Wow! A response to our modification request in record time! 11 hours! Brett, I can't THANK YOU enough!!! These people (the lender) have made our life miserable for over a year! We appreciate all that you have done!!
1/29/12: U.S. Treasury Dept. Extends the HAMP Program Through 2013
The US Treasury Department announced that it will extend the HAMP (Home Affordable Modification Program) through 2013 and enhance the eligibility requirements to help more distressed homeowners. These enhancements include those homeowners who previously were disqualified due to the 31% rule, have deafulted on a trial plan or permanent modification, and more. To learn more about this, please click on the pdf file listed at the bottom of this page titled "HAMP Extension Update Letter from RMC".
1/16/12: Important information about repayment of the first time homebuyers credit
Sadly, houses recently purchased with the $8,000 First Time Homebuyers Tax Credit are now starting to fall into default. Life events such as job loss, income reduction, injury, illness and divorce can strike anyone at any time, including those who hurried up to buy a home in time to pick up an $8,000 check. To learn more about the circumstances under which this tax credit must be repaid, open the pdf files listed at the bottom of this page.
1/13/12: Freddie Mac Announces Up To 12 Month Forbearance for Unemployed
Effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period.
It’s important to note:
1. This applies to Freddie Mac-owned or guaranteed loans only.
2. There is ACTION required. The homeowner must contact the servicer to request the forbearance.
3. Delinquent borrowers in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy. Again, homeowners will need to contact their servicer to apply.
11/17/11: 2 indicted in Vegas foreclosure robo-signing case
LAS VEGAS—Two title officers have been indicted on more than 600 charges alleging they directed a "robo-signing" scheme that led to the filing of tens of thousands of fraudulent foreclosure documents, the Nevada attorney general's office said Wednesday.
A Clark County District Court judge issued warrants for California residents Gary Randall Trafford, 49, and Geraldine Ann Sheppard, 62, after a grand jury handed up the 439-page indictment. Their hometowns were unavailable, and they could not be immediately located for comment.
The indictment says that between 2005 and 2008, Trafford and Sheppard directed employees to forge their names on foreclosure documents, then notarize the signatures they just forged. The defendants then had the employees file the fraudulent notices of default with the county recorder's office to begin foreclosures on homes.
Trafford and Sheppard face more than 200 felony charges of offering a false instrument and false certification of an instrument, and more than 100 misdemeanor notarization charges, Attorney General Catherine Cortez Masto said.
Jennifer Lopez, a spokeswoman for Masto, said Trafford and Sheppard had not been arrested.
Nevada has been the state hit hardest by the recession and the housing crisis, leading the nation in bankruptcies, foreclosures and unemployment. Yet, the problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as "robo-signing," is more widespread.
Judges who handle foreclosures in Maine, California, Arizona, New York and other states have thrown out foreclosure cases because documents apparently were robo-signers. The nation's largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo amp; Co., and other lenders temporarily halted foreclosures nationwide last fall because of the issue. In Michigan, the attorney general took the rare step in June of filing criminal subpoenas to out-of-state mortgage processing companies after 23 county registers of deeds filed a criminal complaint with his office over robo-signed documents they say they have received. New York Attorney General Eric Schneiderman's office has said it is conducting a banking probe that could lead to criminal charges against financial executives, and the attorneys general of Delaware, California and Illinois have been conducting their own probes. Meanwhile, federal bank regulators have focused on getting banks to clean up their act in the future, not on fixing the potentially millions of tainted documents that have been filed across the country.
10/26/11: Home Affordable Refinance Program (HARP) Enhancements
The Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac have announced enhancements to the Home Affordable Refinance Program (HARP) that are intended to make it easier for lenders to refinance the mortgages of eligible borrowers. Guidelines for Fannie Mae Seller/Servicers, including implementation dates and details, will be available on November 15, 2011. See FHFA's announcement, Phase II Fact Sheet, and Phase II Q&A's on FHFA.gov. For more info, follow this link:http://www.fhfa.gov/webfiles/22721/HARP%20release%20102411%20Final.pdf
SPECIAL UPDATE FOR HOMEOWNERS WITH FHA LOANS:
The FHA recently announced that they are extending the forbearance period for unemployed homeowners from 3 months to 12 months. For those homeowners who have an FHA insured loan, this means that you can stay in your home without fear of foreclosure for up to 12 months while unemployed. However, bear in mind that the payments that you do not make during the time that you are unemployed are NOT forgiven! They become a arrearage which must be mitigated through a partial claim or modification. To protect your rights and ensure that you receive the assistance that you need, contact RMC! We can help!