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Posts Tagged ‘mortgage relief’

Legislative Update—U.S. House of Representatives

May 28th, 2013 Comments off

From the Manufactured Housing Institute (MHI)’s newsletter MHProNews learns Rep. Blaine Luetkemeyer (R-MO), a member of the House Financial Services Committee, has introduced the Community Lending Enhancement and Regulatory Relief Act (CLEAR Act). H. R. 1750 is designed to help smaller financial institutions obtain capital and provide loans to their clients. The newsletter says: “Among the changes included in the bill is an increase from $500 million to $5 billion in the threshold included in the Federal Reserve’s Small Bank Holding Company capital guidelines, relief from escrow requirements, mortgage relief for loans held in portfolio and an increase in the smaller servicer exemption threshold from 5,000 to 20,000 loans.”

(Image credit: Manufactured Housing Institute)

Mortgage Relief for Victims of Hurricane Sandy

November 1st, 2012 Comments off

President Obama signed disaster declarations for 13 states and the District of Columbia in the wake of Hurricane Sandy, according to nationalmortagenews. Fannie Mae and Freddie Mac are offering forbearance on loans to borrowers affected by Hurricane Sandy, and Freddie says its servicers can suspend eviction and foreclosure proceedings for up to a year in disaster situations. The Department of Housing and Urban Development (HUD) offers special loan programs to borrowers who want to rebuild or repair their homes in disaster areas, as well as programs to help municipalities repair infrastructure or rehabilitate housing. Said HUD Secretary Shaun Donovan, “Families who may have been forced from their homes need to know that help is available to begin the rebuilding process. Whether it’s foreclosure relief for families with FHA-insured loans or helping these counties to recover, HUD stands ready to help in any way we can.” MHProNews has learned the storm has delayed thousands of closings and will likely reduce profits for Oct.

(Photo credit: Verizon–Verizon office in lower Manhattan)

Mortgage Relief comes from Servicing Settlement

September 10th, 2012 Comments off

CNNMoney reports the $25 billion settlement between the country’s five largest banks and the state attorneys general and federal government has led to JPMorgan Chase offering mortgage relief for thousands of its customers. The settlement gives banks the most credit for loan modifications completed in the first year, so Chase begin working in April to identify suitable borrowers who met the guidelines to take advantage of its $4.2 billion mortgage relief pledge. Guidelines included loans held directly by Chase, and borrowers had to be delinquent or underwater. Terms of the loan with the new payment spelled out were included in the letter to borrowers. One couple, 20 months behind on their mortgage due to job layoff, and in danger of losing their home, saw their 6.5% interest rate reduced to 2.8% for five years, and then fixed at 3.9% for the remainder of the 18-year loan. Their house payments dropped $229 a month. MHProNews learned they had previously tried to obtain a loan modification but were denied because of low income.

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Candidates Being Considered to Monitor Foreclosure Probe

December 20th, 2011 1 comment

BostonGlobe reports three potential candidates have been identified as possible monitors to make sure banks comply with any settlement of a nationwide foreclosure probe. In the wake of disclosures that mortgage companies were using faulty documents to seize homes during the foreclosure process, all 50 states began investigations. The monitor would oversee mortgage relief provided to homeowners and set standards for foreclosures. Candidates include Steven M. Cohen, former secretary to New York Governor Andrew Cuomo, and currently a partner at a law firm in New York City; Nicolas P. Retsinas, former assistant secretary of the Department of Housing and Urban Development (HUD), senior lecturer in real estate at Harvard Business School, and director emeritus of Harvard University’s Joint Center for Housing Studies; and Joseph A. Smith, Jr., North Carolina’s commissioner of banks. In 2010, Smith was chosen by President Obama to oversee Fannie Mae and Freddie Mac, but his nomination was rejected by Senate Republicans.

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HUD Mortgage Relief Plan Assists Homeowners Suffering Income Loss

July 22nd, 2011 Comments off

The Merced Sun-Star of California says a U.S. Department of Housing and Urban Development (HUD) program may assist eligible homeowners with mortgage payment relief. If 15 percent of their income has been lost because of the economic downturn or a medical emergency, they are three months delinquent, and the mortgage payment is 31 percent above household income, they may be eligible. The applicant must have received a notice of foreclosure, and must live in a single-family residence that is the mortgaged property as well as the principal residence. The applicant must also have a reasonable likelihood of resuming mortgage and other household obligations when their income increases.

(stock image of HUD Logo)