The Home Affordable Modification Program (HAMP) was introduced in 2009 and established to help homeowners recover from the great housing bubble burst. The HAMP was part of the Making Home Affordable program (MHA) along with the Hardest Hit Fund program (HHF) that was under the Troubled Asset Relief Program (TARP). These programs were part of the Emergency Economic Stabilization Act of 2008 and put into place to help struggling homeowners avoid foreclosure. HAMP and the entire

Our law office continues to receive numerous calls from homeowners who were scammed by so-called ‘loan modification’ companies. Most of the ‘loan modification scammers have companies based in California, Florida, New York and New Jersey. By the time the homeowner figures out the scam, they’ve lost between $700 and $5,000 on average and/or received a notice they are in foreclosure. Some homeowners have had no idea they’ve been scammed until someone comes to their door with doc

Nationstar Mortgage will be providing up to $30 million dollars to distressed Milwaukee homeowners under a special agreement with the city. In a move worthy of Washington politics, the majority owner of Fortress Investments, which owns Nationstar, is also the co-owner of the Milwaukee Bucks. There have been months of negotiations, bad media press and upcoming hearings on how the city will finance a proposed $500 million Bucks arena. Analysts say the two are definitely related

Ocwen Financial Corp. (OCN) subservices all the mortgage loans for Home Loan Servicing Solutions (HLSS). Mangrove Partners is an investment manager (hedge funds) and one of the largest shareholders of HLSS. HLSS is an affiliate of Ocwen. Mangrove Partners sent HLSS a letter demanding HLSS terminate its business relationship with Ocwen. Mangrove Partners sites a “dereliction of duty” and said it is “imperative” HLSS terminate its servicing relationship with Ocwen “without dela

Ocwen Financial Corp. faced major problems throughout 2014. It seems this year will be more of the same. Announced Friday, January 26th, Ocwen will hire outside accountants and pay $2.5 million to the state of California in exchange for the state to halt their bid to suspend the company’s license. California state regulators previously announced Ocwen failed to comply with providing them with loan information as requested. This latest settlement only covers Ocwen’s failure t