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Top Five Mortgage Servicers Agree to More “Oversight” in Illinois

The five largest mortgage servicers agreed to offer distressed borrowers additional time to gather their loan modification paperwork, while also accepting additional oversight of loan modifications.

Illinois Attorney General Lisa Madigan, a member of the National Mortgage Settlement Monitoring Committee, said the group overseeing the $25 billion national mortgage settlement stepped in after receiving a large [...]

New Jersey Residents in Foreclosure Face a Scary Reality Just in time for Halloween

When hearing the term “Vampire house” or “Zombie Home,” many Americans would think of the haunted houses springing up just in time for Halloween. However, these two terms do not refer to the fake ghosts and goblins that surround us during October, but rather refer to the sad reality of many New Jersey residents whose [...]

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, [...]

New Oregon Case May Ease Loan Modification Unfair Practices for Homeowners Facing Foreclosure

Fine Law Offices

Trial payments that go on endlessly or that squeeze a few thousand dollars more from the homeowner before the lender forecloses anyway are a common complaint among struggling homeowners trying to save their homes and get back on their feet during the recession with the help of the federal Home Affordable Modification Program, or HAMP. [...]

How To Get the Lowest Interest Rate Possible

Lowest Mortgage Interest Rate Factors

Refinancing your existing mortgage to get a lower mortgage interest rate is one of the top ways to decrease your payment each month and generate guaranteed extra money each month. Of course everyone fantasizes about the advertised lowest mortgage interest rate, but numerous factors determine who gets the top mortgage interest [...]

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 [...]

United States Foreclosure Rates Drops in June

Residential property foreclosures in the U.S. have fallen to a six and a half year low and were down 19% in June from the first half of the year and down 23% compared with the first six months of 2012.

The latest data shows that foreclosures starting in June decreased from the previous month in 38 [...]

Reports of Abuse During Loan Modification Process

The Process of foreclosure and/or loan modification is a difficult one to go through, for you and your family. It should be the bank’s mission to try to help you find the path that best suits your needs yet this, unfortunately, is often not the case.

Wells Fargo Sued and Given Huge Fine

Earlier this month, a family sued the massive sized company Wells Fargo for alleged unlawful practices in regards to loan modifications. The family suing Wells Fargo alleged that they verbally agreed with their lender, Wells Fargo, to take certain steps toward such a modification. The bank told the plaintiffs to stop making their payments on [...]

Tips for Loan Modifications

Are you late on your mortgage payment? 30 days? 60 days? Maybe 90 days? Then you are one of the many Americans who are staggering under the heavy weight of your mortgage, two words may yet save you: loan modification.