California Foreclosure Moratorium for 90 Days
Sponsored by Sen. Ellen Corbet (D-San Leandro), the bills protect owner-occupied homes in which the first loan was recorded between Jan. 1, 2003 and Jan. 1, 2008. “Many people in our communities are facing the terrible specter of foreclosure,” Corbett was quoted as saying. “I’m just trying to find a way to help.”
Regulators Want More Info on Loan Modifications
The OCC and OTS want to know why! Our understanding of how many and why loan modifications go bad is critical to banks’ efforts to modify loans and will help inform lenders and policymakers as to what kind of modifications work, with particular focus on the effect of significant changes in monthly payments,” Comptroller John Dugan said.
Mortgage Modification - Loan Modification - Big Bank Moratorium
JPMorgan Chase & Co said its moratorium will last through March 6, which it believes is enough time for the Treasury to announce a new mortgage modification plan.
What is a mortgage loan modification?
If you’re like millions of other homeowners today you’re probably having trouble making your mortgage payment. Are you behind in making your mortgage payment? Has your mortgage company or loan servicer contacted you about your mortgage payment being late? Have you received notice that your mortgage company or loan servicer has started the foreclosure process on your home? If you answered yes to any of these questions then a mortgage loan modification program may very well be the solution you’re looking for to stop foreclosure on your home and allow you and your family to remain there.
Loan Modifications and Bankruptcy Judges
It’s time to allow bankruptcy judges to implement loan modifications. There are estimated to be 8,000,000 plus foreclosures today with more coming. The mortgage banking lobby is fighting extremely hard to negate the ability of judges to modify loans. Why?
With
20+ years in the mortgage loan
and real estate industries, we
have zero doubt our 
