Fannie Mae and Freddie Mac held off on foreclosure evictions and other foreclosure actions until January 3. Now homeowners who received a reprieve over the holidays are starting to see evictions and other actions start up again.
A Congressional Oversight Committee report admits that the Home Affordable Modification Program will save far fewer homes than was expected when the program was put into place in 2009. Major conclusions:
Several title companies have announced that they will go ahead and insure loans on some foreclosed properties from companies that have been implicated in the robo-signing controversy.
Richard Cordray, Ohio’s Attorney General, has asked the court for a permanent injunction against GMAC and its parent, Ally Bank, to cease and desist from filing foreclosures in that state until all foreclosure practices have been reviewed and all improper practices have been corrected. He has also filed fraud charges against the Lender as a result of the robo-signing snafu which could result in fine of $25,000 for each foreclosure filed in Ohio found to have fraudulent paperwork. Many other states are preparing similar charges.
LPS has issued its “first look” at August mortgage loan statistics. Data shows that more seriously delinquent loans are entering the foreclosure process as lenders step up efforts to reach endgame for more loans.
There is talk around Washington of another go-around with the homebuyer tax credit, but so far nothing can be pinned down. The chatter includes the possibility that those who invest in Short Sales and REOs might get a credit in the next round, if there is one, to help deplete the shadow inventory of distressed homes.
Many servicers lack the manpower to follow up on non-performing loans. Often homeowners can continue to live in their homes rent free for months or even years on end without any consequences. Some Lenders consider it preferable to have non-paying Homeowners stay in the property rather than to have a house sit vacant.
In an effort to motivate homeowners who have lost hope as their mortgage fall more and more behind, Financial Asset Services, Inc. is employing licensed REO and Short Sale Agents around the country to knock on doors in order to communicate options directly to homeowners in distress.
JP Morgan Chase has added 8,000 loan officers and other staff to help process loan modifications more quickly with the intention of significantly reducing the number of its loans that go into foreclosure.
The new KnowYourOptions is Fannie Mae’s one stop site for information to help homeowners understand their options when it comes to beating foreclosure. The site is easier to use and more comprehensive than Fannie Mae’s previous information page on foreclosure options.
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