So, if you were really lucky, and got a HAMP or other loan modification before falling behind on your payments, and you made all the modified payments on time, your credit report shows your mortgage as having always been current, right? WRONG! Not sure why software cannot be quickly modified for things like this, but,…
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HAMP Trial Modifications Extended To January 31, 2010
Sorry for the lag between posts, the ever popular technical difficulties! Would have gotten this out sooner, all pending HAMP trial modifications that were set to expire are extended to the end of this month. This does not help those waiting to hear, who are not yet in the trial period. The government imposed additional…
Citibank Suspends Foreclosures
Or, Scrooge has a heart! Foreclosure sales will be suspended by Scrooge, er, Citibank, for 30 days, starting this Friday, December 18, until January 7, 2010. I suppose they don’t want the pipes to freeze on homes they take back. They will also suspend evictions on houses they have already foreclosed on! No doubt you,…
Fight Foreclosure! Fight Eviction!
A big shout out to attorney Paul Nicoletti for an imaginative legal argument that is halting evictions and foreclosures in Wayne County. Mr. Nicoletti has found that deputies conducting foreclosure sales, were not deputized by the Sheriff, as required by Michigan law. Therefore, the foreclosure sales were not valid, did not transfer title to the…
Foreclosures Still Increasing
Trans Union released a look at the last quarter statistics, and foreclosures continue to increase. So, there has been no noticeable impact from the mortgage modification programs, either by the mortgage companies or the government. None of the bad trends has turned around yet: Unemployment is rising. Home values continue to go down. Mortgage money,…
Should I Keep My Home Because Home Values Have To Go Back Up?
New home sales up, good news for the economy, Chapter 7 bankruptcies will decline, fewer foreclosures caused by homeowners walking away from underwater homes, right? Not so fast. Government interference in the free market, in the form of the first time buyer tax credit, makes things look better than they are. The big increase was…
Foreclosures Still Going Up
Trans Union released a look at the last quarter statistics, and foreclosures continue to increase. So, there has been no noticeable impact from the mortgage modification programs, either by the mortgage companies or the government. None of the bad trends has turned around yet: Unemployment is rising. Home values continue to go down. Mortgage money,…
Mortgage Servicers Will Have To Tell You Why You Were Denied HAMP Modification
HAMP Guidelines Changing This policy is not effective until January 1, 2010, but the Government is requesting that mortgage servicers start following it now. I have talked to many people confused about the whole process, and even more confused when they are denied without any explanation.
What Happens In A Michigan Foreclosure?
Foreclosure is the way the mortgage company takes your house if you do not pay them. There are other names, used for marketing purposes, like home equity loan, equity line, but the name has no legal significance. Mortgage just means debt secured by real estate. That is, you pledged your house as collateral for a…
Top Ten Things To Do When You Get A Foreclosure Notice
1. Keep the foreclosure notice! 2. Write to the address in the notice requesting a modification. Keep a copy of the letter. (Do this even if you have been rejected before.) 3. Get all the papers with your mortgage, payments letters, everything, and put it in a file or envelope. 4. Write a letter to…
