Home Affordable Unemployment Program

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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 may begin to offer UP earlier. More information and an overview of the Home Affordable Unemployment Program for servicers of non-GSE loans can be found here at the Learning Center. Please call or email me at [email protected] or (212) 764-7250 x 201 if you are looking for help with a loan mod or financial problem.

When Mortgage Mediation Is a Gamble

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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

FTC Cracks Down On Loan Mod Deception

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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.

FTC Bans Upfront Fees For Debt Settlement Firms

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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 also solve a mortgage problem. Many credit card consolidation or settlement companies do nothing for a very long time while the customer makes payments to them. They hold money or take it for their fees. Nothing is guaranteed. And they cannot give legal advice on other alternatives like litigating or defending the debt or discharging it or partially or fully repaying it in bankruptcy.

Is Florida Speeding Up The Foreclosure Process?

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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 doing.