Category: Foreclosure

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Extending the Mortgage Forgiveness Debt Relief Act of 2007

Mortgage Forgiveness Debt Relief Act Some Good News for Troubled Homeowners The Senate Finance Committee approved the extension of  the Mortgage Forgiveness Debt Relief Act of 2007. This is a good sign that the Mortgage Forgiveness Debt Relief Act will be extended. For those unfamiliar with the Mortgage Forgiveness Debt Relief Act of 2007 : […]


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CitiMortgage Workshop on Long Island

CitiMortgage Workshop on Long Island From Citibridgetrack.com: CitiMortgage invites you to meet in person to review your homeowner assistance options at the Citi® Road to Recovery event. Meet one-on-one to discuss possible mortgage solutions available for your specific situation. Tuesday, July 31, 2012 12:00 PM – 7:00 PM Islandia Marriott Long Island 3635 Express Drive […]


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Bank of America Reduces Mortgages!

Bank of America Reduces Mortgages by Forgiving a Portion of the Principal. For those of you who have not heard the breaking news, Bank of America has begun to forgive a portion of the principal on certain people’s mortgages. The NYT is reporting that “Bank of America has started sending letters to thousands of homeowners […]


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Foreclosure Settlement Conferences

Foreclosure Settlement Conferences What you should know about Foreclosure Settlement Conferences! Residential foreclosure defendants in New York are entitled to a preliminary foreclosure settlement conference that may enable a speedier and less expensive way of resolving their foreclosure issue than would otherwise be possible. The law requiring the conference – New York Civil Practice Law […]


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Fannie and Freddie set new short sale guidelines.

Fannie and Freddie set new short sale guidelines. From Freddie Freddie Mac’s new short sale timelines require servicers to make a decision within 30 days of receiving either 1) an offer on a property under Freddie Mac’s traditional short sale program or 2) a completed Borrower Response Package (BRP) requesting consideration for a short sale […]


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Bank of America Mortgage to Lease Program

Rent your home from BOA under its “Mortgage to Lease Program.” Bank of America (BOA) recently issued a Press Release outlining a “Limited Pilot Test” of their “Mortgage to Lease Program.” Under this program some BOA mortgage customers will be allowed to deed their homes to BOA and become renters instead of owners. From the […]


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NY A.G. reaches $4 Million Settlement With Steven J. Baum P.C.

Steven J. Baum P.C. Settles NY Attorney General Eric T. Schneiderman recently announced an agreement with New York Foreclosure Law Firm Steven J. Baum P.C., and Pillar Processing, LLC, which requires that they pay $4 million to the State of New York. $2 million of which will be used to assist homeowners facing foreclosure, or […]


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Bank of America to Reduce Mortgages

Bank of America to Reduce Mortgages According to a recent AFP article: Bank of America has reached a side agreement with US authorities that could reduce the mortgages of some 200,000 borrowers….Bank of America borrowers are expected to receive reductions averaging more than $100,000… This is very interesting! We will be contacting BOA today! Updated […]


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Mortgage Servicing Settlement

Mortgage Servicing Settlement The following Excerpts are from a recent Press Release by NY Attorney General Eric Schneiderman regarding mortgage servicing settlement: A.G. SCHNEIDERMAN SECURES $136 MILLION FOR STRUGGLING NEW YORK HOMEOWNERS IN MORTGAGE SERVICING SETTLEMENT After Schneiderman’s Persistence, Narrow Settlement Preserves Sweeping Legal Claims For Housing Crisis Misconduct That Has Not Yet Been Investigated […]


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HAMP Changes

HAMP Changes The Obama Administration, The U.S. Department of  The Treasury, and the U.S. Department of Housing & Urban Development  recently announced important enhancements to the Home Affordable Modification Program (HAMP). The program is being expanded and made available to: • Homeowners who do not meet the 31 percent debt-to-income (DTI) requirement for a traditional […]


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