New York Attorney General Eric Schneiderman sued units of HSBA.LN +1.89% PLC on Tuesday, alleging the bank put mortgage borrowers at greater risk of losing their homes by repeatedly delaying the filing of paperwork that could have helped homeowners stave off foreclosure.
HSBC Bank USA and HSBC Mortgage Corp. violated state law by failing to file so-called Request for Judicial Intervention forms when pursuing foreclosures against borrowers, the attorney general’s office said. The forms, which entitle a homeowner to a conference with their lender to discuss loan workouts and other alternatives to foreclosure, are required to be filed when a lender files a proof of service, or legal notice of the foreclosure, with a county clerk.
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Brooklyn-born Joe Gross, 41, knows the home mortgage game. Ever since graduating from Touro College in New York with a degree in accounting in 1999 he has immersed himself in one end of the business or another. He’s worked for somebody else, he’s worked for himself, he was there when the subprime lending craze surged, [...]
Struggling homeowners will get more time to take advantage of a federal consumer-mortgage modification initiative. The White House announced Thursday the extension of The Making Home Affordable Program, which includes the Home Affordable Modification Program (HAMP), until 2015. The program was set to expire at the end of this year, and aims to help lower [...]
The myths about mortgages are out there, and they’re keeping some buyers from taking advantage of the greatest buyers’ market in decades. For full article, click here
People’s needs have changed and so has the bank’s role. Today, it’s about lending a lot more than money. For full article, click here
Next to filing for bankruptcy, nothing wrecks your chances of qualifying for a home loan like a foreclosure. And if you got out from under an oppressive mortgage through a short sale, in which the bank agreed to accept less than you owed, future lenders may look upon you just as unfavorably. For full article, [...]
Borrowers whose homes were subjected to a foreclosure action in 2009 or 2010 are entitled to request an independent review to determine if those actions were done appropriately. For full article, click here
Some of the nation’s biggest banks are starting to pay homeowners to move out. It’s the latest strategy by the country’s largest lenders to avoid the long and costly foreclosure process. For full article, click here
You’re not aiming to build a huge credit limit that you can max out. Instead, you’re trying to develop a track record of responsibility and reliability that will lead to better rates on mortgages, insurance, and other lines of credit over time. For full article, click here
The recession — and subsequent slow recovery — has caused millions of Americans to focus even more closely on living within their means. If you are ready to face up to your own financial realities, one crucial step is to set up a plan of action. For full article, click here
Making a New Year’s resolution to get out of debt is a time-honored tradition. The secret to succeeding with any resolution is to start with a plan, and a serious plan is indeed the best way to conquer debt and begin saving for a healthy future. For full article, click here