Underwater Properties
By Jim Macklin
Secure Document Research
Underwater Properties
Tag: Primary Residence
Interagency Independent Foreclosure Review – File Your CLAIM
Interagency Independent Foreclosure Review – File Your CLAIM
By Daniel Edstrom
DTC Systems, Inc.
The following regarding the numerous Cease and Desist Consent Orders issued against servicers and others for unsafe or unsound foreclosure policies and practices is available here: http://www.independentforeclosurereview.com/
Independent Foreclosure Review
Looking for information about the Independent Foreclosure Review? Si usted habla español, tenemos representantes que pueden asistirle en su idioma.
Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010, and whose home loan was serviced by a participating servicer, may be eligible for an Independent Foreclosure Review.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.
To qualify, your mortgage loan would need to meet the initial eligibility criteria: Continue reading “Interagency Independent Foreclosure Review – File Your CLAIM”
Bankruptcy Cram-Downs Being Used on Primary Residences
Bankruptcy Cram-Downs Being Used on Primary Residences
By Daniel Edstrom
DTC Systems, Inc.
A “cram-down” is where the principal balance is reduced, usually to fair market value. DSNews.com is reporting that the research firm and ratings agency DBRS has learned from various servicers that cram-downs are being done in some bankruptcy courts. We have seen the occasional cram-down but this shows that it is far more prevalent then most people realize. The effect of a cram-down is that the loan principal balance is reduced to fair market value and all amounts over that are “unsecured”, meaning they could be fully discharged. For example if a homeowner owes $750,000.00 on their primary residence, but the actual market value is $440,000.00, the bankruptcy court could cram-down the loan so that the actual principal balance is $440,000.00 and the rest ($310,000.00) is unsecured debt.
For more, read the DSNews.com article here: http://www.dsnews.com/articles/mortgage-cram-downs-by-bankruptcy-judges-are-taking-place-dbrs-2011-05-02
You can view more about DBRS here: http://dbrs.com/