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Tag Archives: Foreclosure Moratorium

M&I Extends Foreclosure Moratorium to Assist Distressed Homeowners

Marshall & Ilsley Corporation (M&I) has extended its foreclosure moratorium for distressed homeowners through March 31 as part of its Homeowner Assistance Program. M&I originally instituted the foreclosure freeze in December 2008, as has been a typical practice for many lenders around the holiday season since the housing crisis set in. The company has been regularly extending its suspension on home repossessions ever since to afford customers who are struggling with their mortgage payments the opportunity to keep their homes.

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Attorneys General Close to Making Agreements with Top Five Servicers

There has been no shortage of reports of state attorneys general seeking accountability from servicers that they allege mishandled foreclosures. Now it's being reported that attorneys general in all 50 states are near to reaching settlements with the nation's top five mortgage servicers, including Bank of America and GMAC Mortgage. The states are looking to develop separate agreements, rather than one encompassing settlement; and they plan to pursue a civil investigation rather than a criminal one.

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LPS: Foreclosure Inventory Rises for Fifth Straight Month

Recent market data analyzed by Lender Processing Services (LPS) highlights delays in the resolution of unpaid mortgages after the robo-signing scandal, and reveals congestion in foreclosure pipelines where loans are languishing and further adding to the shadow inventory of properties that will ultimately become REO and could slow home price appreciation. At the end of November, nearly 2.2 million loans were 90 days or more past due but not yet referred to a foreclosure attorney. Of these, one-third have not made a mortgage payment in at least a year.

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New Jersey Chief Justice Threatens to Suspend State Foreclosures

After reviewing a report and recommendations presented to him, New Jersey Chief Justice Stuart Rabner announced on Monday a series of steps to protect the integrity of foreclosure filings in the state. The report featured a review of robo-signing irregularities by mortgage lenders and servicers and included analysis of actions other states had taken.

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GMAC May Resume Foreclosures in Maine, Judge Says

A judge last week declined to issue a temporary restraining order against GMAC Mortgage's foreclosure and eviction procedures in Maine. This decision frees the mortgage servicer to proceed with foreclosure sales and evictions it had temporarily halted as part of an agreement with Maine Attorney General Janet Mills in November.

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Freddie Mac Suspends Evictions During Holiday Season

Freddie Mac said Wednesday that it has ordered all foreclosure evictions involving occupied single-family and 2-4 unit properties to be suspended from December 20, 2010 to January 3, 2011. The policy applies to all homes with Freddie Mac mortgages. It's become a common practice for lenders to temporarily halt evictions during the holiday season. Fannie Mae and most other large mortgage providers are expected to follow suit.

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Countersuit Filed Against Ohio Attorney General

American Home Mortgage Servicing, Inc. (AHMSI), headquartered in Texas, is fighting back against the lawsuit filed against them yesterday. Filed by Ohio Attorney General, Richard Cordray, the lawsuit against AHMSI alleges the company was under numerous violations of the Ohio Consumer Sales Practices Act.

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