Category Archives for "Loan Modification"

News and information relating to Loan Modifications

February 8, 2010

FTC Rule Bans Up-Front Fees for Modifications

The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief. “Homeowners facing foreclosure or struggling […]

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January 31, 2010

Treasury Announces Documentation Changes to Expedite Permanent Mods

The Treasury Department released updated guidance Thursday for servicers participating in the Home Affordable Modification Program (HAMP) that requires them to obtain all required borrower documentation upfront, prior to evaluating the borrower for a trial modification under the government program. Until now, servicers were allowed to initiate a trial HAMP mod based on stated, not […]

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