The coming surge in mortgage modification defaults
This article forecasts a surge in mortgage modifications in the wake of the coming expiration of foreclosure moratoriums — which will in turn lead to a rise in re-defaulting borrowers.
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Tag: mortgage modification
May a homeowner stop foreclosure proceedings resulting from a default caused by the owner’s participation in a forbearance agreement?
Moore v. Wells Fargo Bank, N.A. Facts: A homeowner who is unable to afford their monthly mortgage...
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May a mortgage holder demand an owner pay portions of the mortgage deferred under a mortgage modification when the owner defaults on the modified mortgage?
Taniguchi v. Restoration Homes, Inc. Facts: A property owner defaults on their mortgage and their...
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May a lender prevent a homeowner from curing a mortgage default outside of a mortgage modification?
Turner v. Seterus, Inc. Facts: A homeowner experiences financial difficulties after losing their...
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Is a mortgage holder required to provide a single point of contact to a borrower seeking a mortgage modification?
Conroy v. Wells Fargo Bank, N.A. Facts: After refinancing a residential mortgage secured by a...
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FHFA introduces overdue program for underwater homeowners
See why the new principal reduction program is unlikely to help California homeowners.
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Is an owner entitled to money losses for wrongful foreclosure caused by a misrepresentation made in a mortgage modification agreement?
An owner enters into a permanent mortgage modification agreement with a mortgage holder. The mortgage holder issues a statement stating it will no longer honor the agreement.
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Is a verbal agreement to postpone a sale enforceable against foreclosure?
A homeowner and mortgage holder verbally agree to postpone a trustee’s sale while negotiating a mortgage modification.
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Changing the terms of a mortgage
The basics of negotiating to modify the terms of a mortgage.
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Pushing and shoving the banks into compliance
On Wednesday, October 2, New York Attorney General, Eric Schneiderman, filed a lawsuit against Wells Fargo.
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The reverse eminent domain saga continues…
The city council in Richmond, California, is forging ahead with their reverse eminent domain...
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Reports suggest FHFA killed cramdowns without cause
A recent letter from Congress to the Acting Director of the Federal Housing Finance Agency (FHFA)...
Read MoreMortgage modification showdown: Interest rate reductions v. Principal cramdowns
This article covers efficacy of mortgage modifications and why lenders are hesitant to grant them.
Read MoreHAMP is losing participants
The administration implemented the $75 billion Home Affordable Modification Program (HAMP) to lower a homeowner’s monthly mortgage payment by reducing their interest rates to as low as 2% for five years and extending the loan...
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