Banks Violating Spirit of Foreclosure Settlement

http://www.bloomberg.com/news/2013-09-12/banks-warned-not-to-flout-25-billion-foreclosure-deal.html?cmpid=yhoo&utm_source=Sept+17+2013+email&utm_campaign=9%2F16%2F13&utm_medium=email

Loan Modification Update

August 19, 2013
We  executed a permanent loan modification agreement with Nation Star on behalf of BOA for a client today- $36,194 principal reduction with 4% interest. (in house modification).

July 26, 2013
Loan modification BAC principal write off $66147.91 interest 7.7% (in house)

May 13, 2013
Wells Fargo modification 4% no principal reduction (in house)

March 7, 2013
We got a HAMP TIER II from Ocwen for a client
Principal balance is $ 66,500.00 new int rate 4.250% fixed  loan now 287 mos. principal reduction was $146,250.27.

Shared Appreciation

Ocwen Financial Corp. has initiated an equity-sharing loan modification program designed to assist underwater borrowers. Under the Shared Appreciation Modification (SAM) program, which Ocwen began piloting last August, the principal of a delinquent loan is written down to 95% of the current market value of the home. The written-down portion is forgiven in one-third increments over the next three years, provided the borrower stays current on his or her mortgage. When the house is later sold or refinanced, the borrower must share 25% of the appreciation with the investors that own the loan.


http://www.globenewswire.com/newsarchive/ocn/ocn_news.html


http://realtormag.realtor.org/daily-news/2011/07/27/bank-we-ll-reduce-your-loan-you-share-future-appreciation