Mortgage Servicing & Foreclosures Archives

Current Options to Lower Mortgage Payments

July 19, 2018

This article, the second in the series that deals with home mortgages, details options to lowering or delaying mortgage payments for Fannie Mae, Freddie Mac, FHA, VA, and RHS mortgages.

What Every Homeowner Should Know About Mortgage Payments

July 9, 2018

Mortgage problems tend to have a snowballing effect if not resolved quickly. This article covers how to obtain information about your mortgage payments, what happens if you make only a partial payment, disputing the amount due, and key information about escrow, property taxes, and insurance.

Opportunity Denied: How HUD's Note Sale Program Deprives Homeowners of the Basic Benefits of Their Government-Insured Loans

May 2, 2016

Vigorous enforcement of HUD’s loss mitigation rules would preserve homeownership and stabilize communities better than essentially unrestricted sales of the loans, often to financial speculators. To date, however, HUD has not held its major servicers accountable for their non-compliance with HUD’s own servicing rules. The note sale program should continue only if it can be…

Testimony Before House Financial Services Regarding Oversight of Mortgage Servicers' Implementation of the CARES Act

July 16, 2020

The unprecedented coronavirus pandemic has brought illness, death, unemployment, and greater economic insecurity to Americans across the country. Communities of color, particularly Black and Latinx communities, have been especially hard hit by COVID-19, with higher rates of illness, death, and unemployment due to COVID-19 than majority white communities. Pre- existing inequalities are being exacerbated by…

A Looming Crisis: Black Communities at Greatest Risk

July 1, 2020

Foreclosure prevention measures, data collection, and reporting must be prioritized to stave off preventable foreclosures Communities of color in the United States, especially Black and Latinx communities, are particularly hard hit by the COVID-19 pandemic, from higher rates of illness and death to greater rates of unemployment, mortgage default and eviction risk. These challenges have…

Letter to HUD Addressing COVID-Related Issues for HECM Borrowers and Spouses

October 13, 2021

The undersigned write to request that HUD take certain steps to ensure the ongoing housing stability of borrowers who have taken out reverse mortgages under FHA’s Home Equity Conversion Mortgage (HECM) program, and their non-borrowing spouses, in light of the current COVID-19 public health emergency. Older Americans face the greatest risk from the current pandemic,…

Joint Comment to FHA’s Defect Taxonomy of the Single Family Housing Policy Handbook

January 28, 2022

On behalf of the industries, clients, and communities we represent, the undersigned write to comment on HUD’s proposed defect taxonomy for loan servicing reviews. This joint industry-consumer comment supplements our organizations’ individual comments and sets out essential principles we see as vital in the creation of any defect taxonomy.

Free Chapter: Homeowner Rights During Natural Disasters

September 30, 2022

Chapter 12 of Mortgage Servicing and Loan Modifications covers common legal issues that arise in the context of natural disasters and is free to all for a limited time.

Alys Cohen's testimony at U.S. House Hearing on Mortgage Servicers’ Implementation of the CARES Act

July 16, 2020

The unprecedented coronavirus pandemic has brought illness, death, unemployment, and greater economic insecurity to Americans across the country. Communities of color, particularly Black and Latinx communities, have been especially hard hit by COVID-19, with higher rates of illness, death, and unemployment due to COVID-19 than majority white communities. Pre-existing inequalities are being exacerbated by the…

Stabilizing Consumer Finances During and After the Coronavirus Crisis in California

May 19, 2020

In 2018, more than a quarter of all Californians had a debt in collection.1 The increases in unemployment claims and general job loss due to COVID-19 will without question result in an explosion of debts in collection that will disproportionately impact the most vulnerable consumers who are least able to weather a financial crisis and…

Summary of Foreclosure Alternatives for Borrowers with COVID-19 Hardships

November 18, 2021

This chart provides a summary of relief options available for borrowers facing a COVID-19 related hardships. The options that they can access depend on the loan investor. In addition to the forbearance protections provided by the (CARES) Act, Fannie Mae, Freddie Mac, FHA, VA, and USDA borrowers all have access to expanded options provided by…

Coronavirus Emergency: Mortgage Relief for Consumers - How States Can Help

October 13, 2020

The federal CARES Act provided much-needed relief for certain borrowers who could not make their monthly mortgage payments. The Act allowed borrowers who were experiencing a financial hardship due to COVID–19 to pause mortgage payments for up to 12 months. These forbearance plans however only covered federally backed mortgages (Fannie Mae, Freddie Mac, FHA, USDA,…

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