Category: Loan Modification

One West Bank Loan Modification | IndyMac Loan Modification

A One West Bank loan modification (or IndyMac loan modification) is much like Santa Claus or the Easter Bunny for most homeowners…imaginary…lots of pictures and stories, but does it really exist? I think anyone in the mortgage litigation, foreclosure or loan modification industry would agree the worst lender to work with, by far, is One […]

CA Senate Passes SB 1178, Extends Consumer Protection

Good news has come for consumers who refinanced their original mortgage loans and are presently facing foreclosure; the California Senate has approved SB 1178, which will extend anti-deficiency protection to these consumers. The CA Association of Realtors (CAR), sponsors the consumer protection legislation. CAR is one of the largest state trade organizations in the country. […]

BOA Joins HOPE to Improve Assistance to Homeowners

Bank of America, this country’s biggest mortgage servicer, has recently joined HOPE LoanPort to use its propriety technology and partner with non-profit housing counselors in providing help to homeowners in their loan modifications. In doing so, BOA becomes the 11th mortgage servicer to join the HOPE LoanPort—others include PNC Mortgage, Bayview Loan Servicing, and GMAC. […]

HAMP Modifications Only 50% Successful

In the most recent Home Affordable Modification Program (HAMP) report, released by the Treasury Department, it shows “extremely low conversion rates” from trial to permanent modifications—according to Moody’s Investors Service, this is a 50-50 crap shoot. By the end of April, HAMP had converted nearly 300,000 permanent modifications while canceling 277,640 trial modifications. As well, […]

Facilitated Mortgage Workout Program Seeks CA Approval

A CA bill to introduce a foreclosure mediation program recently received approval from the Assembly Appropriations Committee. Next, the bill will go before the California State Assembly floor. Bill 1639, if passed and approved, will implement the Facilitated Mortgage Workout (FMW) Program which requires lenders to meet with borrowers in order to develop modification plans […]

10K Mortgage Borrowers to Receive Aid From BOA

Bank of America has recently implemented a loan forgiveness program and reached out, to an estimated, 10,000 of their most at-risk mortgage borrowers, to tell them about it. Bank of America has become the US’ biggest “mortgage servicer.” They anticipate the first wave of modifications to launch by the end of the month. BOA’s most […]