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Home | News | Loss Mitigation

Non-Profit Awards $44.8 Million Through Foreclosure Mitigation Counseling Program

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While foreclosure numbers have declined significantly since the peak years of 2010 and 2011, a recent uptick in foreclosure starts demonstrates the need still exists for loss mitigation programs such as the NFMC to help families and individuals stay in their homes when their mortgages become delinquent. The current demand for NFMC grant funds ($87 million) was nearly double the amount of $44.8 million that was awarded.

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HUD: Nearly Half of Loans in Distressed Asset Stabilization Program Have Been Resolved

avoid-foreclosure

Since HUD began SFLS in 2010, it has resolved 38,385 out of 79,029 non-performing loans through various means, a total of 49 percent. Out of those resolved loans, 16,706 of the borrowers (21 percent of the non-performing total and 43.5 percent of the resolved loans) avoided foreclosure through either paying the loans current, forbearance agreements, paying the loan in full, a short sale, a third-party sale, or a deed-in-lieu of foreclosure.

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Legislation in Montana Aimed at Reducing Banks’ Liability in Loss Mitigation

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Distressed and at-risk Montana homeowners spoke out against the two bills in the state's House Business and Labor Committee on Thursday, claiming that their respective mortgagees had misled them verbally with regards to loss mitigation practices. The borrowers said they would have had no legal claim against those mortgagees if these bills had been in enacted before they filed their respective lawsuits against their lenders.

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Legislation to Extend Tax Relief to Distressed Homeowners Currently in House, Senate Committees

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Congressman Tom Reed (R-New York) introduced the Mortgage Forgiveness Tax Relief Act of 2015 (H.R. 1002) on February 13, and that bill is now being heard in the House Committee on Ways and Means. Two weeks later, Senators Debbie Stabenow (D-Michigan) and Dean Heller (R-Nevada) introduced a similar bill (S. 608), which is currently in the Senate Banking Committee. Both bills would extend relief to homeowners on forgiven mortgage debt – the remaining mortgage balance when a borrower sells a home in a short sale to avoid foreclosure

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Ocwen Teams With Housing Group to Aid Distressed New York Homeowners

loss-mitigation

Ocwen Financial Corp. found trouble in New York last year when a top regulator's investigation revealed that the servicer had sent erroneously dated correspondence to about 7,000 borrowers. Over the weekend, however, Ocwen made positive news in New York when it teamed with Neighborhood Housing Services of New York City to reach out to aid struggling homeowners who were at risk of foreclosure.

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