Tag archives for Loss Mitigation

South Carolina Chief Justice Stops All Pending Foreclosures

South Carolina chief justice Jean Toal placed all pending foreclosures in the state on hold Tuesday so that homeowners could try to “mitigate their losses and perhaps modify their loans.” Toal made a similar move last year in order to insure that homeowners could take advantage of new federal assistance programs. Toal credited her decision to reports from other judges Read full article »

California Rep Proposes Bill Containing Mandatory Loss Mitigation

Unsatisfied with last week’s cease and desist orders issued to major lenders last week by the Office of the Comptroller of Currency (OCC), congresswoman Maxine Waters (D-CA) has created a bill that she believes will be far more effective in “fixing” the mortgage servicing industry than the “light slap of the wrist” that lenders received last week. Waters’ bill has Read full article »

Majority of Homeowners Opting Out of Loss Mitigation Entirely

While the news is full of climbing short sale rates and the “success” of the myriad federal programs in place to help homeowners deal with the housing crisis, a new report from the State Foreclosure Prevention Working Group (SFPWG), a group that compiles and analyzes information from state attorneys general and bank supervisors around the country, indicates that fully 60 Read full article »

HAMP Now Available to Veterans

The VA has developed new guidelines for VA-guaranteed home loans that allow servicers to “restructure distressed loans” to meet HAMP requirements if all other loss mitigation efforts have failed. Previously, veterans with VA loans could not be considered for HAMP, and the VA still wants servicers to exhaust other options first. However, ultimately, the retention of the home by the Read full article »

Mortgage Modifications – Very Ugly Re-Default Statistics

Yesterday, I told you about the lending industry's resistance to mortgage modifications as a solution to the foreclosure crisis. It turns out that there's another huge reason for lenders to dislike the use of mortgage modifications:  Mortgage Modifications usually don't work out. According to Lender Processing Services, a mortgage payment processor that monitors 39 million of the 50 million mortgages in America: "For Read full article »

The Politics of Real Estate

Few industries are as profoundly impacted by the political machinations in Washington as the real estate industry. Whether it's old legislation like Jimmy Carter's Community Reinvestment Act or Barack Obama's massive mortgage bailouts, the U.S. political machine has a huge impact (usually bad) on the business of real estate.

Ideally, we could ignore politics. But here at the Bryan Ellis Real Estate Letter, we insist on seeing the world with clarity - including the reality of Washington's aggressive involvement in every facet of our business, from mortgage lending to real estate sales license; from loan modification regulations to appraisal requirements... every piece of our business is profoundly impacted by politics. So rather than stick our heads in the sand and ignore reality, readers of the Bryan Ellis Real Estate Letter choose to be informed and prepared.

About Bryan Ellis

Bryan Ellis is an Atlanta-based real estate analyst and publisher of the widely read newsletter "The Bryan Ellis Real Estate Letter". With over 200,000 subscribers - including real estate investors, agents, brokers, appraisers and other real estate professionals - the Bryan Ellis Real Estate Letter is among America's largest sources of unbiased coverage of politics and public policy for the real estate industry.

Bryan Ellis serves as editor in chief for the Bryan Ellis Real Estate Letter and is assisted by an extraordinary staff of writers, researchers and editors who are each real estate experts in their own right and who assure that the news we report is well researched, factual, and highly relevant to today's real estate industry.

Bryan is very happily married and has two wonderful daughters. He makes his home in the suburbs of Atlanta, Georgia. You can contact the team at the Bryan Ellis Real Estate Letter here.