January

Blog Posts in January, 2013

  • Foreclosure and your FICO score

    When you are facing financial challenges, it can be difficult to know where to begin. Do you think about the immediate stressors in your life, such as threats of foreclosure, mounting credit card debt and not enough income? Or do you focus on future ...
  • CFPB Releases New Mortgage Lending Rules

    On January 10, 2014, the Consumer Financial Protection Bureau released new rules that will regulate how banks issue mortgages. These rules are designed to prevent banks from issuing the types of sub-prime and Alt-A loans that were largely responsible ...
  • CFPB Releases New Mortgage Servicing Rules

    The Consumer Financial Protection Bureau has released new mortgage servicing rules that go into effect in 2014. These rules are meant to "put the service back into mortgage servicing," as the CFPB describes it. One of the biggest changes is ...
  • Illinois Attorney General Lisa Madigan announced yesterday that Illinois homeowners have until January 18, 2013 to to submit a claim for reimbursement under the National Mortgage Settlement. If your home was foreclosed upon by GMAC/Ally, Bank of ...
  • "Zombie Title" -- When Homeowners Remain On The Hook

    The press loves to use the word, "zombie," as an adjective when referring to things that were thought to be final. (For example: zombie title, zombie debt, and zombie mortgages.) It looks like the latest use is "zombie title." In Chicago, we've been ...
  • On December 24, 2012, I wrote about the impending demise of the Independent Foreclosure Review program. The program was pronounced dead on arrival yesterday. Although the OCC cited many issues with the program as the basis for ending it, including ...
  • Mortgage Crisis in a Nutshell Video

    Denver, CO attorney, John E. Campbell, has produced a video explaining the mortgage crisis. It is just under one hour long, but is well-worth watching if you want to understand the fundamentals of how the crisis came to be, what allowed the mortgage ...
  • It looks like short sales and principal reductions will continue to work as intended, at least for one more year. The fiscal cliff bill that Congress just passed extends the Mortgage Debt Forgiveness Relief Act through the end of 2013. This means ...