Mortgage Law Network

On May 8th, foreclosure prevention legislation, authored by Rep. Barney Frank (D. Mass.), was passed by the House of Representatives.  Despite significant Republican support, President Bush promises to veto.
Under the proposal, if lenders agree to accept 85% of the current appraised mortgage value, the Federal Housing Administration (FHA) will refinance the loan for the borrower. […]

Popularity: 13% [?]

Lifetime batting average: .266
Home Runs: […]

Popularity: 19% [?]

Workouts for borrowers with defaulted home loans are a reality.  Unfortunately, it appears to be the small, specialized sub-prime loan servicers that understand the problem and have figured out how to best solve it.  Large lenders have yet to establish procedures for handing defaulted loans quickly and efficiently without resorting to foreclosure.
In an article I […]

Popularity: 25% [?]

More and more consumers are working with their mortgage companies (or mortgage service companies) to arrange modifications or their loans.
If you are going to seek a modification of your mortgage, do yourself two favors. First, keep a written log of who you were talking and their phone number. Second, make sure any agreements […]

Popularity: 28% [?]

Yes, the government has passed pages and pages of legislation and they have talked this problem to death, but they cannot seem to grasp the basic communication problems going on here. Nowadays, a person cannot speak with their mortgage company, they usually have to speak with a mortgage servicer.
Before we speak about mortgage servicers, […]

Popularity: 39% [?]

As the whole world knows, Lee County, Florida is leading the nation in foreclosures. The cities in Lee County that are experiencing the highest foreclosure rate are Cape Coral and Lehigh Acres. According to the latest statistics, something like 1 in 86 homes in Lee County are in the foreclosure process, and not […]

Popularity: 43% [?]

A heated debate is growing nationally concerning whether the U.S. Government should step into the mortgage mess, and with true Government efficiency, provide help. The problems are obvious, and the solutions are not so easy. The borrowers come in many shapes and sizes, including those people who truly worked hard, saved their money […]

Popularity: 40% [?]

Recently, I’ve seen several cases where the mortgagor is relaxing their heretofore steadfast position against re-structuring mortgages. This is indeed, good news for homeowners trying to keep their home. Some lenders will add arrearages on to the end of the loan, extending your obligation from thirty to thirty one or more years. […]

Popularity: 51% [?]

A Bond For Deed, more often referred to in other states as a “conditional sale contract”, is the Louisiana process that, if used correctly, may allow someone with credit problems to purchase real estate even when they do not qualify for a mortgage or only qualify for a sub prime mortgage.  It may also allow a debtor risking […]

Popularity: 32% [?]

Maryland legislators touted changes to the Maryland foreclosure law adopted in the most recent legislative session, HB 365, as helping to protect homeowners against foreclosure. The Washington Post reported the adoption of this bill would provide “immediate assistance by extending the timetable of a foreclosure from 15 days to 150.” Sounds pretty good. But is […]

Popularity: 57% [?]