After seeing that HAMP failed to reach the targeted homeowners, the Obama administration announced the extension of the program to bring relief to a larger share of struggling homeowners as well as renters.. Principal reduction is one of the key adjustments the modification centers around. HAMP currently includes an option for servicers to provide underwater [...]
The first announcement came from HUD Secretary Shaun Donovan, who said last week that the state attorneys general are ready to sign the settlement with the nation’s largest servicers in just a few week. Now DsNews reports that a spokesperson for Iowa Attorney General Tom Miller’s office is corroborating the claim, saying that the settlement [...]
John Kroger, Oregon Attorney General has issued a public warning to consumers in the state –but this warning can be set public nationwide – to be prepared for scammers showing up offering independent foreclosure reviews as part of the mandate to major mortgage servicers issued by the OCC (Office of the Comptroller of the Currency) [...]
The number of failed Home Affordable Modification Program trials put into foreclosure is rising, according to Treasury Department’s recent data released last week. Canceled HAMP trials, that hit 615,000 last year are likely to end up in foreclosure and the percentage of failed trials pushed through foreclosure doubled compared to last year, by reaching 10.6% [...]
According to the Treasury Department’s report released Monday the Home Affordable Modification Program or HAMP is a great success (sic) as nearly 910,000 homeowners have received permanent loan modification to date through the federal program. The numbers are amazing: the Treasury said these loan mods saved an estimated $9.9 billion in monthly mortgage payments. The [...]
According to recent data released by the controversial Lender Processing Services, mortgages aren’t performing too well. The comprehensive report shows a nearly 3% increase in seriously delinquent mortgages at the and of November. The LPS reports that 8.15% of the country’s mortgages is more than 30 days past due, however, it is not yet in [...]
Both Freddie Mac and Fannie Mae representatives upheld the companies’ practice of collecting penalties from servicers who fail to meet defined timelines for processing foreclosures. It is clear now, that both Fannie and Freddie representatives aim to keep borrowers in their home, because it is the better outcome for GSEs, but Edward Seiler, a director [...]
The possibility of wrongful foreclosure of about 5,000 military members is now investigated by the Office of the Comptroller of the Currency (or OCC) according to an article by DsNews. The wrongful foreclosure is based on the Servicemembers Civil Relief Act signed into law in 2003, which protects military members from foreclosure while they are [...]
Government officials are likely to offer a sweetener for the banks sitting at the foreclosure servicing settlement table, by releasing these lenders from liability relating to their loss-mitigation efforts on delinquent FHA-insured loans, sources cited by the American Banker say. The deadline for resolving their differences is Christmas, so the government is ready to give [...]
State attorneys general are working with banksters to finalize the foreclosure settlement agreement, but it looks like they are losing field each day. DsNews and the Wall Street Journal blames California Attorney General, Kamala Harris for the failure. The initial deal – at the time when California AG was still part of the committee – [...]
I had two properties with no renters, and both were “under water”. I had resolved myself to letting them go into foreclosure. This would have crushed my credit and I was unsettled about it to say the least.
I had a credit score of 770 and was in danger of loosing the good credit my wife and I had worked so hard to get. I decided to give Eureka a try and I am very glad I did. I just closed one loan and the other is in the process of negotiations and should close very soon.
As soon as I had this service on my side, I was able to point the creditors to them for any questions. Once the creditors had this information on file, their calls slowed to a crawl, almost overnight. I have not heard from any of the creditors from either property for a long time. I felt like I finally had someone on my side. For the first time in months, I was able to sleep without worrying about what the future held in store.
If you are in a situation where you need to sell your property and get out from under that debt, Eureka is your answer. I do not need to wish you “good luck” as Eureka will do everything they can to make your problems a thing of the past. The sooner you act, the better things will be. Give them all the information they ask for and let them take over. You’ll be glad you did.
Alan Moses
Germantown, MD
