Penalties Levied Against Non-Compliant Loan Servicers

Monday, June 13, 2011

Florida Consumer Law Center, PA in Tampa, FL is a consumer oriented law firm specializing in helping homeowners with foreclosure defense and ultimately helping them obtain a loan modification if they want to stay in their home. Unfortunately it has been difficult for most homeowners to obtain a loan modification, as evidenced by the article noted above.

A large majority of the struggles experienced with the loan modification process stem from internal systematic and procedural issues within the lender and/or servicer's loss mitigation department(s). For those homeowners that attempt this process on their own, without an attorney, it can seem like a never ending battle with no end in sight. For this reason we strongly recommend the use of our foreclosure defense and loan modification services. We are a Florida law firm in Tampa, Florida which has attorneys who specialize in this area of practice and our goal is to help Florida homeowners stay in their home. For those that wish to find an exit strategy or to avoid a deficency there are other options such as strategic default, short sale or a deed in lieu of foreclosure. It is extremely important that one understands the pros and cons to each solution available, which can be accomplished by contacting our office for a consultation. Please read this article to see how our nation’s lenders are not helping homeowners the best they can according to HUD.

The referenced article proves to be a very interesting article that overviews a recent performance review of each major lender and/or servicer in their efforts to permanently modify trial modifications under the governments Making Home Affordable Program (otherwise known as HAMP). The most important statistic noted in the article was that since the Making Home Affordable Program began 1,588,000 borrowers have been entered into a trial modification program and only 699,000 of those trial modifications have been converted to a permanent status. That is only 44%, which is an alarming statistic, especially for those homeowners who are currently making payments on a trial modification. The article goes on to note that improvements have been made as of recent however four of the most notable lenders/servicers did not score well and are facing penalties as a result. Those lenders are Bank of America, Chase, Wells Fargo, and Ocwen. Seeing as a large portion of loans stem from these four lenders it is apparent that difficulty with loan modification conversions will continue. Don't be like many other Americans and wait too long to get assistance, contact us today!

(Source: Mortgage News Daily, by Jann Swanson) The Departments of Housing and Urban Development and Treasury issued their joint Housing Scorecard for May on Thursday. The big news is that the Administration is finally moving to penalize servicers who have consistently failed to meet the goals of the Making Home Affordable Program, which is designed to help homeowners who have fallen behind on their loan payments. read more......

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