loan modification Tag

Ocwen Mortgage Massachusetts

Ocwen Ordered to Cease Mortgage Operations in Massachusetts

Ocwen, one of the largest mortgage servicers in the country, faces regulatory action from both the state and federal levels for “failing borrowers at every stage of the mortgage servicing process,” including mishandling mortgage accounts and botching loan modifications. The federal Consumer Financial Protection Bureau sued...

loan modification standards 2017

New Loan Modification Standards to Take Effect Later This Year

Banks and mortgage servicers are expected to use new standards when providing loan modifications to homeowners with delinquent mortgages, according to a proposal from the Mortgage Bankers Association, the main industry group for mortgage banking. Under the program, homeowners’ monthly mortgage payments will be reduced by...

Freddie Mac Principal Reduction

Freddie Mac Gives More Guidance On Principal Reduction Modifications

Mortgage giant Freddie Mac had for a long time offered no loan modifications that included a principle reduction. That changed when Freddie Mac announced a Freddie Mac Principal Reduction Modification in April 2016. Freddie Mac has now announced new support for these loan modifications. The Principal Reduction...

foreclosure massachusetts

7 Defenses to Foreclosure in Massachusetts

This is a brief overview of various defenses to foreclosure available to homeowners in Massachusetts. Keep in mind that all mortgages and mortgage servicers are different. Regardless, homeowners are protected by certain rights and consumer protection related to the handling of mortgages and foreclosure in Massachusetts....

loan modifications massachusetts

Foreclosure Stats Show Homeowners Still Seeking Loan Modifications

Despite the economic recovery that is underway, many homeowners are still struggling to pay mortgages, trying to avoid foreclosure and obtain loan modifications, according to recent statistics from the HOPE Now. The figures are startling. Even though the Home Affordable Modification Program (HAMP) ends at the...

HAMP

New HAMP Guidelines Issued for End Date of Loan Modification Program

A new guideline was recently issued related to the federal loan modification program, the Home Affordable Modification Program (HAMP), which clarifies when the program ends. HAMP’s purpose is to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. Under a budget appropriations...

JPMorgan Chase Fined, Again, for Defective Foreclosures

JPMorgan Chase is back in the news for failing to comply with a government foreclosure settlement. It is being fined $48 million. Back in 2013, banking giant Chase paid $2 billion to settle claims related to illegal foreclosures that it had conducted on millions of homeowners,...