This article should come as no shock.  The HAMP plan has a mediocre success rate as it lets the loan servicers evaluate homeowners in financial distress rather than the bankruptcy courts.  There is NO ENFORCEMENT of the HAMP guidelines...

Continue reading "Time to Short Sell?- half of the homeowners who enrolled in HAMP have fallen out" »

If you have a loan owned or serviced by Bank of America and are 60 days late or more, you MAY for its new "earned principal forgiveness." About 95% of the loans that Bank of America services for private investors...

Continue reading "Bank of America launches lame principal reduction plan; earns $3.2Billion so far in 2010" »

  "During the housing boom, new loans were supposed to change hands several times as Wall Street firms bundled them into debt pools and sold them to investors. But the documents and contracts between borrowers and lenders often weren't altered...

Continue reading "Bank's law firms are "fabricating and/or presenting false and misleading documents in foreclosure cases." " »

According to the United States Government Accountability Office ("GOA"), the 133 loan servicers who have contracted with the government to perform loan modifications under the guidelines and "mandatory" directives of the Home Affordable Mortgage Program [HAMP], have already received $36.9BILLION of...

Continue reading "Dream job: Loan Servicers paid $37Billion to screw up your loan mod" »

The Administration announced adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs after admitting that "Servicers were slow to implement HAMP, resulting in a slow start for the program." The program modifications will...

Continue reading "White House announces HAMP enhancements and FHA loan program" »

Pulled off of Bloomberg today, this article relates to loan mods given prior to the implementation of the Home Affordable Mortgage Program or HAMP. http://www.bloomberg.com/apps/news?pid=20601010&sid=aVYxPZ56vjys         March 25 (Bloomberg) -- More than half of U.S. borrowers who...

Continue reading "Loan mod default rate at 51.5% for first quarter 2009." »

Commentary from the frontlines:  Follow the money!  There is inherent conflict of interest between what is good for a loan servicer and what is good for the loan's owner or investor (typically a mortgage backed security trust).  Loan servicer's usually...

Continue reading "Bridge to HAMP forbearance plan would fatten loan servicers at the expense of the tax payers...even more." »

For a homeowner in financial distress, there are multiple strategies for dealing with a second mortgage:  Chapter 13 lien avoidance is one option, Chapter 7 followed by a short pay is another. Its rare that a second lien holder will foreclose.  For...

Continue reading "Kick the can: To avoid recognizing up to $1.05Trillion in losses, banks are not signing up for the HAMP2 plan for second mortgage debt " »

The firm is open to taking on clients who can demonstrate that they have been wrongfully denied a loan modification under the terms of the Obama administration's Home Affordable Mortgage Program or HAMP, or where the loan service has failed comply...

Continue reading "Emerging legal theory: Suing your loan servicer for breach of the HAMP contract" »

I can tell you from the frontlines of the foreclosure crisis, that the Obama administration's Home Affordable Modification Plan or HAMP is a large scale failure.  Consider these facts from the ACORN and the Center for Responsible Lending:  -A family loses...

Continue reading "Don't expect your loan servicer to play by the rules...until there is a real consequence of litigation" »