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Property Headquarters
Welcome to Property Headquarters, the online resource for real estate investors, buyers, and sellers, offering foreclosure, credit repair, and first time home buyer real estate solutions.....
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American Mitigation Services - HOME FEDS PUSH FOR MORTGAGE MODIFICATIONS Mortgage servicers should sign onto the new federal streamlined loan modification program because it is in their investors' best interest, Federal Housing Finance Agency Director James Lockhart said in a Monday letter. In many cases, lenders who service their own loans have been quicker to modify mortgages than those who service loans owned by other investors, often through complicated mortgage-backed securities. "Trustees and servicers have an obligation to minimize losses to holders and guarantors of mortgage securities," Lockhart wrote in a letter to more than 40 servicers and trustees of private-label mortgage-backed securities. "The critical component of reducing losses will be the stabilization of the housing market." Foreclosures lose loan owners nearly half the outstanding loan amount, and those loss rates are rising, Lockhart said. "The projected increasing foreclosure activity will exacerbate mortgage losses and continue the downward spiral in house prices," he wrote. "It is time to act to modify loans to keep people in their homes and to prevent foreclosures, which harm neighborhoods and create more losses for investors." The modification program, announced earlier this month, aims to help borrowers who have missed at least three payments, live in the home as their primary residence and have not filed for bankruptcy. It uses interest rate reductions, extension of the loan life and principal payment deferrals to get payments down to no more than 38 percent of gross monthly income. Lockhart urged servicers to promptly support the program and help make it the industry standard for identifying and helping seriously delinquent homeowners.
The United Sates Congress is pushing for lenders to offer assistance to borrowers who are in distress. They have introduced bills such as: H.R. 5579 Emergency Mortgage Loan Modification Act of 2008 and the H.R 1424 Emergency Economic Stabilization Act of
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