City of Richmond takes action – Takes on Wall Street
Step One: Find out who holds the Mortgage – How to find out who holds the mortgage
Consumer Financial Protection Bureau has a new site where you can share your stories, make suggestions, and file complaints. http://www.consumerfinance.gov/
Are you a homeowner who’s struggling to pay your mortgage? Are you seeking a loan modification through the government program? We want to hear from you .
Have you worked for a servicer in a loan modification call center? We want to hear from you.
- Making Home Affordable.gov
The administration’s web site for the foreclosure prevention program. Provides an FAQ, homeowner examples, and other tools to see whether you might qualify for the program.
- Foreclosure Avoidance Counselors
A list of HUD-approved housing counseling agencies nationwide.
- FTC Tips for Mortgage Servicing Consumers
Tips for homeowners from the Federal Trade Commission.
- Program Guidelines for Mortgage Servicers
These “supplemental directives” lay out how mortgage servicers are supposed to conduct the program.
- Compensation for Mortgage Servicers
This Treasury Department document lays out how mortgage servicers are compensated for completed modifications
- Calculated Risk
A finance and economics blog that provides news and metrics on the state of the housing market.
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Are you a homeowner who’s struggling to pay your mortgage? Are you seeking a loan modification through the government program? We want to hear from you.
Here’s what we learned:
- Only a fraction of struggling homeowners are getting help.… 
- Mortgage servicers are only reaching a small fraction of struggling homeowners.… 
- The largest servicers, especially Bank of America, have left most struggling homeowners in limbo without either modifying or foreclosing. 
- HAMP itself hasn’t made much difference: It hasn’t led to an increase in modifications.… 
- Just over one in five homeowners who applied for a HAMP mod have received a permanent modification… 
- And in one quarter of rejections, mortgage servicers – notorious for losing documents – have cited missing documents as the reason. 
- Here are your overall chances of getting a mod with each of the top servicers. 
- Treasury claims servicers are improving, but its own data show otherwise. 
- When servicers offer a mod, it’s generally more affordable than mods used to be.… 
- But instead of mods, servicers have recently been offering more repayment plans, which actually increase struggling homeowners’ payments. 
- In the end, most government funds set aside to help homeowners are still unused.