Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Thursday, June 20, 2013
Wednesday, December 5, 2012
Independent Foreclosure Review - Deadline Dec. 31st
Eligibility for Independent Foreclosure Review (IFR)
Borrowers are eligible for an independent foreclosure review if they meet the following criteria:
If you previously filed a complaint with these servicers about foreclosures pending during the review period, you may still seek an independent review of your foreclosure.
There are no costs associated with being included in the review; the review is a free program. Beware of anyone who wants payment to assist you in connection with the independent foreclosure review or any other foreclosure assistance program.
. A list of Frequently Asked Questions and Answers are available on the website.
Individuals will be sent an acknowledgement letter from the review administrator within one week after their request for an independent review is received. Individuals will be notified in writing of the results of the review. Because the review process will be a thorough and complete examination of many details and documents, it could take several months to complete the review.
Rust Consulting was selected and hired by the servicers to serve as the central administrator of the independent foreclosure review. Rust Consulting will notify borrowers, receive requests for a review, and respond to questions about the independent foreclosure review process.
For More Info, Call Rainbow PUSH at 404 525 5663 or visit
http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm
Borrowers are eligible for an independent foreclosure review if they meet the following criteria:
- the property securing the loan was the borrower's primary residence;
- the mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and
- the mortgage was serviced by one of the following mortgage servicers:
| America's Servicing Company | Countrywide | National City Mortgage |
| Aurora Loan Services | EMC Mortgage Corporation | PNC Mortgage |
| BAC Home Loans Servicing | EverBank/EverHome Mortgage Company | Sovereign Bank |
| Bank of America | Financial Freedom | SunTrust Mortgage |
| Beneficial | GMAC Mortgage | U.S. Bank |
| Chase | HFC | Wachovia Mortgage |
| Citibank | HSBC | Washington Mutual (WaMu) |
| CitiFinancial | IndyMac Mortgage Services | Wells Fargo Bank, N.A. |
| CitiMortgage | MetLife Bank | Wilshire Credit Corporation |
There are no costs associated with being included in the review; the review is a free program. Beware of anyone who wants payment to assist you in connection with the independent foreclosure review or any other foreclosure assistance program.
Review Process
Information about the review process, including how to request an independent review, was mailed to potentially eligible borrowers in November and December 2011. If you believe that you meet the three criteria but have not received a mailing, call 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET), and Saturday from 8 a.m. to 5 p.m. (ET). Individuals can also get more information about the review through a website set up by the servicers, www.IndependentForeclosureReview.com. A list of Frequently Asked Questions and Answers are available on the website. Individuals will be sent an acknowledgement letter from the review administrator within one week after their request for an independent review is received. Individuals will be notified in writing of the results of the review. Because the review process will be a thorough and complete examination of many details and documents, it could take several months to complete the review.
Rust Consulting was selected and hired by the servicers to serve as the central administrator of the independent foreclosure review. Rust Consulting will notify borrowers, receive requests for a review, and respond to questions about the independent foreclosure review process.
Deadline to Request a Review
Requests for review by the servicers’ independent consultants must be postmarked or submitted online by December 31, 2012.1 Borrowers are encouraged to carefully consider the information about the review program to determine if they are eligible to participate.Federal Reserve’s Role
The Federal Reserve’s role is to ensure compliance with the enforcement actions issued in April 2011. As required by those actions, independent consultants will conduct the reviews of foreclosures and determine whether errors, misrepresentations, or other deficiencies resulted in financial injury. The Federal Reserve will monitor the independent foreclosure review process and the servicer’s outreach efforts.For More Info, Call Rainbow PUSH at 404 525 5663 or visit
http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm
Independent Foreclosure Review Deadline is December 31st
If you have been in or near foreclosure during 2009 or 2010, you owe it to yourself to check out Independent Foreclosure Review. We have mentioned this process before. Mortgage servicers have been ordered to participate in a program of the Comptroller of the Currency to assure that foreclosures were done legally. Where errors and mistakes occur, restitution can be made under Independent Foreclosure Review. For more information on IFR, visit rainbowpushatlanta.org. or call 404 525 5663. Deadline for applying is December 31, 2012. The deadline has been extended several times over the past year, but don't wait. Apply today. To make application, visit https://independentforeclosurereview.com/. Independent Foreclosure Review is free - don't get scammed by someone who tries to charge you a fee.
Thursday, February 9, 2012
States Settle Robo-Signing Claims Against Big Banks
At last, big mortgage lending banks agreed to pay $26 billion to settle claims that mortgage documents were “robo-signed” rather than handled individually on a case-by-case basis.
While the size of the settlement is unprecedented, and many provisions will benefit a segment of homeowners, the deal does not provide a comprehensive, systematic solution for residential mortgage foreclosure. Many experts agree that the best solution for homeowners, lenders and investors would be an overhaul of the nation’s bankruptcy laws permitting modification of mortgage loans based on current fair market value of homes. But lenders have adamantly opposed bankruptcy reform and politicians have been squeamish in forcing the issue.
The settlement requires banks to:
1. Reduce principal mortgage balances on 1,000,000 underwater homes
2. Provide homeowners a “single point of contact” with the bank when negotiating foreclosure relief
3. Pay $2,000 to each of 750,000 persons who lost their homes to foreclosure
4. Refinance some underwater mortgages at lower interest rates
5. Make foreclosure the last resort and delay foreclosure while negotiating foreclosure relief
The settlement does not:
1. Affect mortgages owned by Fannie Mae and Freddie Mac
2. Affect 10 million homeowners who owe more than their homes are worth
It is not clear how, or by whom the terms of the settlement will be enforced.
While the size of the settlement is unprecedented, and many provisions will benefit a segment of homeowners, the deal does not provide a comprehensive, systematic solution for residential mortgage foreclosure. Many experts agree that the best solution for homeowners, lenders and investors would be an overhaul of the nation’s bankruptcy laws permitting modification of mortgage loans based on current fair market value of homes. But lenders have adamantly opposed bankruptcy reform and politicians have been squeamish in forcing the issue.
The settlement requires banks to:
1. Reduce principal mortgage balances on 1,000,000 underwater homes
2. Provide homeowners a “single point of contact” with the bank when negotiating foreclosure relief
3. Pay $2,000 to each of 750,000 persons who lost their homes to foreclosure
4. Refinance some underwater mortgages at lower interest rates
5. Make foreclosure the last resort and delay foreclosure while negotiating foreclosure relief
The settlement does not:
1. Affect mortgages owned by Fannie Mae and Freddie Mac
2. Affect 10 million homeowners who owe more than their homes are worth
It is not clear how, or by whom the terms of the settlement will be enforced.
Sunday, January 29, 2012
HELP FOR FORMER HOMEOWNERS - INDEPENDENT FORECLOSURE REVIEW
IFR - THE QUIET SOLUTION TO MORTGAGE FORECLOSURE
Did you lose your home to between January 1, 2009 and December 31, 2010? Former homeowners may be entitled to restitution from their mortgage servicing company, if they apply for relief by April 30, 2012. What is a mortgage servicing company? The term refers to the folks who collected the mortgage payment, distributed escrow payments and sent out delinquency notices. For most Americans with single family home loans, the servicer was Bank of America, CitiBank, Wells Fargo or Chase. See list of additional companies below.
The Office of Comptroller of the Currency is currently requiring an independent review of those mortgages that went under during 2009 and 2010. This independent review is one of the very few programs that can pay restitution to borrowers who lost their homes.
If you were foreclosed in 2009 or 2010, watch your mail for notice of your eligibility for IFR, or Independent Foreclosure Review. If you doubt that the paper work was properly executed, or if you doubt that your servicer had the documents in the file to prove your debt, or if your foreclosure paperwork was robo-signed, you should contact your former mortgage servicing company and request IFR.
The list of participating mortgage servicing companies includes:
• America’s Servicing Co.
• Aurora Loan Services
• BAC Home Loans Servicing
• Bank of America
• Beneficial
• Chase
• Citibank
• CitiFinancial
• CitiMortgage
• Countrywide
• EMC
• EverBank/EverHome Mortgage Company
• Financial Freedom
• GMAC Mortgage
• HFC
• HSBC
• IndyMac Mortgage Services
• MetLife Bank
• National City Mortgage
• PNC Mortgage
• Sovereign Bank
• SunTrust Mortgage
• U.S. Bank
• Wachovia Mortgage
• Washington Mutual (WaMu)
• Wells Fargo Bank, N.A.
• Wilshire Credit Corporation
To learn more about IFR, visit http://independentforeclosurereview.com/faq.aspx#FAQ4 or call the Rainbow PUSH Coalition at 404 525 5663.
IFR is not a comprehensive remedy for mortgage foreclosure, but it is another piece of an intricate, complex puzzle of institutional responses that offers homeowners some relief.
Did you lose your home to between January 1, 2009 and December 31, 2010? Former homeowners may be entitled to restitution from their mortgage servicing company, if they apply for relief by April 30, 2012. What is a mortgage servicing company? The term refers to the folks who collected the mortgage payment, distributed escrow payments and sent out delinquency notices. For most Americans with single family home loans, the servicer was Bank of America, CitiBank, Wells Fargo or Chase. See list of additional companies below.
The Office of Comptroller of the Currency is currently requiring an independent review of those mortgages that went under during 2009 and 2010. This independent review is one of the very few programs that can pay restitution to borrowers who lost their homes.
If you were foreclosed in 2009 or 2010, watch your mail for notice of your eligibility for IFR, or Independent Foreclosure Review. If you doubt that the paper work was properly executed, or if you doubt that your servicer had the documents in the file to prove your debt, or if your foreclosure paperwork was robo-signed, you should contact your former mortgage servicing company and request IFR.
The list of participating mortgage servicing companies includes:
• America’s Servicing Co.
• Aurora Loan Services
• BAC Home Loans Servicing
• Bank of America
• Beneficial
• Chase
• Citibank
• CitiFinancial
• CitiMortgage
• Countrywide
• EMC
• EverBank/EverHome Mortgage Company
• Financial Freedom
• GMAC Mortgage
• HFC
• HSBC
• IndyMac Mortgage Services
• MetLife Bank
• National City Mortgage
• PNC Mortgage
• Sovereign Bank
• SunTrust Mortgage
• U.S. Bank
• Wachovia Mortgage
• Washington Mutual (WaMu)
• Wells Fargo Bank, N.A.
• Wilshire Credit Corporation
To learn more about IFR, visit http://independentforeclosurereview.com/faq.aspx#FAQ4 or call the Rainbow PUSH Coalition at 404 525 5663.
IFR is not a comprehensive remedy for mortgage foreclosure, but it is another piece of an intricate, complex puzzle of institutional responses that offers homeowners some relief.
Monday, February 15, 2010
Give Homeowners Real Help - Reform Bankruptcy Laws
What is Bankruptcy Reform?
Why Do We Need It?
A consumer files a Chapter 13 bankruptcy to reorganize his debts. That reorganization may include catching up on past-due child support, student loan, mortgage or car payments and wiping out some credit card and medical bills.
If for example, your auto was purchased for 40,000.00 and the outstanding balance is 30,000, but the car is only worth 20,000, a bankruptcy judge will routinely reduce the amount owed to 20,000 – the value of the car, if the borrower can meet certain conditions.
Sounds pretty simple? It can be. What needs to be changed and why?
Unlike most commercial transactions, and unlike automobiles and vacation homes, residential mortgages on the debtor’s principal residence cannot be modified in bankruptcy. Unlike the example of the depreciated car given above, a consumer may not reduce (or change in any way) the terms and conditions of his/her mortgage on the principal residence.
What changes are needed?
Simply put: consumers should be able to change their mortgage loans in bankruptcy court. Robert Reich, economic advisor to President Clinton, put it this way…
The best way to help reverse this downward slide would be to let bankruptcy judges restructure shaky home mortgages, reducing what borrowers owe. The problem is, the big banks hate this.
Frequently asked Questions
Why isn’t mortgage loan modification unfair to the lender?
Lenders are already modifying loans. The process is slow, inefficient and inequitable. This would provide a streamlined process with guidelines applicable to every consumer across the country and with every lender. Some lenders say it is not fair to modify the bankruptcy laws after they have given the loans. This is just a ruse. Business is used to changing laws. Tax laws change every year. Business adjusts. Consumer protections change regularly – business adjusts. This is an adjustment that will be good for consumers, good for the economy and ultimately, good for lenders.
Won’t people who can afford to pay take advantage of these provisions just to get a better deal?
No, just the opposite will happen. In order to get a Chapter 13 plan approved by the Court, the consumer /borrower must prove she is insolvent, i.e. that she owes more than she owns in assets. She must also prove that the Chapter 13 repayment plan is feasible (that she can actually make the payments) and that the plan is proposed in good faith ( no assets or income have been hidden from the Court.) If the bank suspects lack of good faith, or lack of true hardship, it can deny a voluntary modification and the consumer will think twice before swearing in court to false information.
Why should you have to file bankruptcy to get this simple relief from foreclosure?
That is the beauty of court-ordered loan modification. Once the banks know and accept that you can file bankruptcy to get a modification, they will conform their voluntary practices to the court rules and regulations. There will be no incentive to deny modifications.
What effect will court-supervised modification have on the overall economy?
Right now, uncertainty paralyzing consumer spending and business investment is the biggest enemy to economic recovery. One of the main causes of that uncertainty is the inability to accurately assess the value of residential real estate, or to predict how far real estate prices will fall. With court supervised modification, assessing the value of real estate will become easier, more transparent and more uniform. The Courts are used to the process of quickly and fairly evaluating property pledged as collateral for debt.
Who opposes court-supervised modification?
Lenders. Although lenders dread court-modified modification, it is actually good for their industry. Banks are doing a mediocre job of responding to the tsunami of families facing foreclosure. Documents are lost, standards are constantly in flux. Banks are not in business to modify loans. The time, energy and financial commitment currently being spent on loss mitigation should be focused on making new loans and collecting outstanding ones. That is what banks do best. Lenders will benefit from more certainty in the market. Most Republicans also oppose bankruptcy relief for homeowners.
Suppose the market for residential real estate comes back. Is it fair for consumers to reap the benefit of the recovery, leaving lenders out in the cold?
Congress could limit the amount of the write-down of the principal balance. Or it could require that the property have lost a minimum value before the provision would apply. Or it could require the lender to share in any appreciation that occurs in the future if the property is sold or transferred at death. Very conservative members of the financial community have called for court supervision.
Who supports court-supervised modification?
Center for Responsible Lending
Rainbow PUSH Coalition
Congressman Barney Frank
Senator Whitehouse
Congressman John Conyers
Senator Chuck Schumer
President Barack Obama
Economist Robert Reich
Senator Dick Durbin
Why hasn’t bankruptcy reform, or court-ordered modification passed?
Congress has not passed it.
What can I do to help?
Contact your Senators and member of Congress.
Why Do We Need It?
A consumer files a Chapter 13 bankruptcy to reorganize his debts. That reorganization may include catching up on past-due child support, student loan, mortgage or car payments and wiping out some credit card and medical bills.
If for example, your auto was purchased for 40,000.00 and the outstanding balance is 30,000, but the car is only worth 20,000, a bankruptcy judge will routinely reduce the amount owed to 20,000 – the value of the car, if the borrower can meet certain conditions.
Sounds pretty simple? It can be. What needs to be changed and why?
Unlike most commercial transactions, and unlike automobiles and vacation homes, residential mortgages on the debtor’s principal residence cannot be modified in bankruptcy. Unlike the example of the depreciated car given above, a consumer may not reduce (or change in any way) the terms and conditions of his/her mortgage on the principal residence.
What changes are needed?
Simply put: consumers should be able to change their mortgage loans in bankruptcy court. Robert Reich, economic advisor to President Clinton, put it this way…
The best way to help reverse this downward slide would be to let bankruptcy judges restructure shaky home mortgages, reducing what borrowers owe. The problem is, the big banks hate this.
Frequently asked Questions
Why isn’t mortgage loan modification unfair to the lender?
Lenders are already modifying loans. The process is slow, inefficient and inequitable. This would provide a streamlined process with guidelines applicable to every consumer across the country and with every lender. Some lenders say it is not fair to modify the bankruptcy laws after they have given the loans. This is just a ruse. Business is used to changing laws. Tax laws change every year. Business adjusts. Consumer protections change regularly – business adjusts. This is an adjustment that will be good for consumers, good for the economy and ultimately, good for lenders.
Won’t people who can afford to pay take advantage of these provisions just to get a better deal?
No, just the opposite will happen. In order to get a Chapter 13 plan approved by the Court, the consumer /borrower must prove she is insolvent, i.e. that she owes more than she owns in assets. She must also prove that the Chapter 13 repayment plan is feasible (that she can actually make the payments) and that the plan is proposed in good faith ( no assets or income have been hidden from the Court.) If the bank suspects lack of good faith, or lack of true hardship, it can deny a voluntary modification and the consumer will think twice before swearing in court to false information.
Why should you have to file bankruptcy to get this simple relief from foreclosure?
That is the beauty of court-ordered loan modification. Once the banks know and accept that you can file bankruptcy to get a modification, they will conform their voluntary practices to the court rules and regulations. There will be no incentive to deny modifications.
What effect will court-supervised modification have on the overall economy?
Right now, uncertainty paralyzing consumer spending and business investment is the biggest enemy to economic recovery. One of the main causes of that uncertainty is the inability to accurately assess the value of residential real estate, or to predict how far real estate prices will fall. With court supervised modification, assessing the value of real estate will become easier, more transparent and more uniform. The Courts are used to the process of quickly and fairly evaluating property pledged as collateral for debt.
Who opposes court-supervised modification?
Lenders. Although lenders dread court-modified modification, it is actually good for their industry. Banks are doing a mediocre job of responding to the tsunami of families facing foreclosure. Documents are lost, standards are constantly in flux. Banks are not in business to modify loans. The time, energy and financial commitment currently being spent on loss mitigation should be focused on making new loans and collecting outstanding ones. That is what banks do best. Lenders will benefit from more certainty in the market. Most Republicans also oppose bankruptcy relief for homeowners.
Suppose the market for residential real estate comes back. Is it fair for consumers to reap the benefit of the recovery, leaving lenders out in the cold?
Congress could limit the amount of the write-down of the principal balance. Or it could require that the property have lost a minimum value before the provision would apply. Or it could require the lender to share in any appreciation that occurs in the future if the property is sold or transferred at death. Very conservative members of the financial community have called for court supervision.
Who supports court-supervised modification?
Center for Responsible Lending
Rainbow PUSH Coalition
Congressman Barney Frank
Senator Whitehouse
Congressman John Conyers
Senator Chuck Schumer
President Barack Obama
Economist Robert Reich
Senator Dick Durbin
Why hasn’t bankruptcy reform, or court-ordered modification passed?
Congress has not passed it.
What can I do to help?
Contact your Senators and member of Congress.
Saturday, October 24, 2009
Lisa Madigan and Loretta King Visit Georgia
We want to thank Illinois Attorney General Lisa Madigan for giving an outstanding overview of legal issues raised by litigation she has instituted against some of the nation's largest banks. Alleging predatory lending, and illegal steering of blacks and Latinos into sub-prime mortgage, Madigan is attempting to hold banks accountable for irresponsible lending practices that led to the world banking crisis. Madigan was in Atlanta for the Rainbow PUSH Coalition's 10th Annual Creating Opportunity Conference on October 16th.
Also in attendance was Deputy Assistant Attorney General for Civil Rights Loretta King, who detailed her efforts to curb racial profiling, involuntary servitude and voting rights infringement from her post in the U.S. Department of Justice.
Also in attendance was Deputy Assistant Attorney General for Civil Rights Loretta King, who detailed her efforts to curb racial profiling, involuntary servitude and voting rights infringement from her post in the U.S. Department of Justice.
Monday, October 22, 2007
Foreclosure in Georgia
One out of every 165 Georgia households is in foreclosure.
Georgia ranked fourth in the nation among all states in the number of foreclosures. Georgia's foreclosure rate jumped 10.6 percent from July and was up 133.5 percent compared with August 2006. Only Nevada, California and Florida had worse foreclosure statistics.
The United States had a total of 243,947 foreclosure filings in August, up 36 percent from July and up 115 percent from August 2006. This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing its monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 510 households for the month is also the highest figure ever issued in the report. In July, 2007 10,000 Georgia households were facing foreclosure.
Georgia ranked fourth in the nation among all states in the number of foreclosures. Georgia's foreclosure rate jumped 10.6 percent from July and was up 133.5 percent compared with August 2006. Only Nevada, California and Florida had worse foreclosure statistics.
The United States had a total of 243,947 foreclosure filings in August, up 36 percent from July and up 115 percent from August 2006. This is the highest number of foreclosure filings in a single month that RealtyTrac has reported since it began issuing its monthly report in January 2005. The national foreclosure rate of one foreclosure filing for every 510 households for the month is also the highest figure ever issued in the report. In July, 2007 10,000 Georgia households were facing foreclosure.
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