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Tag Archives: Foreclosure Prevention

HUD Provides Details for Next Distressed Asset Sale

HUD's next sale as part of the Distressed Asset Stabilization Program (DASP) will include even more loans. The agency announced it will put out about 10,000-15,000 loans in its next sale, which will take place in the first quarter of 2013. The most recent sale in September included about 9,000 loans.

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Ocwen Required to Hire Monitor after a Review of Its Servicing Practices

A review of Ocwen's mortgage servicing practices has found indications of non-compliance with recent servicing reforms, New York's Department of Financial Services announced. The exam found that Ocwen sometimes failed to provide a single point of contact for borrowers, pursued foreclosure actions on borrowers seeking loan modifications, failed to conduct an independent review of loan mod denials, and failed to ensure that borrower and loan information was accurate and up to date. Following the examination, the department is now requiring that Ocwen hire an independent monitor to review its operations and identify and report on corrective actions.

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NJCC Selected to Buy 399 Distressed Loans Through HUD Program

New Jersey Community Capital (NJCC) was selected as part of HUD's Distressed Asset Stabilization Program (DASP) to purchase 399 troubled loans, the nonprofit announced Tuesday. Out of the 399 loans purchased by NJCC, 150 were based in Essex County, New Jersey and another 249 in Tampa Bay, Florida.

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YouWalkAway Explores Politics of Strategic Default

A foreclosure agency says borrowers may be encouraged to strategically default because they expect housing policies won't change over the next four years. In a survey of YouWalkAway.com customers, 47 percent said they believe the Obama administration had no effect on the foreclosure crisis. Due to the perception that housing issues are not a priority for the current administration, YouWalkAway says underwater homeowners who were previously undecided about strategically defaulting are choosing to do so given the election results.

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Trulia: Housing Recovery Nears Halfway Mark

The housing recovery is nearly halfway complete, according to Trulia's Housing Barometer, which in October posted its largest increase since it began tracking recovery 18 months ago. Trulia monitors delinquency and foreclosure rates, existing home sales, and construction starts and compares them with their worst points during the housing crisis and their normal pre-bubble levels. All three indicators showed improvement in October. Combining them, Trulia suggests the housing market is now 47 percent back to normal.

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Rising Prices Could Lift 3.5M Homeowners Out of Negative Equity

While almost one-quarter of homeowners remain underwater, rising home prices over the past year have some economists hopeful negative equity could begin to diminish in coming months. Negative equity is still crippling many homeowners and the wider economy, Capital Economics stated in a report. But, if home prices continue to rise, the global research firm sees the potential for 3.5 million homeowners to move out of negative equity positions over the next 12 months.

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FHA Revises Loss Mitigation Program

The Federal Housing Administration (FHA) announced revisions to parts of its loss mitigation program last week in order to expand the number of borrowers who can receive assistance. Through changes to the Loss Mitigation Home Retention Options, more homeowners in distress should be able to qualify for FHA foreclosure prevention efforts and the level of assistance available should also increase.

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October Marks 12 Months of Home Value Increases

October marks the 12th consecutive month of monthly home value increases, according to Zillow, which reported a 1.1 percent increase over the month. Home values were up even higher on an annual basis, climbing 4.7 percent over the year and representing the greatest increase since September 2006. Chicago was the only one of the 30 largest metro areas Zillow measures to experience a monthly decline in home values in October.

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Treasuy Report Outlines Evolution of SPOC

Since 2011 when Treasury required the largest servicers to develop a single point of contact (SPOC) for all homeowners working through loss mitigation as part of the Making Home Affordable program, servicers have begun to implement the new standard in various ways. The Treasury noted in a recent report the nine largest servicers participating in the program have implemented three different SPOC models. In total, the nine servicers Treasury observed have increased staffing and now have 12,000 SPOCs working to communicate with homeowners.

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Servicers Provide $26.1B in Mortgage Relief Through Settlement

Five mortgage servicers--Bank of America, Chase, Citi, Wells Fargo, and Ally--have provided over 300,000 borrowers with some form of mortgage relief as part of a settlement agreement, according to a report from settlement monitor Joseph A. Smith, Jr. As of September 30, 2012, the banks reported they have provided $26.1 billion in actual consumer relief. Short sales accounted for $13.13 billion of that amount. Part of the settlement agreement requires the banks to provide $20 billion in relief, but the servicers are not always credited on a dollar-for-dollar basis.

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