Tag Archives: Loss Mitigation

Fannie Mae and Freddie Mac have combined to help approximately 121,000 homeowners avoid foreclosure through a variety of both retention and non-retention solutions through the first six months of 2015.

WaterfallCalc.com, an affordable, user-friendly loss mitigation waterfall calculator designed to meet the needs of all FHA mortgage servicers, has released Version 2.0 of its popular software, according to an announcement from the Grand Rapids, Michigan-based company.

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.

This sale includes two larger pools and a Community Impact Pool, which is a smaller geographically-focused, high occupancy pool. Fannie Mae is marketing the Community Impact Pool to encourage bidding by nonprofits and minority- and women-owned businesses (MWOB).

The report covers the illegal practices that the Bureau uncovers in areas such as consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage servicing, and fair lending for the first four months of the year.

One of the steps Freddie Mac lists for borrowers to take in order to avoid being the victim of a scam is, first and foremost, calling your servicer. The borrower's servicer is the only one who can modify the mortgage or finalize a loss mitigation plan – anyone other than the servicer who professes the ability to do so is a scammer, especially if they require the payment of an upfront fee.

Aside from the event scheduled for Chicago on May 27, HOPE NOW has announced borrower outreach events for St. Louis (June 13) and Cleveland (July 11) as part of an effort to focus on the Midwest. HOPE NOW said it plans to host events later in the year in Ft. Lauderdale, Hartford, Memphis, and Los Angeles.

Today, Freddie Mac receives about one tenth of the amount of calls it was receiving during the immediate aftermath of the housing crash (about 40,000 per month, or 1,300 per day), but many homeowners facing financial setbacks are still calling Freddie Mac hoping the GSE will have a solution for them, whether it allows them to keep their home or is of the non-home retention variety.

Areas of the country that have been slow to recover from the recession will be the focus of HOPE NOW's outreach efforts to offer loss mitigation options to struggling homeowners in 2015, according to an announcement from HOPE NOW.

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.