More than half of the total foreclosure prevention actions completed by the FHFA in nearly seven years (1.82 million) have come in the form of permanent loan modifications, according to FHFA.
Read More »CFPB Penalizes Texas-Based Servicer for Blocking Borrowers’ Efforts to Stop Foreclosure
CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.
Read More »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.
Read More »Additional HUD Grants Awarded to Counseling Agencies Brings Total to $42 Million
Nearly $6 million of the total $42 million will directly support the housing counseling services provided by 33 national and regional organizations, six multi-state organizations, 20 State Housing Finance Agencies (SHFAs), and 248 local housing counseling agencies.
Read More »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.
Read More »HUD Awards $36 Million in Housing Counseling Grants to Prevent Foreclosures
HUD estimates that the money they provide in grants, combined with other funds they plan to leverage, will assist more than a million and a half individuals and families with finding housing, making more informed choices with regards to housing, and staying in their current homes.
Read More »Blight Elimination Program Gets Underway in Indiana
The BEP has made about $75 million (approved by the U.S. Department of Treasury) available to the state of Indiana to eliminate blight by reducing foreclosures and stabilizing neighborhoods, and about $1.5 million of that money was allocated to East Chicago.
Read More »San Francisco to Join Other Cities in Foreclosure Prevention Strategy
The city's Board of Supervisors unanimously approved a resolution earlier this week that would encourage the lenders who own distressed properties to sell them to nonprofits and community development financial institutions rather than to hedge funds, Wall Street speculators, or private equity firms.
Read More »Non-Profit Awards $44.8 Million Through Foreclosure Mitigation Counseling Program
While foreclosure numbers have declined significantly since the peak years of 2010 and 2011, a recent uptick in foreclosure starts demonstrates the need still exists for loss mitigation programs such as the NFMC to help families and individuals stay in their homes when their mortgages become delinquent. The current demand for NFMC grant funds ($87 million) was nearly double the amount of $44.8 million that was awarded.
Read More »Real Estate Capital Firm Publishes Online Short Sale Guide
While legal processes vary among states, property owners who are behind on their mortgage payment can use the short sale guide as a resource to explore their options and prevent a foreclosure on their home. Information provided by JWB can help rental home owners find alternative solutions to their housing problems.
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