Foreclosure

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

Generate a Mortgage Forbearance Request Letter with This Free Tool

Generate a Mortgage Forbearance Request Letter with This Free Tool
April 2, 2020 No Comments »

You may (or may not) have heard that the CARES Act is allowing a huge chunk of homeowners to request forbearance for six to 12 months of mortgage payments. If you haven’t heard, you can review the details here, but ... Read More »

How Many Homeowners Are Expected to Miss Mortgage Payments Due to Coronavirus?

How Many Homeowners Are Expected to Miss Mortgage Payments Due to Coronavirus?
April 1, 2020 4 Comments »

It’s the first of the month, and with that comes fear and uncertainty that both homeowners and renters won’t be able to make payments due to loss of income related to the coronavirus. While it’s not clear how bad things ... Read More »

Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option

Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option
March 26, 2020 No Comments »

To further complicate the complicated mortgage relief picture surrounding the coronavirus outbreak, Fannie Mae and Freddie Mac have released their new “payment deferral” option early. Originally slated to roll out on January 1st, 2021, the pair are encouraging loan servicers ... Read More »

California Homeowners Now Eligible for 90-Day Mortgage Payment Relief Due to Coronavirus

California Homeowners Now Eligible for 90-Day Mortgage Payment Relief Due to Coronavirus
March 25, 2020 No Comments »

California Governor Gavin Newsom has announced a “major financial relief package” that gives homeowners in the Golden State a three-month mortgage reprieve. Those who have been (or will be) economically impacted by the coronavirus (COVID-19) are eligible to receive a 90-day ... Read More »

Streamlined Mortgage Relief Program Could Mean No Payments for 12 Months

Streamlined Mortgage Relief Program Could Mean No Payments for 12 Months
March 24, 2020 No Comments »

A group of mortgage industry heavyweights have sent a letter to the Federal Reserve, HUD, FHFA, CFPB, Treasury Department, and the White House advocating for a uniform, streamlined mortgage relief program in the wake of the coronavirus outbreak. It could ... Read More »

Bank of America, Ally Home, Quicken Loans, Wells Fargo Offer to Defer Mortgage Payments Due to Coronavirus

Bank of America, Ally Home, Quicken Loans, Wells Fargo Offer to Defer Mortgage Payments Due to Coronavirus
March 20, 2020 No Comments »

Here comes the mortgage assistance! I honestly thought I wouldn’t be writing about this sort of stuff anytime soon, but here we are. It feels like 2009 all over again. As previously blogged about, all the major housing agencies have ... Read More »

Mortgage Lenders Now Providing Payment Relief Due to Coronavirus

Mortgage Lenders Now Providing Payment Relief Due to Coronavirus
March 19, 2020 2 Comments »

CARES Act permits 6-12 month forbearance for mortgage payments on federally-backed home loans HUD has announced a foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days Fannie Mae has suspended foreclosure sales and ... Read More »

Mortgage Delinquencies Have Fallen to the Lowest Level on Record

Mortgage Delinquencies Have Fallen to the Lowest Level on Record
February 20, 2020 No Comments »

What a difference a decade makes, at least when it comes to paying the mortgage on time. A new report from Black Knight revealed that mortgage delinquencies fell more than 5% in January to reach their lowest point since 2000, ... Read More »

Green Tree to Pay Borrowers $48 Million for Loan Servicing Abuses

Green Tree to Pay Borrowers $48 Million for Loan Servicing Abuses
April 21, 2015 36 Comments »

If Green Tree serviced your mortgage from 2010 to 2014, you might be due some compensation for alleged wrongdoings. Today, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) ordered Green Tree Servicing to pay $48 million ... Read More »

Honolulu the Most ‘Equity Rich’ Housing Market in the Nation

Honolulu the Most ‘Equity Rich’ Housing Market in the Nation
September 5, 2013 No Comments »

One major issue that has plagued homeowners over the past few years has been a lack of equity, making it impossible to sell without a short sale. Worse than that, many lacking equity have decided to simply hand in the ... Read More »