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Tag Archives: Foreclosure Moratorium

Wells Fargo Offers Workshop to Struggling Carolina Mortgage Customers

Wells Fargo will host a free workshop Thursday for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage, and Wells Fargo Home Equity customers facing financial hardships. Hundreds of South Carolina homeowners are invited to the event in Columbia, South Carolina. About 50 home retention team members will be on hand to work one-on-one with customers to explore options such as workouts and loan modifications.

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Florida Foreclosures Drop in April but Increase Expected

Foreclosures in Florida dropped by 12 percent from March to April, according to ForeclosureDataOnline.com. Since the fourth quarter of last year, the state's foreclosure activity is down 47 percent. The site attributes this slowdown to the recent robo-signing foreclosure documentation problems exposed last fall, which resulted in temporary moratoriums and court delays where foreclosures require approval by a judge. However, March data suggest foreclosures will soon rise again as banks continue to work through their backlog of cases.

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Completed Foreclosures Down by Nearly 50% Among Largest Servicers

The nation's largest mortgage servicers foreclosed on 95,067 homes during the fourth quarter of 2010, a 49 percent drop from the number of completed foreclosures during the previous quarter, according to a new report from two regulatory agencies. Newly initiated foreclosures also decreased but by a much smaller ratio of 8 percent. Because new foreclosures outpaced completed foreclosures, the inventory of foreclosures in process increased to 1,290,253, representing 3.9 percent of all serviced loans among the largest national firms.

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M&I Extends Its Foreclosure Moratorium

Marshall & Ilsley Corporation (M&I) has extended its foreclosure moratorium for distressed homeowners. Begun in December 2008 as part of M&I's Homeowner Assistance Program, the moratorium applies to applicable loans in all M&I markets and covers all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement.

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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.

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Robo-Signing Settlement Disputes Continue After Wednesday’s Meeting

Attorneys general and federal regulators sat down with major servicers this week to discuss the details of the robo-signing settlement. Both sides have submitted their own version of what they believe a settlement should look like, and this week's meeting is just the first in what will likely be a long period of negotiations. Banks have repeatedly spoken out against what they believe to be terms that are too harsh and may even encourage moral hazard. Mortgage investors are also weighing in on the proposed terms.

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Disagreement, Negotiation Delays Problematic for Servicer Settlement

Opposition to the proposed servicer settlement developed a stronger stance this week as four attorneys general released a letter to Iowa's Tom Miller, who is leading the states' investigation. Attorneys general from Virginia, Texas, Florida, and South Carolina said while they support actions to correct problems unearthed by the robo-signing scandal, the proposal includes mandates and suggestions that are out of the scope of their enforcement role. They expressed particular uneasiness over the provisions surrounding principal write-downs.

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Home Prices Hit Record Low in December: Report

Despite an increase in new and existing home sales, home prices in 2010 slumped to their lowest point in December, according to a recent report by mortgage technology company FNC. The FNC Residential Price Index (RPI) attributes the decline in part to increased sales of foreclosed properties, and higher distressed-property discounts. According to the index, home prices declined for the seventh straight month in December, ending the year with the biggest one-month drop of 2010.

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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.

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Rural Communities in Virginia Facing Highest Rates of Foreclosure

A Virginia housing advocacy group released data this week that shows the housing circumstances in rural Virginia are arguably some of the direst in the nation. Key findings of the report say that the largest increase in foreclosure filings last year occurred in rural Virginia, easing only slightly when banks began moratoriums to review their foreclosure processes.

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