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Mortgage servicers bypass foreclosure delays with more short sales

New Rules Prevent Servicer Surprises and Runarounds for Mortgage Borrowers. WASHINGTON, D.C. – Today the consumer financial protection bureau (CFPB) issued rules to establish new, strong protections for struggling homeowners facing foreclosure. The rules also protect mortgage borrowers from costly surprises and runarounds by their servicers.

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– The Consumer Financial Protection Bureau (CFPB) today finalized new measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The updated rule requires servicers to provide certain borrowers with foreclosure protections more than once over the life.

Why Servicers Foreclose When They Should Modify and Other Puzzles of. Reductions and Short Sales and Towards Short-Term Repayment Plans, Forbearance Agreements, and Foreclosures 16. Ocwen Solutions Mortgage Services Fees 18

Freddie could take more than a decade to unload REO inventory If so, and if house inventory data reported by the NAR are correct, it will take much longer to unload. can’t have missed two consecutive payments on any consumer debt within two years..

CitiMortgages, the mortgage servicing arm of Citigroup ( C – Get Report) is paying an average $12,000 in incentives, up from between $3,000 and $5,000 in 2010 for short sales on its own loan.

In fact, the flood failed to materialize, even after the five biggest U.S. mortgage servicers reached a $. activists for failing to prevent more than 4.7 million homes from being lost to.

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Negotiate a short sale. If you are unable to pay your mortgage or the value of the home has fallen below the mortgage balance, you may want to consider a short sale of the property. In a short sale, the lender agrees to let you sell the property for a price in line with the market value. A short sale can delay a foreclosure and having to move.

Mortgage servicers vary widely in how quickly they process short sales and deeds-in-lieu-of-foreclosure deals. In many instances, mortgage servicer delays scuttle deals. under HAMP cost the.

Southern California washes away foreclosure impact Winter storms wash away drought, enlarge snowpack. More than 87 percent of California is free of drought conditions or unusual dryness and just over 2 percent remains in the drought category.

Foreclosure Freddie Mac Fannie Mae Mortgage Servicing Short Sale Servicing Guide. On November 25, Freddie Mac issued Bulletin 2013-24 and fannie mae issued servicing Guide Announcement SVC-2013-23, which revised numerous short sale and deed-in-lieu of foreclosure (DIL) requirements.The enterprises updated, among other things, eligibility requirements for exceptions to borrower documentation.

That gives borrowers a legal forum to demand proof that lenders have the right to foreclose, or to argue for mortgage modifications. and home to more foreclosure filings per household than any city.

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