New York State Attorney General Eric T. Schneiderman announced that approximately $15 million of the $132 million New York State will receive in the National Mortgage Servicing Settlement will now be used for foreclosure prevention and housing support activities.
"We have an obligation to provide assistance to the struggling homeowners across the state facing foreclosure, and this portion of the national mortgage settlement will ensure that families in New York State have the legal services they deserve to fight wrongful foreclosures and protect themselves in court," said A.G. Schneiderman.
"Funding for legal services is an essential first step in bringing relief to the homeowners and communities that have been devastated by the crash of the housing market. As we continue to investigate the mortgage crisis that has impacted communities in every corner of this state, we must ensure that justice and accountability prevail at every step of the way. I'd like to thank the Assembly, Senate and Governor for working with our office to make this happen. "
AG Schneiderman also reported that up to $9 million of the funds will be used to extend the state's Foreclosure Prevention Services Program which were set to end April 1, 2012 and another $6 million will support housing and community renewal activities through non-profit community housing organizations. Schneiderman had announced earlier that his office would fund an additional $3 million in foreclosure prevention services from proceeds secured from two other settlements.
_______________________
Mortgage Loan Compliance | The Forensic Loan Audit Company
Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
Friday, March 30, 2012
Thursday, March 8, 2012
S.O.S.M – Save Our Service Men, HOPE NOW
This past January, HOPE NOW, the voluntary foreclosure prevention program assisted delinquent homeowners in achieving 74,000 permanent loan modifications. Approximately 18,000 of these loan modifications were done through the Home Affordable Modification Program (HAMP) and 56,000 were proprietary modifications. HOPE NOW has identified four military bases where special events will be held to assist our service men and women.
Hope Now is a group which consisted of investors, mortgage insurers, private sector mortgage servicers, and non-profit counselors has completed more than a million loan modifications since the alliance was formed early in the housing crisis.
According to some reports January 2012 was the first time since late in 2009 that there were more foreclosures sales (approximately 79,000) completed than HOPE NOW loan modifications. Delinquencies of 60 days or more continued to remain flat at about 2.77 million, or approximately 6% of all loans.
Faith Schwartz, Executive Director of the program said, "HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”
HOPE NOW has scheduled events coming this March 9 in Las Vegas, in Sacramento on March 20, and Los Angeles on March 22.
_______________________
Mortgage Loan Compliance® | The Forensic Loan Audit Company
Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
Hope Now is a group which consisted of investors, mortgage insurers, private sector mortgage servicers, and non-profit counselors has completed more than a million loan modifications since the alliance was formed early in the housing crisis.
According to some reports January 2012 was the first time since late in 2009 that there were more foreclosures sales (approximately 79,000) completed than HOPE NOW loan modifications. Delinquencies of 60 days or more continued to remain flat at about 2.77 million, or approximately 6% of all loans.
Faith Schwartz, Executive Director of the program said, "HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners. Loan modifications continue at a steady pace and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.”
HOPE NOW has scheduled events coming this March 9 in Las Vegas, in Sacramento on March 20, and Los Angeles on March 22.
_______________________
Mortgage Loan Compliance® | The Forensic Loan Audit Company
Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
Monday, March 5, 2012
Fraud First, Then Everything Else
Production of the Note, Proof of Ownership, Securitization, breaks in the Chain of Title are all great defenses to foreclosure actions against your home, but shouldn’t your Lender and MERS have to defend themselves against fraud first then everything else.
Were you fully explained the loan process? Did you know all the risks involved with the purchase of your securities transaction, I mean mortgage. Was your mortgage legally viable and did you actually qualify at the fully indexed interest rate?
Ok so MERS, the Mortgage Electronic Registration System, won another court battle last week. But if anyone would actually read their “Mortgage” or “Deed of Trust” then yes as the New Hampshire Superior Court affirmed, in the case of Dow v Bank of New York Mellon Trust, you gave MERS the authority to both hold and assign its interest in mortgages under New Hampshire and other states law.
So did you believe that MERS was your Lender at your loan closing? If so, should MERS be liable for the origination fraud, misrepresentation, breach of fiduciary duties, and gross negligence just like the Lender?
Several cases brought by State’s Attorney General are still pending. New Hampshire Justice N. William Delker said in his decision that "there is a tremendous amount of case law throughout the country on the issues surrounding foreclosure actions when the promissory note is held by one entity and the mortgage is held by another entity - typically MERS. The process of recording each new assignment of the mortgage in the registry of deeds in order to perfect the security interest in the real estate would become exceedingly expensive and cumbersome if each time the promissory note and the mortgage changed hands a new mortgagee would have to be listed in the title record."
Homeowners should be aware of these rulings and not wait for the foreclosure process to start on their home before challenging their lenders. Keep in mind that the Mortgage Originators, Brokers, Real Estate Agents, Title Officers, Servicers, and Lenders all knew that you were being put into a bad loan that had a greater chance at failure versus success.
Audit your loan, get the facts, sue your lender and protect your rights!
_______________________
Mortgage Loan Compliance®
The Forensic Loan Audit Company
Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
Were you fully explained the loan process? Did you know all the risks involved with the purchase of your securities transaction, I mean mortgage. Was your mortgage legally viable and did you actually qualify at the fully indexed interest rate?
Ok so MERS, the Mortgage Electronic Registration System, won another court battle last week. But if anyone would actually read their “Mortgage” or “Deed of Trust” then yes as the New Hampshire Superior Court affirmed, in the case of Dow v Bank of New York Mellon Trust, you gave MERS the authority to both hold and assign its interest in mortgages under New Hampshire and other states law.
So did you believe that MERS was your Lender at your loan closing? If so, should MERS be liable for the origination fraud, misrepresentation, breach of fiduciary duties, and gross negligence just like the Lender?
Several cases brought by State’s Attorney General are still pending. New Hampshire Justice N. William Delker said in his decision that "there is a tremendous amount of case law throughout the country on the issues surrounding foreclosure actions when the promissory note is held by one entity and the mortgage is held by another entity - typically MERS. The process of recording each new assignment of the mortgage in the registry of deeds in order to perfect the security interest in the real estate would become exceedingly expensive and cumbersome if each time the promissory note and the mortgage changed hands a new mortgagee would have to be listed in the title record."
Homeowners should be aware of these rulings and not wait for the foreclosure process to start on their home before challenging their lenders. Keep in mind that the Mortgage Originators, Brokers, Real Estate Agents, Title Officers, Servicers, and Lenders all knew that you were being put into a bad loan that had a greater chance at failure versus success.
Audit your loan, get the facts, sue your lender and protect your rights!
_______________________
Mortgage Loan Compliance®
The Forensic Loan Audit Company
Proven Results That Work - Get The Facts, Audit Your Loan, Sue Your Lender and Protect Your Rights!
Call Today 1-866-966-6615 or Visit www.ml-compliance.com
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