We're nearing election time and you would think that the economy is improving with the lower unemployment figures and other splashing news, except for our gas prices.? I, however, am sensing something brewing on the horizon and wanted to share my observations here with you. This Huffington Post article about the attorney general settlement is right in that if fails to force mortgage companies to improve.
October 2nd was a big day for the big 5 [Bank of America, Chase, Wells Fargo, GMAC/Ally, Citibank] as their the last day for the nation's five largest mortgage companies to implement the servicing reforms in the National Mortgage Settlement, according to Professor Katie Porter, California's settlement monitor.? In her article, The Mortgage Settlement's Big Day, she explained the servicer requirements that needed to be met.? However, when I spoke directly with her at a recent seminar in Los Angeles, she warned that the big 5 would never meet the requirements deadline and advised that attorneys ramp up and prepare pleadings and complaints for the new year when the Homeowner Bill of Rights law takes effect. Does this mean that the mortgage crisis has been averted?
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California still leads the way in foreclosure trends throughout the U.S. according to Realty Trac. and there are signs that this trend will increase next year as more of those interest only and "teaser" rate mortgages continue to reset.? Oh, and have you heard that Bank of America is sending out letters to borrowers that it is "forgiving" that second mortgage?? Unless you receive a recorded release of lien and deed of reconveyance back to you on that debt, then their forgiveness is about as worthless as a $3.00 bill. So, what can you do as a homeowner?
1.? If your loan servicer is named above, be on the lookout for letters regarding loan modification offers and take these notices seriously.?
2.? If you continue to experience problems with obtaining a loan modification or other workout option and have kept good records of your efforts, then contact the California Monitor and lodge a complaint.
3.? If you have income and want to keep your home, you should consider a complimentary consultation with your local bankruptcy attorney to discuss all of your options. In a Chapter 13 case, it is possible to avoid junior mortgages and negotiate loan modifications in first mortgages.
4.? Do your own research and find a solution that is right for you.? Each of my clients have a unique set of circumstances and are on different financial paths that require different solutions. There is no one solution that is right for everyone.?
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