Deed in Lieu of Foreclosure How can I do a Deed-in-lieu of Foreclosure? Deed-in-lieu of Foreclosure– Occurs when the lender accepts ownership of the property in place of the money owed on the mortgage. Basically, you simply sign over the property to the bank to avoid foreclosure. Sounds easy, right? Not so fast! Most lenders […]
Read MoreMortgage Forgiveness and Bankruptcy Bank of America mortgage forgiveness and bankruptcy Recently we have written about Bank of America forgiving second mortgages and the National Mortgage Servicer Settlement. Many homeowners facing foreclosure are anxious to find out if their second mortgage will be forgiven by Bank of America. Well, it appears that one pattern may have emerged. […]
Read MoreFederal Trade Commission vs. Mortgage Relief Companies Federal Trade Commission sues mortgage relief companies The Federal Trade Commission recently filed three separate lawsuits against mortgage relief companies – Prime Legal Plans/Reaching U Network, American Mortgage Consulting Group, and Expense Management America. According to the FTC’s allegations, these companies were fraudulently selling mortgage relief services. The […]
Read MoreNational Mortgage Servicer Settlement Progress Report We previously wrote about the 25 billion dollar National Mortgage Servicer Settlement and how it, supposedly, helps distressed NY homeowners. The affected servicers are: Bank of America: 877-488-7814 Citibank: 866-272-4749 Chase: 866-372-6901 GMAC/ALLY: 800-766-4622 Wells Fargo: 1-800-288-3212 The above servicers have agreed to provide at least $25 billion in […]
Read MoreForeclosure Defense and Loan Modifications Recently we have experienced an increase in the number of our clients receiving loan modifications. These modifications are both HAMP and In-House, temporary and permanent. The cause is unknown but for our clients, it doesn’t matter why. They are just grateful that it is happening. As the foreclosure world is […]
Read MoreThe following is from the Huffington post: The nation’s five largest mortgage firms may be forced to reduce loan balances for distressed homeowners as part of an agreement with state attorneys general and the Obama administration to settle claims of faulty mortgage practices, a top state official involved in the negotiations said Tuesday. The proposal […]
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