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Entries Tagged as 'hamp'

Lenders Working Hard to Avoid Mortgage Modifications.

July 26th, 2010 · 1 Comment · Foreclosure

The reports from the federal government regarding the number of homeowners that have obtained permanent mortgage modifications under the HAMP program show once again how hopeless it is to rely upon government programs to resolve the mortgage crisis.  Clients and advocates continue to ask me, “Why won’t the lender work with me on a modification?” [...]

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More Details on The Corruption of the American Housing Market

May 31st, 2010 · 8 Comments · Foreclosure

The following story first appeared in The Market Ticker on Sunday, May 30. 2010, was posted by Karl Denninger
I picked it up on the 4ClosureFraud website.  It offers very important analysis of how the Wall Street Wizards, playing games with our money, created and crafted this whole mess and how continued federal subsidizing [...]

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We’re Paying WHOM to Fix Subprime Mortgages?-Why, subprime lenders, of course.

April 2nd, 2010 · No Comments · Foreclosure

Taxpayers….(that means my money and your money) are shoveling bajillions of dollars at the lenders that caused the foreclosure crisis and precious little is being done to help the homeowners….the following shows where all our money is going….I can tell you that homeowners are not benefitting from these programs and all this federal money….
The following [...]

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HOLY SMOKES- BofA to Slash Principal Balances on Mortgages!

March 25th, 2010 · 3 Comments · Foreclosure

Finally, as reported here in today’s edition of the Wall Street Journal, BofA is going to start reducing the principal balance on mortgages.
After being pumped full of billions of dollars in taxpayer money and after acquiring many of the loans that will be reduced for cents on the dollar….reducing principal is just something that makes [...]

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Mortgage Modifications and Mediation Agreements- Wolves in Sheep’s Clothing?

March 16th, 2010 · 1 Comment · Foreclosure

I’ve frequently posted comments and figures which document what a dismal failure the modification efforts have been….under the HAMP program, the federal government has set aside $75 billion dollars and we’ve gotten fewer then 180,000 modifications.
Having said that, getting a modification may be worse for the consumer in the long run
than not getting one.
Homeowners [...]

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Obama’s Foreclosure/Modification “Help”- A Waste of Time and Money

March 10th, 2010 · 1 Comment · Foreclosure

A story in the Huffington Post, and available here reports that the federal government’s response to the foreclosure crisis is a dismal failure with a mere 33% of those who were in a trial modification converting to a permanent one.  Of the millions of Americans that are struggling, all the might and power of the [...]

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Congress Urges More Mortgage Help- Today’s Wall Street Journal

March 8th, 2010 · 1 Comment · Foreclosure

An article in today’s Wall Street Journal, found here reports that Congress is getting real serious about forcing banks to work with homeowners (taxpayers) in foreclosure.  They are so serious, that Rep. Barney Frank wrote a letter!  He wrote a letter.  See apparently, banks aren’t working with homeowners and the foreclosure problem continues to slog [...]

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Judge’s Order Cancelling Foreclosure Sale- What if This Wasn’t Caught? What if The Sale Went Through?

February 27th, 2010 · 2 Comments · Foreclosure

I attach here a copy of an Order signed by Judge Charles Roberts in Sarasota on February 26, 2010.  Please take time to read it carefully.  In it, the judge makes specific findings of fact that the Plaintiff:
1. Failed to show it was entitled to foreclose;
2. Failed to show it was the holder of the [...]

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Bank of America Doesn’t Do Modifications

February 21st, 2010 · No Comments · Foreclosure

This is short and sweet.  For unknown reasons, Bank of America doesn’t want to modify loans or accept short sales.  An article in today’s St.Pete times provides details on the abysmal failure of Bank of America to work with borrowers.  The full text of the article can be found here some facts to consider:

Bank of [...]

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Just Released, January HAMP Mortgage Modifications Numbers– The Failure Continues!

February 17th, 2010 · No Comments · Foreclosure

According to the January report from the Obama administration, the federal government has provided at least $50 billion dollars to 110 mortgage loan servicers to encourage them to modify mortgages for homeowners.  According to this report, 89% of all mortgage loans in the United States are eligible for consideration under the HAMP guidelines.
The full text [...]

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