Chase Bank Returns Foreclosed Home, Modifying Loan, After Lender Law Suit Is Filed
Source of Title, July 18, 2011
Not only did the Trustee Sale Reversal put the home back into Mr. Juarez's name but on 7/07/2011 CPAC sent back a signed Loan Modification agreement that this stubborn Homeowner desperately attempted without success.
Lenders feel pressure in foreclosure process
By Doug McMurdo, Las Vegas Review-Journal, July 25, 2011
The Nevada Supreme Court altered the foreclosure mediation landscape in dramatic fashion earlier this month when, in two separate cases, justices made it clear lenders must follow two simple rules -- bring all relevant documents to the table and make sure someone with loan modification authorization is readily available. ... and the two Nevada judges who review failed mediations have been put on notice that they must sanction lenders who fail to strictly comply with those rules.
Deadline Extended for HUD's Emergency Homeowners' Loan Program
By Carrie Bay, DSNews, July 22, 2011
HUD and NeighborWorks America have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners’ Loan Program (EHLP). The new application deadline is Wednesday, July 27. The cut-off date had originally been set for Friday, July 22.
S&P: Shadow inventory slowing down recovery
By Matthew Torres, HousingWire, July 22, 2011
Although the drop in default rates shows promise ... The shadow inventory of unresolved distressed properties is currently at an estimated $405 billion, representation four years of housing inventory and one-third of the outstanding U.S. non-agency residential mortgage debt.
Mortgage bankers push for conforming loan limit extension
By Jon Prior, HousingWire, July 22, 2011
Mortgage Bankers Association CEO David Stevens sent a letter to House leaders Thursday urging lawmakers to extend the elevated conforming loan limits for government-backed mortgages. In 2008, Congress allowed Fannie Mae, Freddie Mac and the Federal Housing Administration to guarantee or buy mortgages worth as much as $729,750 in most neighborhoods. The limits will expire Oct. 1 and drop to $625,500, varying by county.
Foreclosure was key to home ownership for Teaneck couple
By Mikeal, Home to Loan blog, July 25, 2011
After two years of marriage and three years of saving, the couple decided to buy when they learned about low-down-payment loans from the Federal Housing Administration. They were also encouraged by low interest rates. The couple bid on two estate sales where Christopher says the owners had “high expectations.” After discovering that one home they liked was in a flood zone, they turned to a foreclosure.