Items Tagged with 'foreclosure prevention'

ARTICLES

  • Shellpoint reaches $4 million settlement for allegedly violating Massachusetts foreclosure laws

    Mortgage servicer will provide $3.5 million in principal reduction
    Shellpoint Mortgage Servicing will provide Massachusetts homeowners with $3.5 million in principal reductions as part of a settlement with the state for allegedly violating Massachusetts foreclosure laws and “failing to help homeowners avoid foreclosure.”
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  • CFPB hits Fay Servicing with $1.15 million fine for illegal foreclosure practices

    Servicer fined for “keeping borrowers in the dark” about foreclosure options
    The Consumer Financial Protection Bureau announced Wednesday that it is fining Fay Servicing more than $1 million for “illegal foreclosure practices.” According to the CFPB, an investigation found that Fay Servicing was “keeping borrowers in the dark” about their foreclosure prevention options and pursuing foreclosure actions even as borrowers were actively seeking help to save their homes, a practice sometimes referred to as “dual tracking.”
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  • RealtyTrac: More homeowners are avoiding foreclosure than ever before

    New report shows that foreclosure starts hit record low in first half of 2016
    A new report from RealtyTrac shows that more homeowners are keeping their homes out of foreclosure than ever before. According to RealtyTrac's report, the number of homes that started the foreclosure process during the first half of 2016 was the lowest for any half-year period since the company began tracking foreclosure starts in 2006.
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  • New York launches "first of its kind" program; will buy delinquent mortgages from FHA

    NYC set to buy loans to keep homeowners out of foreclosure
    In what officials are calling a "first of its kind" program, the city of New York announced Thursday that it is plans to buy a number of delinquent loans from the Federal Housing Administration as part of an effort to keep struggling homeowners from losing their homes to foreclosure. Here are all the details.
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  • New York adopts "sweeping" new laws to tackle foreclosure problems

    Will fight rise of zombie homes; new rules imposed on lenders, servicers
    While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of "zombie homes" that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed "sweeping" legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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  • HUD to auction off San Bernardino’s severely delinquent mortgages

    County once considered eminent domain in previous plan to aid borrowers
    Later this month, the U.S. Department of Housing and Urban Development will auction off a special pool of the San Bernardino County’s severely delinquent mortgage loans though its Distressed Asset Stabilization Program, aiming to provide relief to borrowers.
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  • Massachusetts sues FHFA, Fannie and Freddie over foreclosure buybacks

    Alleges GSEs violate state’s buyback rules
    Several weeks ago, Massachusetts Attorney General Martha Coakley sent a letter to Mel Watt, the director of the Federal Housing Finance Agency, saying that her office was considering legal action against the FHFA over violations of state laws allowing nonprofits to buy foreclosures and return them to the evicted homeowner. And now, Coakley hopes actions will speak louder than words.
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  • Massachusetts AG threatens to sue FHFA over buyback law

    GSEs in violation of law designed to keep homeowners in homes

    “Our office is considering all available legal avenues, including litigation, to ensure compliance with Massachusetts law, should FHFA fail to promptly amend its policies to allow Fannie Mae and Freddie Mac to participate in credible buyback programs,” Massachusetts Attorney General Martha Coakley said in a letter to FHFA Director Mel Watt.


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  • FHFA, GSEs launch program to “stabilize” communities hit hardest by foreclosures

    Pilot program will offer deeper loan modifications
    The program includes two distinct pre-foreclosure strategies and three distinct post-foreclosure strategies, all of which are intended to assist homeowners who are behind on their mortgages, help neighborhoods recover, and reduce the inventory of real estate owned properties held by Fannie and Freddie.
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