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There are opportunities right now even when you look at all the actions and law suits and multi-billion dollar settlements that the states and federal regulators are making. Federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers.
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Well I always say that there are opportunities where other people may see disaster. In the real estate space there are opportunities everywhere we look, whether it’s a good market or a bad market. • In this case I do want to express my opinion on whether the mortgage mess is over or not. I also want you to realize that where there is a mess, there is always a need for clean up to help people.
There are opportunities right now even when you look at all the actions and law suits and multi-billion dollar settlements that the states and federal regulators are making. Federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers. • What that really means is that even though everything we have done over the last several years to get banks to help, are they helping? Yes, they are. However, are they helping at the rate that they should be?
When you take into regard what is known as the National Mortgage Settlement, no, they are not. They are not doing what they are supposed to be doing, or they are not doing what they agreed to do. • You will read a case in here about a gentleman by the name of Tate who lives in Plano, TX. He did all the right paperwork to get his mortgage modified which is most commonly known as a loan modification.
He got his mortgage payment dropped $250.00 a month which was great for him until the bank started filing Foreclosure on him saying that he was behind on payments. • It just goes to show us that the banks are still acting fraudulently. It is not just banks in general, it is actually state by state specific on how they are still acting in these fraudulent ways.
Progress has been slow in cleaning up mortgage mess • After multiple enforcement actions, lawsuits and multibillion-dollar settlements, state and federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers. • But they apparently still have a lot of work to do. Just ask Craig Tate. • Like tens of thousands of homeowners trying to lower their monthly payments, Tate, 43, and his wife were thrilled when they got a letter from Bank of America in January confirming that their loan modification had been approved. The new mortgage payment on the Tate’s Plano, Texas, home would save them about $250 a month.
So the couple was confused when they started getting collection letters saying they were behind on his payments. When Tate offered to resubmit the paper work, he said, the bank refused and demanded a check for $3,100 to bring his loan current and stop the foreclosure proceeding. • “My wife and I did everything they asked. We filled out all the paperwork they asked for,” said Tate, the father of two and a systems administrator. “But the cancellation letter that they sent to us when they kicked us out the modification process said that we elected to leave or we declined their services, which in turn made our modification process unappealable.”
A Bank of America representative said that the Tates didn’t sign on the right dotted lines, and that because of those delays “the normal time frame allocated for a permanent modification had elapsed and the modification was declined.” • After writing his senator, filing a complaint with the Consumer Financial Protection Board and contacting the media, Tate said he got a call this week from Bank of America offering to restart the modification process.
“This process could have been done inside of three, maybe six months—it should never have taken a year,” he said. Five years after state and federal officials set out to head off millions of home foreclosures, the Tates aren’t alone in trying to navigate the often inscrutable process of getting a lender to modify their loan. • That’s not what 49 attorneys general and several federal agencies were expecting when they signed the $26 billion National Mortgage Settlement over a year ago with Bank of America and four other big mortgage lenders: Wells Fargo, Citibank, JPMorgan Chase and Ally Bank.
The settlement was intended to cure a laundry list of lenders’ rogue practices and procedures. They included foreclosing on borrowers who weren’t in default, denying modifications for borrowers who qualified, relying on flawed account information and improperly executed documents, misapplying mortgage payments, overcharging fees, shuffling borrowers from one representative to another, foreclosing on a loan when a modification application was underway, and subjecting homeowners to endless delays and repeated requests to resubmit lost paperwork. • (Read More : As Prices Rise, Bank Repossess More Homes)
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