May 20th, 2013
Thanks to the work of the Office of the Inspector General for the Trouble Asset Relief Program (SIGTARP), there is one less predator out there seeking to take advantage of distressed homeowners.
This past Tuesday, SIGTARP announced that two men have pleaded guilty to conspiracy charges for operating a nationwide online foreclosure rescue scheme that defrauded many distressed homeowners. The two men used their business, which operated under multiple names, to convince struggling homeowners to sign over the deeds to their homes in order to avoid foreclosure. However, after falsely telling homeowners they were negotiating certain terms with their lenders, they rented out their homes to tenants unaware of the scheme in order to make a profit. Continue Reading…
May 13th, 2013
Recently, more and more evidence points to the need to educate and counsel homebuyers before they purchase a mortgage.
Real estate website Zillow yesterday released results from its Mortgage Marketplace Survey, which found that one-third of homebuyers do not fully understand the basic terms of a mortgage, like down payments, lender rules, and mortgage rates. According to the survey, around 25 percent of homebuyers incorrectly believe that they are required to close their loan with the lender that pre-approved them. In reality, prospective homebuyers should shop around for a loan that fits their unique financial needs rather than always go with the first bank that pre-approved them. Continue Reading…
May 3rd, 2013
Buying a home can be an overwhelming process, especially for first-timers or those who haven’t had much experience with securing a mortgage. Even the most financially savvy buyers are in danger of overlooking the mortgage fine print after becoming emotionally connected to their “dream home.” That “connection” is potentially financially dangerous. Continue Reading…
April 11th, 2013
The OCC and Federal Reserve announced yesterday that IFR agreement checks are scheduled to begin being sent on April 12; along with the announcement, the organizations provided a breakdown on the various categories of compensation that will be disbursed based on the level of injury. The breakdown table is available online here. Continue Reading…
April 10th, 2013
April 1st marked the beginning of National Financial Literacy Month, a nationwide campaign dedicated to helping individuals take the steps they need to achieve financial wellness. As it’s HPF’s mission everyday to guide consumers back on the path to sustainable homeownership and financial stability, we’ve gathered a few tips below for homeowners who are looking extra closely at their finances this April: Continue Reading…
April 3rd, 2013
***The OCC and Federal Reserve released additional guidance regarding the Independent Foreclosure Agreement payments on April 9, 2013. To view the newly announced payment categories, click here. To view the full announcement from April 9th, click here.
Over the past few days, we’ve received several comments on our blog from readers asking about the Independent Foreclosure Review (IFR) agreement and, specifically, the recent mailing of postcards to those who are eligible for compensation. First and foremost, we suggest that all those with questions visit the OCC’s website and read its list of “Independent Foreclosure Review Settlement Frequently Asked Questions,” which provides detailed answers to many of the questions that were posted on our blog. The FAQ also includes a breakdown of the servicers that are participating in the IFR agreement and those that are continuing with the review process.
April 2nd, 2013
Within the last two weeks, more than four million families who were hurt by unfair foreclosure practices and had requested remediation through the OCC’s Independent Foreclosure Review (IFR) program received postcards about anticipated settlement checks to compensate them for some portion of their loss. HPF’s HOPE Hotline is listed as a source of information for anyone who might have questions about the IFR program. Continue Reading…