Foreclosure Defense and Loan Modifications
Recently we have experienced an increase in the number of our clients receiving loan modifications. These modifications are both HAMP and In-House, temporary and permanent. The cause is unknown but for our clients, it doesn’t matter why. They are just grateful that it is happening. As the foreclosure world is still in shock with the announcement of the impending closing of Steven J. Baum, P.C., the increase in loan modifications is a good sign for distressed homeowners. There was never as good a time to defend against foreclosure litigation. Hopefully the new year will bring more of the same. These modifications are not good for everybody however. Each modification should be reviewed with an attorney to decide if the terms of the modification are right for your situation. If you are currently in foreclosure or in danger of falling into foreclosure, and you have any questions, please call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to speak with a Foreclosure Attorney!
Steven J. Baum to Close
It may have seemed inevitable to those directly involved in the foreclosure field, but it is still a surprise to hear. According to a Buffalo Business First, the mega-firm of Steven J. Baum, P.C. is to close it’s doors:
“The embattled Steven J. Baum P.C. law firm is the closing its doors after a series of missteps that included mortgage industry giants Freddie Mac and Fannie Mae cutting off business with the Amherst-based firm.”
Read the full article here.
If you are facing foreclosure and are seeking assistance, please call us at (516) 858-2620!
The following is from a recent New York Times article:
The nation’s top mortgage servicers are expected to sign legal agreements by the end of this week compelling them to change their foreclosure procedures, regulatory officials said Tuesday.
The servicers, which violated state and local laws and regulations governing foreclosures, are agreeing to improve their methods in numerous ways. They will be required to have more layers of oversight and proper training of their foreclosure staff. The oversight will extend to third party groups, including the law firms that do much of the actual work of eviction.
Under the new rules, every homeowner in default will have a single point of contact with the servicer. The servicers will end their practice of foreclosing while borrowers are pursuing loan modifications that might allow them to stay in their homes.
One of the most significant measures in the consent agreement will require servicers to hire an independent consultant to review foreclosures done over the last two years. If owners were improperly foreclosed on or paid excessive fees, they will be compensated.
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