Currently viewing the tag: "loan modification"
Mortgage servicers’ Achilles Heel: Regulatory compliance
September 14, 2009 by CULIK LAW
Mortgage Servicing News reports in the article Compliance The Top Concern for Servicing Executives that a survey from Nationwide Title Clearing has found that “regulatory compliance” is the top problem facing mortgage servicers: Over half of the survey participants say regulatory compliance is their top worry. Penalties for non-compliance typically range from $500 to $25,000 [...]
Continue Reading →There are a lot of questions I’m getting from my clients here in Massachusetts about the Obama Administration’s Making Home Affordable Modification Program (HAMP). One of the biggest mysteries is what is called “Net Present Value” (NPV) analysis. This is a calculation that loan servicers run on every single loan being evaluated for a HAMP [...]
Continue Reading →Making Home Affordable provision creates new standard, new obstacle to foreclosure
September 10, 2009 by CULIK LAW
Q: What is the industry standard for how mortgage loan servicers are supposed to act with regard to foreclosure prevention? Interesting question, because the answer to that question is the standard by which Massachusetts homeowners in foreclosure should be able to measure the actions of their loan servicers – if the loan servicers don’t comply [...]
Continue Reading →Beware of Loan Modification Scammers (NCLC)
September 9, 2009 by CULIK LAW
The Boston, Massachusetts-based National Consumer Law Center reports in the most recent edition of its newsletter Outlook that: “an aggressive new industry of scam artists is squeezing the last dollars from desperate homeowners.” That is, former mortgage brokers (who were instrumental in creating the foreclosure crisis) and con artists are preying on the need many [...]
Continue Reading →Mortgage Loan Modifications for Massachusetts Residents – by an Attorney
September 4, 2009 by CULIK LAW
If you have fallen behind on your monthly mortgage payments and are faced with foreclosure, a mortgage loan modification may be a viable solution. What is a mortgage loan modification? Simply put, it is not a new loan, but an agreement between you and your lender to modify one or more of the terms of [...]
Continue Reading →Guidance for homeowners from the Massachusetts Attorney General (Part 1)
September 1, 2009 by CULIK LAW
A new video release from Massachusetts Attorney General Martha Coakley gives guidance for struggling homeowners on how to handle foreclosure, loan modification, and other mortgage issues, including the Obama Administration’s “Making Home Affordable” program and how to avoid loan modification scams. (Part 1) via Episode 2: Guidance for Homeowners Culik Law P.C. offers legal consultations [...]
Continue Reading →How to stop foreclosure, modify your mortgage, reduce your interest rate, and decrease your mortgage payments — Tips from a Massachusetts lawyer. If you are behind on your mortgage payments, your interest rate is about to adjust, or your payments are simply becoming unaffordable, the first thing you need to do is take action. The [...]
Continue Reading →Massachusetts Attorney General Martha Coakley has joined a ten-state mortgage fraud task force as a result of meetings in July. The task force “targets of the enforcement effort include equity skimming, bogus foreclosure rescue, straw purchases and unethical lending practices.” via Attorneys General Form Mortgage Fraud Task Force (NY Times).
Continue Reading →Making Home Affordable servicer report for July 2009
August 27, 2009 by CULIK LAW
The Department of Treasury released its report for July 2009 of mortgage servicers’ performance in performing loan modifications. The intent of these reports is to “shame” loan servicers into performing better. Any Massachusetts residents care to share their stories? MHA_public_report.pdf (application/pdf Object).
Continue Reading →Homeowners tell how banks failed to modify mortgages (McClatchy)
August 26, 2009 by CULIK LAW
More Kafkaesque stories of homeowners going through the loan-modification process. Homeowners tell how banks failed to modify mortgages | McClatchy.
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