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Fleysher Law Blog

Homeowners in the 7th Circuit can Sue Banks over Mortgage Modification Malfeasance

Although the Home Affordable Mortgage Program doesn’t allow for private federal actions against banks over their implementation of the program, a homeowner can bring state law claims, the 7th U.S. Circuit Court of Appeals ruled. The Home Affordable Mortgage Program and its enabling statute do not contain a federal right of action. But, neither do they preempt otherwise viable state-law claims. Permitting suits such as this will not expose mortgage

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Real Estate Investors to get Foreclosure Aid from Obama

The Obama administration will extend mortgage assistance for the first time to real estate investors. That is to those who bought multiple homes before the market imploded. Landlords can qualify for up to four federally-subsidized loan workouts starting around May; as long as they rent out each house or have plans to fill them. This will be done under HAMP. And, it will pay banks to reduce monthly payments by

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High-End Mortgages Not Immune from Foreclosure

It has been five years since the housing market first began to crash and with many middle and working-class Americans still facing foreclosure; it may come as a surprise to know they’re not alone. Over 36,000 homes valued at $1,000,000 or more have been foreclosed on in 2011 alone. While this accounts for less than 2% of the foreclosures nationwide, it represents a historically huge increase in “upper class” foreclosures.

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2nd Mortgage Holders and HELOC Investors will Benefit from the AG Foreclosure Settlement

The banks that settled a nationwide probe of foreclosure practices last month will get a bonus from the deal. The bonus is protection for $308 billion of home-equity loans they hold. The banks that service about half the nation’s mortgages on behalf of investors will be able to share losses on their junior loans with bondholders. And, they will get credit toward the cash they pledged to spend in the

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Florida Foreclosure Bill Advances…

A bill to streamline the Florida mortgage foreclosure process has advanced in the House. Although, consumer critics said the measure might not leave homeowners time to respond to this Florida foreclosure notice before it goes before a judge. Furthermore, a major concern with the bill deals with the abandonment of property. In fact, homeowners who work two or three jobs and who let their yards get messy could have their

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Mortgage Servicers Set to Take Some Hits under the AG Foreclosure Settlement

Mortgage servicers said that they anticipate hardships from the $25 billion foreclosure settlement. The main problem for loan servicers is the discrepancy between the tight timeline that Fannie Mae and Freddie Mac set for servicers to foreclose on a loan and the now required additional time to negotiate loan modifications. Moreover, if a servicer doesn’t foreclose within the mandated time frame, Fannie Mae and Freddie Mac can charge penalties that

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Student Loan Volume is a Drag on the Housing Market

As outstanding student debt approaches $1 trillion, it’s one more reason record-low interest rates aren’t doing more to boost housing. The tighter lending standards that have emerged in the wake of the recession weigh particularly on younger, first-time home buyers. 9 percent of 29 to 34-year-olds got a first-time mortgage between 2009 and 2011; compared with 17 percent 10 years earlier. These data suggest a large decline in mortgage borrowing

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Foreclosures to Climb before Settlement with Banks can Help

The $25 billion settlement with banks over foreclosure abuses may result in a wave of home seizures; inflicting short-term pain on delinquent U.S. borrowers while making a long-term housing recovery more likely. Lenders slowed the pace of foreclosures as they negotiate the $25 billion settlement. With an agreement reached, banks are likely to resume property seizures. A surge of home seizures may drive down values, at least for a while,

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Freddie Mac Bets Against Homeowners and Refinancing

A new report claims that Freddie Mac betrayed American homeowners. That is after placing multibillion-dollar bets that will pay off if homeowners remain shackled by costly mortgages with interest rates well above current rates. Interest rates now reach as high as seven percent. The company does not want borrowers to default on their mortgages. However, it’s also not in its best financial interest to have them shift to less expensive

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Underwater Homeowners may get Help from HARP 2.0

Homeowners who owe substantially more than the value of their homes are probably too far underwater to refinance their debt anytime soon. But those who have less debt soon may have an opportunity to refinance at lower interest rates; with renewed help from the government. The government has revamped its Home Affordable Refinance Program or HARP. It will help more borrowers refinance mortgages owned by Fannie Mae and Freddie Mac.

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