Author Archive for Joe Gross
Bank of America Agrees to Modify Second Mortgages
It’s been nine months since the Obama administration announced a plan to bring second mortgages into its foreclosure rescue program, and finally, on Tuesday, one mortgage servicing company signed on.
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Homeowner Finally Gets Loan Modified
Tina Ashburn Thanks CBS 5 News For Saving Her Money
PHOENIX — A Valley homeowner will save about $250 a month on her mortgage payment. The savings comes after Tina Ashburn spent months trying to modify her home loan with Wells Fargo.
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Obama Mortgage Effort May Need Modification
Servicers say HAMP’s rigid criteria fail to allow for struggling borrowers’ other debts.
In a sign that the Obama administration’s plan to stem foreclosures needs retooling, one of the main reasons struggling mortgage borrowers are being turned away from the Home Affordable Modification Program is that their mortgages are, by its standards, too affordable.
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Citi boosts mortgage help as delinquencies rise
Some 108,000 Citi customers avoid foreclosure in second quarter, up 30% from previous period. But delinquencies are up too.
NEW YORK (CNNMoney.com) — The good news is that Citigroup helped 108,000 people avoid foreclosure during the second quarter, a nearly 30% increase from the previous period.
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Bank Chief Addresses Loan Modification Concerns
PHOENIX — Complaints about banks and other mortgage servicers are common these days.
Kathy Batchelder, a Gilbert, Ariz., grandmother, is one of the many struggling homeowners frustrated with her bank.
Batchelder said she’s worked for more than a year to lower her mortgage payment so she can stay in her home.
“I want to sit down and just [...]
Slow And Low On Mortgage Relief
Moody’s doubts the Obama administration will come close to meeting its goals on loan modifications.
The Obama administration claims it’s still on track to help some 4 million troubled mortgage borrowers over the next three years by reworking the terms of their loans, but some analysts are skeptical.
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IndyMac’s mortgage struggle
Bank’s new owners are required to adjust mortgages to get government aid. But getting a modification is not easy, borrowers and housing counselors say.
NEW YORK (CNNMoney.com) — Five months after securing a sweet deal to buy IndyMac Bank, the new owners say they are fulfilling their obligation to modify troubled home loans.
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More nightmares from the world of mortgage modifications
WASHINGTON — A story Sunday on how lenders aren’t following through on promises of modifying distressed mortgages, prompted an outpouring of comments and e-mails from others with similar tales of woe.
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Homeowners fight for loan modifications from swamped mortgage servicers
DALLAS – After losing his job in January, Stuart Miller has fought hard to keep his home out of foreclosure.
At the end of May, the 55-year-old Plano, Texas, man began trying to get Wells Fargo & Co. to review his application for a loan modification.
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Homeowners tell how banks failed to modify mortgages
Nearly three years into the deepest U.S. housing slump in generations, lenders are modifying only a small number of problem mortgages, and rising foreclosures are restraining the economy’s recovery.
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