Loan Modification | featured news

Whistleblower says BofA defrauded HAMP

Bank of America

Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.

 

Banks cutting principal on some mortgages: report

Banks cutting principal on some mortgages: report

Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported on Sunday.

 

Arizona sues BofA, alleges loan modification fraud

Bank of America Corp. violated Arizona's consumer fraud law by misleading consumers who tried to reduce their mortgage payments so they could keep their homes, state Attorney General Terry Goddard said Friday as he filed a civil lawsuit against the bank....

 

Homeowners say loan mods led them to foreclosure

Homeowners say loan mods led them to foreclosure

Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up.

 

HAMP Homeowners Sue Bank Of America Over Mortgage Modification

Permanent modifications, which lower mortgage payments to 31% of a borrower's pretax monthly income for five years, have been given to only about a third of the 1.3 million borrowers in trial plans since the program's launch in April 2009. Most of the lawsuits allege that the three- or four-month trial payment plans are contracts, and that Bank of America and other servicers broke them by not giving permanent modifications to homeowners who made their trial payments on time and provided the necessary documentation.

 

Inspector Says Loan Modification Program Has Fallen Short

Only 340,000 homeowners have had their mortgages permanently adjusted under the program, a small fraction of those needing assistance.

 

US home foreclosures reach record high in second quarter

US home foreclosures reach record high in second quarter

The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday.

Senh: Until banks are willing to reduce homeowners' principals, this will continue to be high. Home values have dropped so much, it's just not worth it to keep them. Also, banks like Bank of America need to get their act together. All they're doing regarding loan modifications is pay lip service to the government. So little loan mods are done, you wonder what they're doing with all the billions the government gave them. Oh wait, that's right, they're giving their execs bonuses for doing such a piss-poor job.

 

BofA to start reducing mortgage principal

BofA to start reducing mortgage principal

Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home's value or are battling ever-expanding "negative amortization" loans.

 

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

The average homeowner in the Obama administration's signature foreclosure-prevention program owes more on their mortgage than the home is worth, yet the program does virtually nothing to address this problem, according to a scathing new report by a government watchdog.

 

170,000 get mortgage aid

More than 170,000 troubled homeowners are breathing a lasting sigh of relief now that they've received permanent modifications under the Obama administration's foreclosure prevention program.

 

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