One of every 54 people received foreclosure notice

Unfortunately more people are singing the mortgage blues as foreclosure filings increased 81 percent. Some people looked over the edge and recovered, because the statistics mean that homeowners received at least one foreclosure notice. Some homeowners may have recovered, but the news is grim. Statistics show the worst economic fallout since the great depression. U.S. …

Saxon Fails as mortgage servicer and SaxonWatch.com begins oversight

Earlier we wrote the article “F-rated Saxon Mortgage and calls from 800-594-8422 annoy homeowner” as seen here. Even after talking to Saxon Mortgage and parent company Morgan Stanley, Saxon Mortgage continues to call homeowners, even after the house payment was made. The company claims they are again offering a service. Specifically Saxon is giving the …

Predatory lenders run from New York, Fannie and Freddie included

There was a time when predatory lending laws at the state level were dismissed at the federal level by federally regulated banks. No any more! Even troubled Fannie Mae and Freddie Mac are leaving New York in a lurch. They are exiting the subprime market in New York, citing a new state law that could …

Freddie Mac Compensation Adds Murky Layer

Freddie Mac announced yesterday that it would double compensation paid to mortgage servicers for each workout that helps avoid foreclosure of a mortgage owned by Freddie Mac. In order to qualify for the reimbursement, the mortgage must be at least 90 days delinquent. An independent third party vendor must make the outreach and the servicer …

Foreclosure Prevention Act of 2008- Dissension Slows Progress

Foreclosure Prevention Act of 2008 has turned into a boondoggle. Introduced July 30 2007 it has been revised, debated, revised again. The feel good bill has been juggled more than most volley balls. The bandwagon seems to have missed a gear on a steep grade. Senators Dodd and Conrad have been identified as “friends of …