Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
This raised a few questions for me. Anyone else?
Total 15 pages

Date: February 14, 2006 (with correction on page 4)

To: All Fannie Mae Single-Family Mortgage Sellers and Servicers

Subject: LL01-06: Hurricane-Related Special Relief Measures

Almost six months after Hurricanes Katrina and Rita ("the Hurricanes") struck the Gulf Coast, servicers have successfully helped many homeowners work through very difficult and challenging situations. Unfortunately, due to the magnitude of the damage and the uncertainties that continue to exist, many homeowners are understandably not yet in a position to make final decisions about rebuilding and returning to their homes. Therefore, Fannie Mae and our servicers continue to put our primary focus and our energies on forbearance policies, repayment plans, modifications, and insurance settlements.

Our disaster relief provisions require servicers not to begin, or continue, any legal action until they can review any effect the disaster may have had on the condition of the property or the borrower's employment or income status. Those provisions also make it clear that foreclosure proceedings may begin (or continue) only when foreclosure is the only alternative. Given the additional time it is taking for some borrowers and servicers to determine the best solution, we expect servicers to continue to defer any legal action until they have the information to complete the assessment.

Quote 0 0
Joe B

     It goes to the question I asked about month ago. There is all of this press out there about different agencies requiring lenders and servicers to 'work' with borrowers, and offer plans to 'help' borrowers, etc., there is little or no evidence that they are actually doing this!

     I ask the question again: Has anyone been offered, or know of anyone that has been offered a favorable modification of their loan?

     Does anyone know of anyone that has actually consummated a (favorable) loan modification?

     I would be willing to bet that very few people have been offered anything. Those that have I bet have had to ask first, and I would be further willing to bet that the terms were less than favorable, and they had to jump through ridiculous hoops to make it happen.

     I would be willing to bet that there have been few if any (other than through the few news reports) actual modifications done to any loans at all.

     Once again, plenty of rhetoric, but no action.

     IN LA and MS, there is a wonderful opportunity for favorable press releases demonstrating their willingness to work with distressed borrowers. But, I guess it is better (or at least more profitable) to grab people's properties...

     Anybody have any other theories?

Quote 0 0
Write a reply...