Foreclosure Defense Florida

The Mortgage Modification Shakedown….Homeowners Defaulting at Record Rates…Mortgage Modification A Pathway to Faster Foreclosure?

From Washington Post
Struggling homeowners who received loan modifications under a federal government program are defaulting on their mortgages at an alarming rate, according to a watchdog report released Wednesday.
The report from the special inspector general for the Troubled Asset Relief Program said the Treasury Department’s Home Affordable Modification Program, or HAMP, has failed to ensure that mortgage reductions are sustainable.
Home loans modified in the third and fourth quarters of 2009 are now defaulting at a rate of 46 percent and 39 percent, respectively. As of the end of March, more than 312,000 homeowners have defaulted on mortgages modified under HAMP, according to the report.
WAPO

2 Comments

  • Shelley Erickson says:
    April 28, 2013 at 5:55 pm

    This may be the last battle to battle after you read this article. MERS MAY BE DEAD AND I BEILEVE THIS KILLS MERS ELECTRONIC FILING AND OR ANY LENDER ELECTRONICALLY FILING THE DOCS. WITHOUT EXPLICIT PERMISSION FROM THE BORROWER.
    //deadlyclear.wordpress.com/2013/04/27/mers-too-many-dead-ducks/ And they all née explicit consent…UETA…:
    MER-TOO-MANY-DEAD-DUCKS…….
    A game changer for the alleged lenders and con artist Washington RCW listed below protects the homeowners from MERS electronically filing without their explicit consent to do so and no one did. Not one of us which voids the contracts
    Washington did not adopt UETA and E-Sign doesn’t apply since we have a statute addressing the issue RCW 19.34.320 [” No digital message shall be deemed to be an instrument under Title 62A RCW unless all parties to the transaction agree, including financial institutions affected.”] https://www.ncsl.org/issues-research/telecom/uniform-electronic-transactions-acts.aspx
    Overview of UETA Section 16
    [0012]
    UETA Section 16 introduced the concept of a transferable record and leveraged the legal requirements for controlling an electronic chattel paper as defined UCC 9-105 to specify the legal requirements for having control over a transferable record. However, it restricted the scope of a transferable record to be an electronic record that is either a note under Article 3 of the UCC or a document of title (i.e. title) under Article 7 of the UCC. Hence, transferable records are electronic equivalents only to either paper promissory notes (i.e. negotiable instruments) or paper documents of title. UETA Section 16 also requires the issuer of the electronic record to explicitly agree that such a record is to be treated as a transferable record.

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  • Shelley Erickson says:
    April 28, 2013 at 6:06 pm

    The economy is still doing an avalanche slide down hill and in my case and many I know I was making the payments when the servicer told me they had unapproved me after five timely payments and not in default and no good reason but a fake fraud reason, telling me my mod payments were now considered to be partial paymens there fore I was in their manufactured well designed to steal alleged default. This is a manufactured designed default by deception by these banksters.

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