Obama Administration Extends Making Home Affordable Program

U.S. Secretary of the Treasury Jack Lew announced Thursday that Treasury is extending the Making Home Affordable Program for another two years. The new expiration date is now set for December 31, 2015. The program offers help to homeowners through solutions including the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA), and the Second Lien Modification Program. As …

Report: Short Sales Replacing Mods as New Norm

Among the available foreclosure prevention tools, short sales are becoming the weapon of choice for servicers while the use of loan modifications has slowed, data from Fitch Ratings revealed. For example, among bank servicers, the percentage of resolutions in the loan modification category decreased to 26 percent in the last half of 2012 from 57 percent in the first half …

Foreclosures Prevented with 850K Mods, 422K Short Sales in 2012

For all of 2012, servicers completed more than 850,000 loan modifications, while the industry also continued to push for another foreclosure alternative—short sales, according to recent data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors. Out of the 850,034 completed mods, 661,363 were proprietary modifications, and 188,671 were through the government’s Home Affordable Modification …

The Mortgage Debt Forgiveness extended

Mark Kunce talks about The Mortgage Forgiveness Debt Relief Act.  The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure.

Homeowner ‘Bill Of Rights’ Will Also Speed Foreclosures

SAN DIEGO — Starting January 1, distressed homeowners will get some new protections with the California Homeowner Bill of Rights (click here to download file). But they may also see their homes go more quickly into foreclosure. The laws that takes effect in the new year will outlaw some infamous practices, like dual tracking. That’s where a person can have …

Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

The mortgage industry can breath a sigh of relief with the final fiscal cliff deal bringing back a popular tax break on mortgage insurance premiums and debt forgiveness for borrowers who go through a short-sale or some other type of debt reduction. A topic that is still up for discussion and likely to surface later in the year is whether …

California Homeowner Bill of Rights to Take Effect on January 1, 2013

The California Homeowner Bill of Rights takes effect on January 1, 2013 to ensure fair lending and borrowing practices for California homeowners. The laws are designed to guarantee basic fairness and transparency for homeowners in the foreclosure process.  Key provisions include: Restriction on dual track foreclosure: Mortgage servicers are restricted from advancing the foreclosure process if the homeowner is working …

BofA can review short sale offer while loan is in an active bankruptcy

Bank of America can review a short sale offer while the loan is in an active bankruptcy. To complete a short sale and issue the approval letter, the bankruptcy documents must be filed and approved by the court. Any final agreement will require bankruptcy court approval. Homeowner(s) should consult with their Bankruptcy Counsel about how these programs could affect their …

Associations make final push for mortgage debt forgiveness extension

Lawmakers’ failure to extend the Mortgage Forgiveness Debt Relief Act by year-end will kill any momentum surrounding the short sales process, real estate economists say. Several banking and real estate organizations sent a warning letter about the expiring act and the immediate need for an extension to Senate leaders Wednesday. Short sales in the past year have become an attractive …