Tag: loan modification

Loss Mitigation Under the New Mortgage Servicing Rules
By February 21, 2014 1 Comments Read More →

Loss Mitigation Under the New Mortgage Servicing Rules

On January 10, 2014, new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau went into effect. Among other things, the new rules include detailed requirements for loss mitigation. If a servicer violates the loss mitigation provisions, a borrower may sue for damages, costs, and attorney fees. Whatever their shortcomings, the rules are the […]

Posted in: Features
By February 14, 2014 0 Comments Read More →

New Mortgage Modification Scam Sweeping Florida

Law enforcement is calling a new Florida loan modification scam one of the most sophisticated mortgage scams yet. Borrowers receive an authentic-looking modification offer in the mail. The offer includes detailed information about the borrowers’ loans culled from publicly available foreclosure documents and promises favorable terms, like reduced payments and principal forgiveness. All the borrower […]

Posted in: News and Events
By November 17, 2013 2 Comments Read More →

Nationstar Issues Public Apology to Elderly Oregon Couple For Botched Modification

An Oregon couple has received a public apology from Nationstar, one of the nation’s largest mortgage loan servicers, for botching their loan modification. Nationstar approved Michael and Judith McElderly for a trial period plan in January 2013. Nationstar promised the McElderlys that it would permanently modify their loan if they made three trial payments of […]

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Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement
By November 1, 2013 0 Comments Read More →

Where’s the Beef? The Disappointing Reality of the National Mortgage Settlement

In the 1980s, the Wendy’s fast food chain famously ran an ad campaign featuring a silver-haired lady exclaiming “Where’s the beef?” As the ads wryly suggested, competitors were all buns and no beef. Much the same can be said today of the National Mortgage Settlement. As the five participating servicers wind up their consumer relief […]

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Visendi v. Bank of America: Ninth Circuit Dismisses Mass Joinder Foreclosure Suit
By October 24, 2013 0 Comments Read More →

Visendi v. Bank of America: Ninth Circuit Dismisses Mass Joinder Foreclosure Suit

In Visendi v. Bank of America, et al. the Ninth Circuit held that a mass joinder foreclosure suit filed in state court was properly removed to federal court but required dismissal of claims by all but the first named plaintiff. 137 homeowners, including Carla Visendi, sued 25 financial institutions, including Bank of America and Wells […]

Posted in: Cases
By September 25, 2013 0 Comments Read More →

Did You Know: Oregon Home Rescue Program Offers Mortgage Payment and Reinstatement Assistance?

On August 28, OHSI launched the new Home Rescue Program statewide. Functionally, the program is an expanded version of the recently concluded Mortgage Payment Assistance Unemployment (MPAU) program. Every other Wednesday at noon, 200 slots open up for struggling homeowners who have suffered a significant (10%+) drop in income compared to 2011 or 2012. Eligible […]

Posted in: Did You Know?
By September 20, 2013 0 Comments Read More →

Oregonian: New Ninth Circuit Decision Protects Borrowers From Loan Modification Runaround

The Oregonian recently reported on an important new decision from the Ninth Circuit, Corvello v. Wells Fargo Bank, N.A. The Ninth Circuit followed a Seventh Circuit case decided last year, which held that a borrower who fully complies with a HAMP trial period plan can sue for breach of contract if the lender fails to […]

Posted in: News and Events
By August 9, 2013 2 Comments Read More →

Ninth Circuit Adopts Wigod: Lender Contractually Obligated to Offer Permanent Modification If Borrower Complies With TPP

An important new opinion is out from the Ninth Circuit holding that Wells Fargo was contractually obligated to offer a permanent modification after the plaintiff-homeowners fully complied with the terms of their HAMP trial period plan. In Corvello v. Wells Fargo Bank, the Ninth Circuit reversed a California district court’s dismissal of plaintiffs’ breach of […]

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By August 5, 2013 0 Comments Read More →

Attorney General Rosenblum Pens Op-Ed Calling Revamped Mediation Program A Win-Win

This weekend Attorney General Ellen Rosenblum published a smart and insightful op-ed in the Statesman-Journal calling the revamped foreclosure mediation program a win-win for homeowners, lenders and the Oregon economy. Since taking office, Rosenblum has demonstrated a keen understanding of the problems facing struggling Oregon homeowners. During the last legislative session, Rosenblum testified in support of SB […]

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By August 4, 2013 1 Comments Read More →

Oregon’s Revamped Foreclosure Mediation Program Goes Live

The new Oregon Foreclosure Avoidance Program (OFAP) officially launched today, though homeowners will not have an opportunity to initiate the process until Monday. OFAP is the creation of SB 558, which overhauled the existing Foreclosure Avoidance Mediation Program (FAMP) in effect since last July. FAMP did not apply to judicial foreclosures, a gaping loophole that […]

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