The Boston Globe recently reported that foreclosures have increased 9% over the past month though trends indicate that foreclosures have dropped since July 2008. The Globe story reports that the recession and adjustable rate mortgages are among the contributing factors leading to the spike in foreclosures (Foreclosures up in July from June but down from '08, August 19, 2009)
One way homeowners in distress might get help is through a loan modification. In January, the Attorney General’s Office filed legislation aimed at preventing additional foreclosures and that would mandate loan modifications in certain circumstances. The proposed legislation would require creditors to make reasonable efforts to avoid foreclosures on mortgages held on owner-occupied homes. This would apply only to loans on principal residences, and to loans with certain risky features, such as interest-only loans, adjustable rate mortgages, and loans with short-term introductory interest rates.
Earlier this week, the Attorney General entered into an agreement with a purchaser of Fremont servicing rights that will help 1,100 borrowers holding loans originated by Fremont obtain loan modifications or some other form of foreclosure prevention.
The Fremont loans were the subject of the Attorney General’s recently settled enforcement action against Fremont which alleged that the loans were predatory and unfair.
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Posted by: bushnell complaint | 04/01/2010 at 07:20 AM