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Category Archives: Mortgage

Ocwen to Pay Wisconsin Consumers in Foreclosure Settlement

Ocwen reached a nationwide settlement relating to mortgage abuses in the marketplace.  The details are outlined in the below article by Paul Gores of the Milwaukee Journal Sentinel. “Wisconsin consumers will receive more than $13 million in reductions on mortgage principal and direct cash payments as the state’s share of a settlement with a mortgageContinue Reading

Qualified Written Request Day

Let’s declare September 18th to be National Qualified Written Request Day and encourage every homeowner to send a QWR to their mortgage servicers;  in honor of the Bear Sterns collapse that lead to the mortgage debacle.  Copies to the White House and Congress would also be a nice touch. The Real Estate Settlement Procedures ActContinue Reading

Walk Away From Your Home! Really

Each week I meet with underwater homeowners.  An underwater homeowner is one that owes a principle balance on a mortgage  higher than the fair market value of their home.  I advise all of them to consider walking away.  Especially in Wisconsin, most mortgage lenders waive a deficiency judgment in order to reduce the redemption period. Continue Reading

More Proof Voluntary Mortgage Modification isn’t Working

According to a report from the Treasury Department only about 9 percent of eligible borrowers have received trial modifications under the Obama administration’s effort to help struggling homeowners, the Wall Street Journal reported today. Participating mortgage servicers, which receive government payments for modifying loans, have had “uneven” success at rescuing borrowers, Treasury acknowledged, as aContinue Reading

Fee Revenues Preventing Home Mortgage Modifications

Day after day, I see clients and hear the same story.  I’m trying to modify my mortgage, but it’s not working.  The popular theory is, the lenders are overwhelmed.  The article below suggests another reason lenders aren’t so anxious to modify your mortgage so you can stay in your home.  The loan being in defaultContinue Reading

Mortgage Mediation Act Unveiled

Senator Taylor Puts Bill Forward to Help Both Parties in Foreclosure Process (MADISON)  In what promises to be a better way forward for both homeowners and lenders, Senator Lena Taylor (D-Milwaukee) unveiled her Mortgage Mediation Act today, which attempts to mediate a foreclosure proceeding between a homeowner and lender.  This legislation patterns other successful programsContinue Reading

Mortgage Company Banned from Massachesetts

Mortgage company from Florida has been ordered to stop doing business in Massachusetts and pay $480,887 in fines for unfair and deceptive business practices.  The mortgage company deceived people into purchasing homes they could not afford. The Massachusetts Attorney General Martha Coakley won the judgement earlier this week in Boston’s Suffolk Superior Court; against ZeusContinue Reading

Summary of Helping Families Save Home Act 2009

Helping Families Save Their Homes Act of 2009 – Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modificationContinue Reading

1 out of 5 Homeowners Underwater with Mortgages

One out of five homeowners owes more than their house is worth according to a report published by Zillow.com. Overall, the number of borrowers who are underwater climbed to 20.4 million at the end of the first quarter from 16.3 million at the end of the fourth quarter. The latest figure represents 21.9% of allContinue Reading

Mortgage Modification Hype

The Homeowner Affordability Act went into effect March 5, 2009.  Now all the unemployed mortgage brokers are mortgage modification specialists.  Don’t believe the hype.  They do not have special contacts, special numbers, they can’t wave a magic wand and get your servicer to answer the phone any better than you can.  Do you really trustContinue Reading

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