Foreclosure

Foreclosure isn’t a good thing, but knowing more about how it works and the alternatives to it can be useful.

You Can Now Request COVID-Related Mortgage Forbearance for Up to 18 Months

You Can Now Request COVID-Related Mortgage Forbearance for Up to 18 Months
February 10, 2021 No Comments »

Some good news for homeowners struggling to make ends meet thanks to COVID-19, which as the name implies has been going on for a while now. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, has ... Read More »

The CEO of a Tech-Enabled Loan Servicer Believes We Might Be on the Cusp of Another Foreclosure Crisis

The CEO of a Tech-Enabled Loan Servicer Believes We Might Be on the Cusp of Another Foreclosure Crisis
February 2, 2021 1 Comment »

The co-founder and CEO of a so-called “tech-enabled residential mortgage servicer” named Valon (formerly Peach Street) has warned we could be on the brink of another foreclosure crisis. While real estate is flying high at the moment, it’s appears that ... Read More »

Partial Claim May Be Option for VA Borrowers Exiting COVID-19 Forbearance

Partial Claim May Be Option for VA Borrowers Exiting COVID-19 Forbearance
December 10, 2020 No Comments »

The Department of Veterans Affairs (VA) has proposed a new loss mitigation method to help homeowners with VA loans in COVID-19 related forbearance get back on track. The new program, known as the COVID-19 Veterans Assistance Partial Claim Payment program, ... Read More »

What Will Happen When the CARES Act Forbearance Option Ends?

What Will Happen When the CARES Act Forbearance Option Ends?
October 7, 2020 No Comments »

While it’s still possible to request mortgage forbearance via the CARES Act if you’re having trouble making monthly payments, this option will eventually come to an end. In fact, you might only have about two months left to contact your ... Read More »

Home Equity Could Prevent Flood of Forbearance-Related Foreclosures

Home Equity Could Prevent Flood of Forbearance-Related Foreclosures
June 8, 2020 No Comments »

The latest Mortgage Monitor report from Black Knight reveals that many homeowners in forbearance plans are sitting on a healthy amount of home equity, meaning if they’re forced to sell banks may not lose out. Per the data analytics company, ... Read More »

FHA Will Insure Mortgages in Forbearance, With a Catch

FHA Will Insure Mortgages in Forbearance, With a Catch
June 5, 2020 No Comments »

The Federal Housing Administration (FHA) finally announced a new policy, which is temporary, to endorse mortgages where the borrower has requested or obtained COVID-19 forbearance. Mortgagee Letter 2020-16 temporarily reverses the FHA’s existing policy that doesn’t permit FHA insurance for ... Read More »

Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming

Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming
May 18, 2020 No Comments »

Maybe there’s some good news out there, or maybe it’s just the calm before another storm. The mortgage forbearance rate barely budged during the week ending May 10th, per the latest installment of the Forbearance and Call Volume Survey from ... Read More »

Mortgage Forbearance Rate Up Near 8%, Housing Assistance Fund Proposed

Mortgage Forbearance Rate Up Near 8%, Housing Assistance Fund Proposed
May 11, 2020 No Comments »

The mortgage forbearance rate increased again last week, rising to 7.91% from 7.54% a week earlier, per the Mortgage Bankers Association (MBA). That marked the smallest weekly increase (4.91%) since the newly-created Forbearance and Call Volume Survey was launched, but ... Read More »

Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance

Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance
April 22, 2020 No Comments »

While the CARES Act has allowed millions of homeowners nationwide to put their mortgage payments on hold, doing so has left lots of questions for mortgage lenders. One being how they’d continue to pay investors while the loans they service ... Read More »

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers
April 21, 2020 No Comments »

With each week that goes by, the mortgage forbearance rate climbs to new highs thanks to the coronavirus (COVID-19). The more or less complete shutdown of the world economy has led to skyrocketing unemployment and the inability for many to ... Read More »