Hello Connecticut – Mortgage Foreclosure Standing Order – All Foreclosures Frozen Until Defendant Can Apply for Relief Under Federal Loss Mitigation Programs

Standing Order on Mortgage Foreclosure Mortgage Foreclosure Standing Order – Federal Loss Mitigation Programs has been posted to the Judicial Branch’s website. This standing order is effective September 1, 2010. ~ The purpose of this standing order is to ensure that no mortgage foreclosure proceeding is initiated, no previously initiated mortgage foreclosure proceeding goes to … Read more

HAFA Birthday Everyone! Home Affordable Foreclosure Alternatives Program

HAFA Effective Date Today April 5, 2010 The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a … Read more

“Alt Mod” – Fannie Mae’s Alternative Modification to the Home Affordable Modification Program

Here we go again… “A principal write-down or principal forgiveness is prohibited on Fannie Mae mortgage loans”. Fannie Mae’s Alternative Modification to the Home Affordable Modification Program Introduction In Announcement SVC-2010-03, Home Affordable Modification Program – Program Update and Resolution of Active Trial Modifications, servicers were instructed how to resolve active trial modifications under the … Read more

HAMP: A Colossal Failure Of Leadership

Not only is Hamp a total failure,  entering into any type of modification agreement not only puts you in a far worse place than before you entered the agreement, you also wave all of your rights and defenses that you had against the pretender lender that will foreclosure on you when you are declined… Read … Read more

Fannie Mae – Servicers To Use Imminent Default Indicator For HAMP

Introduction Freddie Mac’s Imminent Default Indicator™ (IDI) is a statistical model that predicts the likelihood of default or serious delinquency for mortgage loans that are less than 60 days past due.  ThisAnnouncement introduces the use of IDI through Fannie Mae’s HomeSaver Solutions® Network (HSSN), requires the use of verified income documentation before entering the borrower … Read more

Home Affordable Modification Program HAMP – Program Update and Resolution of Active Trial Modifications

January 28, 2010 TG-516 Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification … Read more

Lenders Pursue Mortgage Payoffs Long After Homeowners Default

By Kathleen M. Howley Jan. 28 (Bloomberg) — When John King stopped making payments on his home in Coral Gables, Florida, two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default. King is among … Read more

HAMP – Administration Releases December Loan Modification Report, Update on Conversion Drive

More Than 850,000 Homeowners Now with Median Payment Reductions Exceeding $500; More Than 110,000 Permanent Modifications Approved to Date Aggressive Administration Campaign Significantly Accelerates Conversion Rate; December Push Doubles Number of Permanent Modifications Over Life of Program WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today … Read more