How Many Foreclosed-Upon Homeowners are Still Living in the Home?

How Many Foreclosed-Upon Homeowners are Still Living in the Home? In a recent report by RealtyTrac, a real estate tracking  website, an estimated 47% of bank-owned homes nationwide are still occupied by the previous owner who was foreclosed upon. I was surprised to learn the banks are allowing such a high percentage of homeowners to… Read more »

After the Foreclosure Sale: A Puzzling Time for Former Homeowners

After the Foreclosure Sale: A Puzzling Time for Former Homeowners As attorneys who  represent many borrowers in foreclosure cases, although we have been fortunate to have great success in avoiding foreclosure for our clients, one of the most common questions our clients ask is, understandably, “If  we are foreclosed upon, do we have to immediately… Read more »

Why Aren’t Borrowers Offered HAMP Loan Modifications?

Why Aren’t Borrowers Offered HAMP Loan Modifications?   Here are 10 fundamental reasons borrowers may not be offered a mortgage loan modification under the Federal Government’s HAMP loan modification program: the property is not the borrower’s primary residence; the unpaid principal balance (“UPB”) is much higher than the net present value of the property; the… Read more »

A Summary of Government Mortgage Loan Relief Programs

Government Mortgage Loan Relief Programs: Summary   The following federal government programs are summarized herein: Home Affordable Modification Program (“HAMP”) Home Affordable Unemployment Program (“UP”) Home Affordable Foreclosure Alternatives Program (“HAFA”) Second Lien Modification Program (“2MP”)  HAMP provides eligible borrowers with a chance to modify their first / primary mortgage loans to make them more… Read more »

US Government Claims Mortgage Loan Modification Success

US Government Claims Mortgage Loan Modification Success The Federal Government claims a remarkable increase in successfully modifying mortgage loans over the past 13 months. The July, 2011 U.S. Housing Scorecard includes the following information. Since HAMP began in April, 2009, 1,639,382 borrowers entered into trial modifications, with 763,071 (46.55%) having converted to permanent mortgage loan… Read more »

Is the Government Modifying Loans?

Federal Government Housing and Mortgage Scorecard for July, 2011: is the Government Modifying Loans? Periodically, the Department of Housing and Urban Development (HUD) works with the Department of Treasury to release a “Housing Scorecard” which is designed to summarize the most recent and relevant information available regarding the American housing and mortgage loan market. The… Read more »

Which Mortgage Loans May Qualify for a Government Mortgage Loan Modification?

Which Mortgage Loans May Qualify for a Government Mortgage Loan Modification? Does it matter if my loan is owned, securitized, or guaranteed by an agency of the Federal Government? Yes. Only certain loans qualify for possible modification under the Home Affordable Modification Program (“HAMP”). How do I find out if my loan is owned, securitized,… Read more »

Who May Qualify for a Government Mortgage Loan Modification?

Who May Qualify for a Government Mortgage Loan Modification? I obtained my mortgage in 2008; am I eligible? If you obtained your mortgage loan on or before January 1, 2009, then you may be eligible for a loan modification under the Government’s Home Affordable Modification Program (“HAMP”). I’m current on my payments, so I’m not… Read more »