Loan Deals: News

In an attempt to pretend to care about homeowners, the U.S. Department of Housing and Urban Development is considering implementing Loan Modification guidelines and tests for those that want to offer the service.

“One of the things we saw over and over during the boom was that a bad actor would work at a shop for several months, frequently ending up as the ‘top producer,’ and then leave for presumably greener pastures,” Fulmer said in an e-mail. “In actuality, they usually left because their bad loans were about to start blowing up and, if they stayed, they’d be discovered.”

Loan Modifications

The U.S. Department of Housing and Urban Development, which oversees compliance with the SAFE Act, has proposed that employees handling loan modifications for struggling homeowners also meet the licensing requirements, a policy opposed by banks. Mandating licenses for loan modification specialists would slow hiring and stall efforts to reduce foreclosures, said John Courson, CEO of the Mortgage Bankers Association.

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Mortgage

RealtyTrac reported that nearly 38,000 Broward homes were in some stage of foreclosure during the first half of 2010. While this is ten percent down on the previous six months, the number of homes that the lenders are repossessing is up.

Everybody was hoping to get a principal reduction on their mortgage. Obama’s loan modification program was touted by many as a solution to this crisis. Homeowners are now discovering that they were not able to qualify for the much heralded loan modification schemes and are letting their homes go.

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Mortgage