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Home Affordable Modification Program

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BUSINESS
Eileen Ambrose | December 2, 2011
The new Consumer Financial Protection Bureau has teamed up with the Treasury Department and - this is a mouthful - the Office of the Special Inspector General for the Troubled Asset Relief Program - to shutter mortgage modification scams. Regulators say troubled homeowners trying to apply for the federal Home Affordable Modification Program have been tricked by companies collecting fees for false promises to lower mortgage debt or monthly payments.  The regulators put out a consumer alert with these tips:   -     You can apply to the Home Affordable Modification Program for free at 888-995-4673 or online.
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NEWS
By Jamie Smith Hopkins, The Baltimore Sun | July 14, 2012
Air Force Maj. Justice Sakyi's change-of-station orders to Germany came with a built-in dilemma: what to do about his family's home in Maryland. He and his wife, Olivia, bought the single-family house in Bowie in early 2006, near the height of the housing bubble. Then came the bust. Selling for what they owe is impossible. They can't rent the place out for nearly enough to cover the mortgage. And they haven't been able to negotiate a lower payment. "We believe in miracles still happening and so we are waiting for ours, to get rid of the house," Olivia Sakyi wrote in an email from Spangdahlem, Germany.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 5, 2012
Under an agreement announced Thursday by the Maryland attorney general's office, Wells Fargo has agreed to make loan modifications and pay nearly $1 million in restitution to customers of two lenders acquired by the bank. The office's Consumer Protection Division, which reached the agreement with Wells Fargo, said lenders Wachovia and Golden West Financial used deceptive marketing in offering consumers adjustable-rate home loans. Wells Fargo will pay $940,056 to borrowers with "Pick-a-Payment" mortgages written by Wachovia and Golden West who lost their homes in foreclosure, the agreement says.
BUSINESS
Yvonne Wenger | April 26, 2012
Enterprising scammers are swarming around new federal government mortgage foreclosure prevention programs, the Homeownership Preservation Foundation warns. The foundation says suspected foreclosure scams have risen by nearly 60 percent this year in connection with the new and revised aid programs, such as the National Mortgage Settlement , Home Affordable Modification Program , Home Affordable Refinance Program and the Independent Foreclosure Review . The foundation , a nonprofit, is aimed at helping struggling homeowners avoid foreclosure.
BUSINESS
Yvonne Wenger | April 26, 2012
Enterprising scammers are swarming around new federal government mortgage foreclosure prevention programs, the Homeownership Preservation Foundation warns. The foundation says suspected foreclosure scams have risen by nearly 60 percent this year in connection with the new and revised aid programs, such as the National Mortgage Settlement , Home Affordable Modification Program , Home Affordable Refinance Program and the Independent Foreclosure Review . The foundation , a nonprofit, is aimed at helping struggling homeowners avoid foreclosure.
BUSINESS
By Jim Puzzanghera and Jim Puzzanghera , Tribune Newspapers | December 6, 2009
The Obama administration has announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure. As part of its aggressive action, the administration is summoning executives from the nation's top mortgage servicers to Washington this week to prod them to speed up their efforts. It also is sending what administration officials described as three-person "SWAT teams" to the offices of those firms to help them obtain the necessary documents from borrowers and troubleshoot problems.
BUSINESS
By Jim Puzzanghera and Tribune Newspapers | December 6, 2009
The Obama administration has announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure. As part of its aggressive action, the administration is summoning executives from the nation's top mortgage servicers to Washington this week to prod them to speed up their efforts. It also is sending what administration officials described as three-person "SWAT teams" to the offices of those firms to help them obtain the necessary documents from borrowers and troubleshoot problems.
NEWS
By Eileen Mauskopf | October 3, 2011
Four years into the financial crisis, foreclosure numbers remain daunting, with nearly 80,000 U.S. households receiving default notices for the first time in August. But help might be at hand, now that the Obama administration is requiring mortgage servicers to offer up to 12 months of payment "forbearance" to homeowners who have lost their jobs. The idea is to give borrowers breathing room while they seek work in a difficult job market. And with 111,000 people out of work in the Baltimore area as of August, the need is certainly great locally.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 31, 2011
A string of terrible luck brought Deborah Goldring to the brink of foreclosure. Her husband died. All their savings were exhausted paying down bills from his long illness. Then she lost her job. But just as the Baltimore woman's lender notified her that her time had nearly run out, a new federally funded program was launched to help homeowners like her. Now Goldring is about to close on a no-interest loan that will allow her to catch up on her mortgage and that will cover a large chunk of her monthly payments while she looks for work.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | July 14, 2012
Air Force Maj. Justice Sakyi's change-of-station orders to Germany came with a built-in dilemma: what to do about his family's home in Maryland. He and his wife, Olivia, bought the single-family house in Bowie in early 2006, near the height of the housing bubble. Then came the bust. Selling for what they owe is impossible. They can't rent the place out for nearly enough to cover the mortgage. And they haven't been able to negotiate a lower payment. "We believe in miracles still happening and so we are waiting for ours, to get rid of the house," Olivia Sakyi wrote in an email from Spangdahlem, Germany.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 5, 2012
Under an agreement announced Thursday by the Maryland attorney general's office, Wells Fargo has agreed to make loan modifications and pay nearly $1 million in restitution to customers of two lenders acquired by the bank. The office's Consumer Protection Division, which reached the agreement with Wells Fargo, said lenders Wachovia and Golden West Financial used deceptive marketing in offering consumers adjustable-rate home loans. Wells Fargo will pay $940,056 to borrowers with "Pick-a-Payment" mortgages written by Wachovia and Golden West who lost their homes in foreclosure, the agreement says.
BUSINESS
Eileen Ambrose | December 2, 2011
The new Consumer Financial Protection Bureau has teamed up with the Treasury Department and - this is a mouthful - the Office of the Special Inspector General for the Troubled Asset Relief Program - to shutter mortgage modification scams. Regulators say troubled homeowners trying to apply for the federal Home Affordable Modification Program have been tricked by companies collecting fees for false promises to lower mortgage debt or monthly payments.  The regulators put out a consumer alert with these tips:   -     You can apply to the Home Affordable Modification Program for free at 888-995-4673 or online.
NEWS
By Eileen Mauskopf | October 3, 2011
Four years into the financial crisis, foreclosure numbers remain daunting, with nearly 80,000 U.S. households receiving default notices for the first time in August. But help might be at hand, now that the Obama administration is requiring mortgage servicers to offer up to 12 months of payment "forbearance" to homeowners who have lost their jobs. The idea is to give borrowers breathing room while they seek work in a difficult job market. And with 111,000 people out of work in the Baltimore area as of August, the need is certainly great locally.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 31, 2011
A string of terrible luck brought Deborah Goldring to the brink of foreclosure. Her husband died. All their savings were exhausted paying down bills from his long illness. Then she lost her job. But just as the Baltimore woman's lender notified her that her time had nearly run out, a new federally funded program was launched to help homeowners like her. Now Goldring is about to close on a no-interest loan that will allow her to catch up on her mortgage and that will cover a large chunk of her monthly payments while she looks for work.
BUSINESS
By Jim Puzzanghera and Jim Puzzanghera , Tribune Newspapers | December 6, 2009
The Obama administration has announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure. As part of its aggressive action, the administration is summoning executives from the nation's top mortgage servicers to Washington this week to prod them to speed up their efforts. It also is sending what administration officials described as three-person "SWAT teams" to the offices of those firms to help them obtain the necessary documents from borrowers and troubleshoot problems.
BUSINESS
By Jim Puzzanghera and Tribune Newspapers | December 6, 2009
The Obama administration has announced a renewed push to get mortgage companies to convert hundreds of thousands of temporarily restructured home loans into permanent ones by the end of the year to help keep struggling homeowners from falling into foreclosure. As part of its aggressive action, the administration is summoning executives from the nation's top mortgage servicers to Washington this week to prod them to speed up their efforts. It also is sending what administration officials described as three-person "SWAT teams" to the offices of those firms to help them obtain the necessary documents from borrowers and troubleshoot problems.
BUSINESS
December 11, 2009
CHICAGO - Just 4 percent of delinquent borrowers who started trial mortgage modifications under the Obama administration's housing plan have had those more affordable loan terms made permanent, the Treasury Department said Thursday. The monthly progress report on the government's Making Home Affordable modification program shows that mortgage servicers had started 759,058 trial periods with consumers nationally by the end of November. More than 697,000 of them were considered active trial modifications and 31,382 were permanent loan adjustments.
BUSINESS
By Alejandro Lazo and Jim Puzzanghera and Tribune Newspapers | March 27, 2010
The Obama administration unveiled new measures Friday aimed at getting lenders to reduce the principal balances on problem mortgages and to refinance "underwater" borrowers who owe more than their homes are worth with government-sponsored loans. The initiatives are part of an escalating effort to buoy the housing market - and an acknowledgment that more steps are needed to prevent a fresh wave of foreclosures from swamping it. One provision will allow many unemployed homeowners to get three months to six months of reduced mortgage payments while they look for a job. The most significant change to the $75 billion program helps underwater borrowers.
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