Home / Tag Archives: Foreclosure Mediation (page 5)

Tag Archives: Foreclosure Mediation

Illinois Supreme Court Establishes Foreclosure Committee

The Illinois Supreme Court announced on Monday the formation of a special committee to study and formulate proposals to help families facing foreclosure. The committee will also work to improve the judicial process in mortgage foreclosures throughout the state. Supreme Court justices noted that Illinois' foreclosure crisis is not easing. At the end of 2010, there were approximately 70,000 mortgage foreclosure actions pending in Cook County alone.

Read More »

Servicers Concede Several Points in Settlement Response

Servicers made several concessions in their version of the settlement proposal that they submitted to federal and state regulators. In an excerpt of the draft obtained by DS News, servicers agree to stop dual tracking, give borrowers a window to appeal a denied modification, and provide a single point of contact for borrowers. Perhaps most significant in the excerpt is a pledge by the servicers to establish standards for affidavits and sworn statements in foreclosure and bankruptcy proceedings.

Read More »

Senate Panel Advances Bankruptcy Foreclosure Mediation Bill

The Senate Judiciary Committee on Thursday approved legislation that would give bankruptcy courts the authority to order face-to-face meetings between homeowners and their lenders for foreclosure mediation, clearing the way for it to move on to the full Senate. The legislation does not give bankruptcy judges the power to modify mortgages like the controversial bankruptcy cramdown proposals that have repeatedly failed in Congress. Instead, it would give them a mechanism for opening up the lines of communication between homeowners and creditors.

Read More »

Ohio Law Students Help Ease Foreclosure Mediation Process

Ohioans undergoing foreclosure mediation who can't afford to hire an attorney now have another option. Capital University Law School recently developed a program to connect law students with people going through foreclosure. Upperclass law students volunteer their time for the pro bono program to help homeowners understand the mediation process.

Read More »

Senators Introduce Own Legislation to End HAMP

With so much attention focused on the House's efforts to stamp out four federal foreclosure programs, a bill making its way through the Senate - which like its House counterpart would effectually terminate the Home Affordable Modification Program (HAMP) - has received less attention but is progressing nonetheless. Pundits insisted such legislation would fall flat in the Senate, but members of the chamber's Banking Committee are pushing their bill forward on the argument that the free market, on its own, is working where government programs are faltering.

Read More »

Servicers, Some Attorneys General Speaking Out Against Write-Downs

Following last week's statement by Bank of America CEO Brian Moynihan that principal reductions are unfair and not in everyone's best interest, more banks and even some attorneys general have spoken out against the controversial clause in the settlement proposal. Wells Fargo CEO John Stumpf voiced his disapproval of principal write-downs, saying such provisions would entice people to default on their loans. Some attorneys generals said they feel write-downs would force servicers to break their contracts with investors.

Read More »

House to Determine Fate of Four Foreclosure Mitigation Programs

On Wednesday, a hearing was held by the Insurance, Housing and Community Opportunity Subcommittee to determine the fate of four federal foreclosure mitigation programs. The Home Affordable Modification Program (HAMP), HUD's Neighborhood Stabilization Program, the Federal Housing Administration (FHA) Refinance Program, and the Emergency Mortgage Relief Fund all have bills in play advocating for their termination. Witness testimony was mixed on whether the programs should continue or come to an end.

Read More »

Florida Center to Expand Foreclosure Mediation Program

The Mediation Center Southeast announced on Wednesday the expansion of the Foreclosure Meditation Program, a woman owned nonprofit that is a court approved alternative to the Residential Mortgage Foreclosure Mediation (RMFM) program in Florida. According to a press release, through the Foreclosure Mediation Program, The Mediation Center Southeast strives to provide an effective mediation program - not just a program that is compliant with the Florida Supreme Court Administrative Order.

Read More »

Nevada’s Highest Court Revises Foreclosure Mediation Rules

The Nevada Supreme Court has updated the rules governing the state's foreclosure mediation program, which officials say are intended ""to clarify and streamline the processes"" of the program created by the state legislature in 2009 to address Nevada's foreclosure crisis. Among the revised rules, which take effect March 1, the court has expanded the time to file a petition for judicial review from 15 to 30 days after a party receives the mediator's statement.

Read More »

Fitch: Subpar Loan Mod Results Making U.S. Foreclosures a Reality

With loan modifications on a steady decline, the analysts at Fitch Ratings say the common thread running through the industry has become when will the servicer foreclose as opposed to how can a distressed borrower stay in their home. Fitch's analysis of loan mod trends shows little improvement in success rates. While alternatives like short sales are modestly improving loss severities, the agency says servicers report borrowers are electing to remain in their property longer by staying on through the extended foreclosure process.

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.