President Obama on Loan Modifications

President Obama has made a public call for mortgage lenders and servicers to provide struggling homeowners with longer-term modifications and principal reductions when it fits the situation. Referring to the American taxpayers’ bailout of the banking system, which the president described as probably the most unpopular thing the government has ever done, Obama said, “[W]e …

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Free Online Resource Aims to Help Americans Facing Foreclosure

Free online software for the creation of personalized mortgage modification applications under the federal Home Affordable Modification Program (HAMP) and otherlender programs is now available from FreeMortgageFix.com. Borrowers can complete an application to modify existing home loans via the site’s user dashboard. “Paperwork is undeniably the No. 1 reason for the delays with the HAMP …

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HOPE NOW Celebrates 4 Years, Releases November Data

HOPE NOW, the industry alliance of mortgage servicers and other professionals, investors, and counselors, completed its fourth year in existence in 2010. The alliance includes companies such as Bank of America, GMAC Mortgage, and Wells Fargo. The organization’s latest market report estimates 1.65 million homeowners received permanent loan modifications from January to November 2010. In …

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What Happened to the Government’s Short Sales Program?

The Wall Street Journal posted the following article by WSJ’s reporter Nick Timiraos concerning the Home Affordable Foreclosure Alternatives short sale program: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for …

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