Tag: Did you know

By February 3, 2014 0 Comments Read More →

Did You Know? Oregon Treats Residential and Non-Residential Trust Deeds Differently

Homeowners, and even attorneys, are often confused about the difference between a residential and a non-residential trust deed under Oregon law. The distinction is not intuitive and the Legislature has substantially amended the statute that defines “residential trust deed” twice since the foreclosure crisis began. What is a Residential Trust Deed? Under current law, a […]

Posted in: Did You Know?
By July 11, 2013 3 Comments Read More →

Did You Know? How the Terms of a HAMP Modification Are Determined

Have you ever wondered how the servicer decides what terms to offer when evaluating a borrower for HAMP? Despite appearances, the terms that are modified are not arrived at randomly. The servicer applies a “waterfall” that specifies which terms will be adjusted, to what extent, and in what order. The waterfalls—there are a few—are described […]

Posted in: Did You Know?
By July 8, 2013 5 Comments Read More →

Did You Know? The Difference Between Principal Forbearance and Principal Forgiveness

The goal in modifying mortgage loans is to bring the borrower current while reducing the total monthly housing cost (principal, interest, taxes, insurance and HOA dues) to a target percentage of gross monthly income (usually 31%). The servicer achieves this payment reduction by serially modifying specific loan terms, especially the interest rate and the length […]

By May 24, 2013 0 Comments Read More →

Did You Know? Fannie and Freddie Now Call Deeds-In-Lieu “Mortgage Releases”

HouseKeeping Report is launching a new series called Did You Know? in which we will highlight, explain, or review a single term, program feature, or other item of interest to foreclosure mediators, housing counselors, attorneys and even homeowners. This week: Did you know that Fannie and Freddie now call deeds-in-lieu of foreclosure “Mortgage Releases”? A […]