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Tag Archives: Foreclosure Mediation

California Anti-Blight Bill Signed into Law

California governor Edmund G. Brown signed into law a bill to help combat neighborhood blight, state attorney general Kamala Harris announced Monday. The bill-AB 2314-gives new homeowners additional time to fix any code violations in a home before local agencies move in to enforce the codes. It also extends indefinitely an existing provision that requires the owner of a foreclosed property to maintain the property.

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Nevada Committee Passes $11.7M Foreclosure Help Proposal

The Nevada Legislature's Interim Finance Committee passed an $11.7 million proposal to address mortgage fraud and the state's foreclosure crisis, attorney general Catherine Cortez Masto announced Friday. The proposal outlines the first part of a three-year, estimated $33.5 million dollar program that uses part of Nevada's share of the national mortgage settlement to help struggling homeowners.

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Western States See Mixed Foreclosure Numbers for July

ForeclosureRadar's Foreclosure Report for July 2012 showed mixed month-over-month trends from state to state but revealed an overall year-over-year decline in foreclosure filings. The report, released Monday, covers Arizona, California, Nevada, Oregon, and Washington. Of the five states, only Arizona and Oregon posted decreases in foreclosure filings from June, while California and Nevada reported relatively small increases.

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CFPB Proposes Stricter Mortgage Servicing Rules

The Consumer Financial Protection Bureau (CFPB) proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. CFPB first announced in April that it was considering several proposals to implement requirements laid out in the Dodd-Frank Act, the bill that created the bureau.

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Massachusetts Foreclosure Bill Signed into Law

Governor Deval Patrick of Massachusetts signed into law a bill Friday that will require lenders to first determine the value of modifying a loan before foreclosing on a home. If a modification will bring in a greater financial advantage, then lenders must opt for a modification over a foreclosure.

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Fannie Mae Expands Inland Empire Mortgage Help Center

Fannie Mae announced Wednesday that it is opening an extension of its Los Angeles Mortgage Help Center. The Los Angeles Mortgage Help Center serves the Inland Empire region as part of the GSE's nationwide effort to educate families about their options and tools for avoiding foreclosure.

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Oregon Bill Lets Homeowners Meet Lender Face-to-Face with Mediator

In Oregon, homeowners who are falling behind on payments can talk face-to-face with their lender to work out an agreement outside of foreclosure. Senate Bill 1552, which took effect July 11, allows struggling homeowners to meet with their lender with a mediator in a neutral location. Senate Bill 1552, which took effect July 11, allows struggling homeowners to meet with their lender with a mediator in a neutral location.

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AARP: Older Homeowners Hit Just as Hard by Foreclosure Crisis

A report released Thursday from AARP suggests that older Americans may not have escaped the foreclosure crisis unscathed, as some previously thought. The report, titled Nightmare on Main Street: Older Americans and the Mortgage Market Crisis, showed that many of the country's older citizens are taking their mortgage debt with them into retirement. Approximately 600,000 older homeowners were experiencing foreclosure, and another 625,000 were 90 or more days delinquent.

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Fannie Mae Announces Customer Care Training for Servicers

Fannie Mae is now offering a program to help prevent foreclosures by enabling better relationships between servicers and homeowners, the GSE announced Monday. The program, dubbed Know Your Options Customer Care, is a customer engagement strategy and training program for servicers. Fannie Mae will conduct training sessions for servicer call center employees, provide scripting for homeowner interaction, and help implement ongoing quality control measures.

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Obama Administration Continues Pushing for Mods in Mixed Market

Once again, data compiled in the Obama administration's Housing Scorecard pointed to both signs of promise and reasons for concern. One positive indicator for housing was the 7.4 percent rise in home equity to $457.1 billion in the first quarter of 2012. On the downside, the impact of serious delinquencies and underwater mortgages continues to strain the housing market. One popular administration program for underwater borrowers is the Home Affordable Refinance Program (HARP). So far, HUD Acting Assistant Secretary Erika Poethig said almost half a million families have taken advantage of the program, and refinanced families save an average of $2,500 per year.

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