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Tag Archives: Foreclosure Prevention

Borrower Outreach Events Proving Successful at Preventing Foreclosures

Borrower outreach events include HUD-approved housing counselors and mortgage servicers in order to give distressed borrowers a face-to-face meeting to work out a solution such as a permanent loan modification that will allow borrowers to remain in their homes. If a home retention solution cannot be worked out, often a non-foreclosure home forfeiture solution is offered such as a short sale or deed-in-lieu of foreclosure.

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New York AG Announces Further Funding for Foreclosure Prevention

The latest round of funding will go to support the Homeowner Protection Program (HOPP), which is a statewide network of nearly 90 housing counseling and legal services agencies that provide free, high quality assistance to help struggling homeowners avoid foreclosure and stay in their homes.

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OCC Comments on Progress of Hardest Hit Fund Initiative

In an article for the newsletter titled "Hardest Hit Fund Provides Locally Tailored Solutions for Struggling Homeowners," U.S. Department of Treasury Director of the Hardest Hit Fund Program Erin Quinn said that as of March 2015, almost 230,000 homeowners had received a combined $4.7 billion worth of assistance from the HHF Program.

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Enhancements to HUD’s Distressed Asset Program Give Borrowers More Protection

Under the new rules, loan servicers are required to delay foreclosure on a home for a year and evaluate all borrowers facing foreclosure for participation in the government's Home Affordable Modification Program (HAMP) or a similar loss mitigation program. Loan servicers could previously foreclose on a home six months after they received the loan and were not required to evaluate borrowers for loss mitigation programs, though they were encouraged to do so.

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