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Tag Archives: Foreclosure Prevention

HUD to Roll Out Emergency Loan Program for Unemployed by Year-End

To help counter the effects of the still-deteriorating job market on the housing industry, the Dodd-Frank Reform Act provided $1 billion to HUD to implement the Emergency Homeowners Loan Program. The initiative provides eligible borrowers in 32 states and Puerto Rico with a ""bridge loan"" to continue making their mortgage payments for up to 24 months. HUD expects to begin taking applications from borrowers for assistance by the end of the year.

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Unemployment Rate Holds at 9.6% as Economy Sheds 95,000 More Jobs

Getting more people back to work is key to not only the nation's economic recovery, but to a recovery in housing as well. The nation's high level of unemployment has become one of the primary triggers of default among struggling homeowners. But figures released Friday show that job creation remains an elusive ideal here in the United States. In September, 95,000 jobs were lost. The decline was far more than analysts were expecting, although the unemployment rate held steady at 9.6 percent.

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Two NYC Groups Receive Funds to Offer Counseling to Homeowners

The New York State Division of Housing and Community Renewal on Wednesday awarded $848,384 to the Center for New York City Neighborhoods (CNYCN) and the New York City Department of Consumer Affairs Office of Financial Empowerment (DCA's OFE). The money has been allotted to provide free financial counseling and to expand CNYCN's call center operations for at risk homeowners, which takes calls from New York City's general information line.

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Industry Completes 149,000 Permanent Loan Mods in August: Report

New data released by the HOPE NOW Alliance Thursday shows that during the month of August, mortgage servicers completed approximately 116,000 proprietary loan modifications for homeowners and 33,000 mods under the Home Affordable Modification Program (HAMP), for a total of 149,000. The report also shows that foreclosures are continuing to increase, despite the strides made in foreclosure prevention efforts. In August, new foreclosures were initiated on 245,015 properties, while foreclosure sales were completed on 101,780.

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Mesa Law Group Enhances Loan Mod Program with New Reporting Tool

Mesa Law Group, a California firm with specialty financial services, recently announced the addition of a REST Report to its Loan Modification Preparation Program (LMPP). The new tool will aid clients in the loan modification process without the high cost of direct representation. According to Mesa Law Group, LMPP allows homeowners to organize finances and better navigate the demands of their lenders.

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Wells Fargo Offers Pick-a-Payment Customers a Reprieve

Wells Fargo & Co. announced this week that from December 18, 2010, through June 30, 2013, Wachovia Pick-a-Payment customers who are at-risk of default may be eligible to earn principal forgiveness by making on-time mortgage payments. The company says it has already written mortgage principals down by a total of nearly $3.4 billion for Pick-a-Payment customers. The bank will also contribute $24 million to eight states to help with customer outreach and alleviate the impact of foreclosure in local communities.

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Chase Will Offer Mortgage Aid to Unemployed Michigan Borrowers

Chase announced this week that it plans to participate in Michigan's Hardest Hit Fund program to offer assistance to homeowners in the state who are receiving unemployment benefits. The Michigan State Housing Development Authority designed the program to help borrowers stay current on their mortgage even after they have lost their jobs. Chase will partner with the state agency to make the program available to its customers. The program will pay up to half of qualified borrowers' monthly mortgage payments for up to 12 months.

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OneWest Becomes Early Adopter of HAMP Principal Reduction Program

OneWest Bank, the Southern California regional lender that was formed out of the old IndyMac, announced Tuesday that it has implemented the new Principal Reduction Alternative (PRA) piece of the administration's Home Affordable Modification Program (HAMP). OneWest is one of the first servicers to officially launch the program, which was initially introduced by the Treasury in late March to provide some mortgage relief to the growing number of homeowners underwater on their mortgage.

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Wells Fargo Joins HOPE LoanPort to Streamline Loan Mod Submissions

Wells Fargo, one of the nation's largest mortgage servicers, has agreed to use HOPE LoanPort's proprietary technology to partner with nonprofit housing counselors to assist homeowners with loan modifications. Wells is the 13th major servicer to sign onto the Web-based tool, which allows borrowers and counselors to streamline their submission of loan mod applications. HOPE LoanPort also has commitments from more than 1,600 housing counselors from almost 300 organizations across the country.

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Fannie Mae Extends Alternative Modification Program

The latest in a string of government extensions is an extension to Fannie Mae's Alternative Modification (Alt Mod) to the Home Affordable Modification Program (HAMP). The extension is being provided so servicers will have enough time to complete the processing of modifications for borrowers who meet the eligibility requirements for the Alt Mod program, which remain the same.

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