Typical of what I have seen from mortgage brokers, the Housing Bubble News blog tells a story of unregulated mortgage brokers and unethical appraisers.
Mortgage Broker Tale
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Correcting an apparent oversight, in that FHA mortgages were NOT included in the Home Affordable Modification Program.
By August 15, homeowners with FHA loans will be eligible for the same mortgage modifications encouraged by the HAMP program.
FHA Added To HAMP Program
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If you do, you will be the 5th person to get one.
According to Shaheen Samavati of the Cleveland Plain Dealer, only 4 out of 37,000 modifications requested have been granted.
In fairness, they just signed on for the program in July, and claim they have done thousands of mortgage modifications on their own.
Can I Get A [...]
Deutsche Bank analysts predict another 14% decline in home values.
Which means that an astonishing 48% of U.S. homes, with mortgages, will be worth LESS than what is owed on them by April, 2011.
There is no way more foreclosures can be avoided if this is true, other than:
Judicial Mortgage Modification
When Will The Value Of My Home [...]
Mortgage companies, of course.
A class action suit has been filed by Gary Klein in Massachussettes, as reported by Jenifer McKim in the Boston Globe.
The suit alleges hundreds of homeowners were put into toxic mortgages that were doomed to fail.
I know many homeowners I talked to, having fully disclosed their finances, assumed they would not be [...]
As many of my posts show, I do not think so.
The Government report states that less than 10% of loans eligible for mortgage modification have actually been modified, as reported by Andrea Fuller in the New York Times.
Most of these modifications are in default again after 6 months.
I think many of the homeowners are overly [...]
Follow the money! If mortgage servicers make more money on late fees and foreclosures, why would they embrace mortgage modifications?
Peter S. Goodman of the N. Y. Times talks to both sides.
Mortgage servicers deny any conflict of interest. They claim to not make money on mortgages in default, though the servicing contracts that hire them pay [...]
As I keep saying on this blog, what the mortgage companies say and what they do about mortgage modifications do not add up, as the linked story by Monica Hatcher of the Miami Herald shows.
Judicial mortgage modification is the way to go, as voluntary mortgage modification just ain’t happening.
Can I Get A Mortgage Modification From [...]
If the con men made any misrepresentations involving TARP (Troubled Asset Relief Program), check this link to file a complaint:
TARP
What Do I Do If I Have Been Scammed?
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More posts on RESPA on this site
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