Solution to Zombie Loans – Condemnation
Mortgage investors raise alarm as eminent domain spreads By Christina Mlynski Thanks to HousingWire.com. • June 10, 2013 • 1:07pm A number of securitization trade groups sounded the alarm when...
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Lenders Lie to Modification Applicants
We have found that Lenders often take advantage of those who apply for modification on their own. Lenders tell them they have not received certain documents and say their documents have “expired”....
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Fannie and Freddie Loosen Modification Guidelines
FHFA expands suite of loan mod tools By Kerri Ann Panchuk • March 27, 2013 • 9:00am Servicers dealing with loans guaranteed or owned by Fannie Mae and Freddie Mac will soon be required to offer...
View ArticleEminent Domain To Modify Loans
A City Invokes Seizure Laws to Save Homes Peter DaSilva for The New York Times Thanks to New York Times. Robert and Patricia Castillo paid $420,000 for a three-bedroom, one-bathroom home in Richmond,...
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Midland Mortgage Modification
We negotiated a good deal for Dennis and his wife. They went from a 9.5% rate to 2.0% for five years, then 3.0% for a year, and 3.875% for the balance of the loan. They also got a $24,000 principal...
View ArticleSuccessful EMC Modification
We have several modifications going with EMC. So far EMC seems to be reasonable to work with. Meanwhile, EMC is being sued. A young couple came to us with a 7.0% negative amortization EMC loan. We were...
View ArticleSuccessful Citi Modification
On this modification with Citi there was no principal reduction because the property was not underwater. However, the interest rate was reduced from 6.375% to 2.0% for five years, 3.0% for one year,...
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List Your Lawsuit When You File BK
What Happens When a Debtor Forgets to Schedule a Personal Injury Suit Thanks to Long Island Bankruptcy Blog Posted on Tuesday (August 21, 2012) at 3:43 pm to Bankruptcy Practice Chapter 7 Bankruptcy...
View ArticleGMAC Modification Makes Contractor Happy
8-31-12 VZ is a hardwood floor layer and general contractor. His business tanked when the Great Recession set in. He got behind on his home mortgage. Payments were high at 7.8%. However, in 2010 his...
View ArticleModifying Loans on Rental and Commercial Property
Under HAMP Tier 2, the Making Home Affordable program was extended to cover one to four unit residential rental properties. HAMP Tier 2 went into effect June 1, 2012. The government realized that...
View ArticleStill No Justice for Mortgage Abuses
Still No Justice for Mortgage Abuses September 1, 2012 Thanks to New York Times It has been six months since the big banks settled with state and federal officials over evidence of widespread...
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Strategic Defaulters – To Jail With You
FHFA Looking to Jail Strategic Defaulters by my friend Martin Andelman The Federal Housing Finance Administration (“FHFA”), which is the agency created to oversee Fannie Mae and Freddie Mac… the one...
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What Caused the 2007 Crash
The Trillion Dollar Mistake That Triggered the Economic Meltdown Thanks to Martin Andelman It was summer, 2006, and Fed Chair Alan Greenspan had just raised interest rates for the 17th consecutive time...
View ArticleJumbo Modification
A residential property where the first loan was more than around $729,000 at the time of the default is not eligible for modification under the Making Home Affordable program. However, home owners with...
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Stratigic Default
Giving Up and Getting Out Foreclosures are no longer a last resort, and a growing percentage of americans think it’s ok to strategically default LISA IANNUCCI Years ago, homeowners viewed foreclosure...
View ArticlePrincipal Reductions – Department of Justice Settlement
If you owe more on your first mortgage than your home is worth, and if your mortgage is with Bank of America, JP Morgan Chase, Wells Fargo, Citi, or Ally Financial, principal reductions are now...
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California Puts Attorneys Out of the Modification Practice
California State Bar RECENT Decision to Cause More Harm to Homeowners in Foreclosure Thanks to Martin Andelman It’s hard to imagine anything gone so totally wrong as the California State Bar’s...
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Obama to Replace DeMarco – Stingy Leader of Fannie and Freddie
BYE-BYE DEMARCO! Obama to Replace Director of FHFA 3 You know, I was having kind of a crummy day… nothing serious, just dragging my feet a bit and grinding through some writing I’ve been working on for...
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Filing for Bankruptcy Does Not Create Tax Consequences
Filing for Bankruptcy Does Not Create Tax Consequences Written by Craig D. Robins, Esq. Thanks to Long Island Bankruptcy Attorney I was prompted to write this article by the unusually large number of...
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Debt Forgiviness Will Be Imputed Income Unless Congress Acts
Beware of IRS Tax Whammy With Short Sales and Mortgage Modifications in 2013 Posted on Wednesday (December 26, 2012) at 6:00 pm to Mortgages & Sub-Prime Mortgage Meltdown Thanks to Long Island...
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