Subscribe to my posts


Connecticut’s Emergency Mortgage Assistance Program (EMAP)

The Emergency Mortgage Assistance Program (EMAP) provides temporary monthly mortgage payment assistance for up to five years to eligible Connecticut homeowners who are facing foreclosure due to a financial hardship.  The EMAP loan is secured by a fixed-rate, subordinate mortgage on the homeowner’s residence yet is one that is both limited and requires repayment. However, [...]

Foreclosure Rates Increase in New Jersey Despite Nationwide Decline

 

While the national average foreclosure rate is 2.4 percent, New Jersey hovers around 6 percent, which is the second highest rate in the country. Late this September, a leading provider of consumer, financial and property information, analytics and services to business and government, CoreLogic, issued a press release revealing foreclosures in the U.S. have been [...]

Mediation’s Effect on Mortgage Modifications’ Success

On July 24th a report was released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) that gave an update on the success rates of homeowners participating in the Home Affordable Modification Program (HAMP). HAMP is a federal government program designed to help homeowners impacted by financial hardship by modifying their monthly [...]

What is a Deed in Lieu of Foreclosure and What is Required?

For those behind or for those who are about to fall behind in their mortgages, they often hear the regular options, mainly: short-selling, staying and paying, or defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later.

However, there is another, similar option that [...]

Many Loan Modifications Are In Default Again

Approximately 46% of homeowners who received loan modifications under the Treasury Department’s Troubled Asset Relief Program (TARP) in 2009 have defaulted again. According to a report by TARP’s special inspector, more than one-third of homeowners who received loan modifications under TARP have stopped paying.

The special inspector’s report found that the smaller the reduction in mortgage [...]

Real Estate Settlement Procedures Act: What You Need to Know

In 1974, the Real Estate Settlement Procedures Act (RESPA) was passed to protect consumers from unnecessary cost increases for settlement services, as well as to promote the shopping experience when using these services. The act covers loans that have been secured with a mortgage for one to four family residential properties, which is enforced by [...]

Protect Yourself from Credit Repair Scams

When facing a credit problem, you’re looking for someone who can lend a helping hand and lead you in the right direction. Many individuals take the approach of “whatever help I can get, I’ll take” however, that attitude is dangerous and may possibly cause more harm than good.

Debt Settlement vs. Bankruptcy

7 things you should do to in order to decide when considering debt settlement or bankruptcy.

1. Check your credit report: Find out what negative items (such as late payments, collections, charge-offs, etc) you have on your credit report and on which accounts you still owe money. This will help you determine the extent of your [...]

Ninth Circuit Rules Against Wells Fargo and Tells it to Keep its Promises on Loan Modifications

On August 8, 2013, the Ninth Circuit ruled in Corvello v. Wells Fargo that when a bank tells a borrower it will modify his loan if certain conditions are met under the Treasury Department’s Home Affordable Modification Program (“HAMP”), that promise is enforceable.

When Phillip Corvello applied for a home loan modification, Wells Fargo set up [...]

Punishment for Foreclosure Claims

Mortgage lender Residential Capital, LLC is paying about $198 million to settle federal complaints that it wrongfully foreclosed on homeowners.

The Federal Reserve announced the agreement Friday, July 26th with the company known as ResCap. The settlement is similar to accords between federal regulators and 13 other financial firms that ended a review of loan files [...]