey to running a scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their credit. Here is the latest.
NACBA Issues Memo To Members Re New HAMP guidelines
I received this email today that will be of interest to anyone with mortgage troubles or concerns. Please contact us by email or mail for a free telephone consult if you are seeking help with your situation. Here’s the memo: