The Treasury’s latest HAMP report card shows that only 467,000 distressed homeowners have received a permanent loan restructuring since the program began over 18 months ago. Over half of the 1.36 million trial plans started have been canceled, and 11 percent of those who’ve received a permanent modification have re-defaulted on the new loan after nine months. Read More
With Millions of Foreclosures on Horizon, Should Moorpark, CA Mandate Loan Modifications?
BY CARRIE BAY | 10/28/2010
According to the Center for Responsible Lending, since the housing crisis took hold, 2.5 million homeowners have already lost their homes and another 5.7 million are at risk of foreclosure. It’s projected that between 10 and 13 million foreclosures will have occurred by the time this crisis abates. The Center argues that the power to stop unnecessary foreclosures and stabilize local housing markets lies with state legislatures. The group says lawmakers should impose mandatory loss mitigation standards for all servicers prior to foreclosure. Read More
Wells Fargo Owns Up to Finding Errors in 55,000 Foreclosure Affidavits
BY CARRIE BAY | 10/28/2010 VENTURA COUNTY, MOORPARK, THOUSAND OAKS, SIMI VALLEY, WESTLAKE VILLAGE
For weeks, Wells Fargo has insisted that it’s not a part of the robo-signing debacle, but that changed with an announcement late Wednesday that it will submit new affidavits for approximately 55,000 pending foreclosures in 23 judicial states. Wells Fargo says it has identified instances where employees did not adhere to legal procedures in conducting final reviews and did not execute notarizations properly. The bank reaffirmed that it does not plan to institute a moratorium on foreclosure sale. Read More
FHA Calls for Mortgage Principal Write-Downs in Ventura County, CA
Federal Housing Administration Commissioner David Stevens this week urged the Obama administration to pressure mortgage lenders to write down principal for underwater borrowers.
“In my view we need to push hard on the industry. Servicers and investors have got to begin writing down principal,” Stevens told a Women in Housing and Finance meeting in Washington, D.C.
Instead of freezing foreclosures, Stevens said, mortgage servicers should be figuring out how to prevent foreclosures to “keep families who could stay in their home in their home so they don’t get to this final stage where we’re worried about affidavits,” Stevens said.
Source: The Wall Street Journal, Jeff Sparshott (10/19/2010)
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Chris is a Real Estate Agent at Prudential Califonia Realty.
Phone: 805-208-0823. email@example.com.
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Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, also providing help with Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP, also providing HAFA Loan Modification and short sales help, Short Sales in Moorpark, Short Sales in Thousand Oaks, Short Sales in Westlake Village, Short Sales in Newbury Park, Short Sales in Camarillo, Short Sales in Santa Rosa Valley, Short Sales in Somis, Short Sales in Lake Sherwood, and Short Sales in Simi Valley California. Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, CA. DRE 10501699.You can find Ventura County Short Sale Realtor at 587 W. Los Angeles Avenue, Moorpark, CA. 93021
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Johnson’s personal views and do not reflect the views of Prudential California Realty. This information on Ventura County Short Sales and Foreclosure alternatives is provided as a courtesy to our viewers to help them make informed decisions