Announcing Wednesday that it was participating in the Obama administration’s Second Lien Modification Program (2MP), Wells Fargo became only the second major servicer after Bank of America, to agree to participate in the program. As I stated in a recent post,
Category Archives: Loan Modification
BofA Signs on to HAMP’s Second Lien Program
Bank of America says it has systems in place to begin implementing the administration’s Second Lien Modification Program as soon as the Treasury releases final program policies and guidelines. Known as 2MP, the program was introduced last April but no lender
Failed Modifications Picking Up Pace
Although efforts to avert foreclosures through loan modifications have slowed the rate of foreclosed homes, two recent studies predict that most efforts to modify loans with easier terms will only delay, not prevent, the loss of homes to foreclosure. The studies—by John Burns Real Estate Consulting Inc. and Standard & Poor’s Financial Services LLC—reach the …
FTC to Ban Up-Front Fees for Modifications
The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief. In an effort to
HAMP Provides Modification Incentives
Finally we may have a government program that induces the private sector to do the right thing for the public. HAMP stands for the Home Affordable Modification Program, which was created by the US Treasury Department in March 2009 to encourage lenders to actively assist distressed homeowners in default to apply for loan workouts.
