201609.14
0

Bank’s Failure to Comply With HAMP Trial Plan and Offer a Permanent Modification is Basis for Suit

In Arias v. Elite Mortgage Group, Inc., 2015 N.J. Super. LEXIS 13 (App. Div., Jan. 23, 2015), the Appellate Division addressed for the first time whether borrowers completing a Trial Payment Plan under the federal Home Affordable Mortgage Program (“HAMP”) have a cause of action for Breach of Contract or under the New Jersey Consumer…

201606.24
0

Report: Some mortgage servicers not following rules

JUNE 23, 2016, 6:39 PM LAST UPDATED: THURSDAY, JUNE 23, 2016, 6:39 PM Report: Some mortgage servicers not following rules BY RICHARD NEWMAN STAFF WRITER | THE RECORD Some mortgage servicers are not following post-financial-crisis rules that help struggling borrowers modify loans and avoid foreclosure, the Consumer Financial Protection Bureau says in a new report. The…

201606.23
0

CFPB Supervisory Highlights Mortgage Servicing Special Edition (Issue 11)

In this eleventh issue of Supervisory Highlights, we share findings from recent supervisory examination observations in mortgage servicing.  To provide additional context for readers, we integrate these recent observations with observations from previous editions of Supervisory Highlights by subject matter – loss mitigation acknowledgement notices; loss mitigation offers and related communications; loan modification denial notices; policies and procedures;…

201512.21
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Mortgage Debt Relief Act Extended Through 2016

The $1.1 trillion omnibus appropriations bill includes a two-year extension to the Mortgage Debt Relief Act. The act waives the federal tax on the forgiven home-loan amounts in short sales and some loan modifications. The extension covers the 2015 year retroactively, and all of 2016 until 2017. The following is an excerpt from a 12/18/15 news…

201511.06
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Making a Federal Case of It: NJ Couple Fight Foreclosure in Federal Court

Making a Federal Case of It: NJ Couple Fight Foreclosure in Federal Court Click here for a free download from Denbeaux and Denbeaux to learn more on how federal laws help homeowners. Jerome and Sandra Barnes’ house in Paterson Fed up with the slow pace – and what many people see as unjust actions — of foreclosures,…

201510.07
0

NJ Borrowers Leave 96% of Foreclosures Uncontested

NJ Borrowers Leave 96% of Foreclosures Uncontested With over 95% of foreclosure cases going uncontested many homeowners may feel New Jersey’s housing recovery is still in crisis mode despite CFPB’s Richard Cordray’s optimistic testimony to the House Committee on Financial Services on September 29, 2015. N.J. foreclosure rate again ranks among top in U.S. as repossessions…

201506.29
0

Episode 8 – Financial Consumer Rights Talk – Know Your Rights Part II (RESPA). Loss Mitigation and Loan Modification Through the Real Estate Settlement Procedures Act

Episode 8 – Know Your Rights Part II. Loss Mitigation and Loan Modification Through the Real Estate Settlement Procedures Act (RESPA) In episode 8 of the FCRT Adam Deutsch discusses regulations governing loan modifications.  The podcast highlights homeowner rights relating to RESPA and loss mitigation procedures including how to appeal a denial of a loan modification…