- Anca Safta never missed a payment on her loan to expand her Lutherville home. But that didnt stop Saftas mortgage servicer from citing her this year for failing to pay, reporting her to credit agencies and threatening to foreclose.It was just a nightmare, said Safta, a physician at the University of Maryland Medical Center who got the loan to build an extension for her parents to live in.
Problems Rampant in Mortgage Servicing, Advocates and Regulators Say
July 2nd, 2011 by Kevin HallWhat Are the Iowa Unemployment Benefits for Someone Who Has Not Worked in a Year?
July 2nd, 2011 by Misty MurphyWhen you lose your job in Iowa, you are eligible to apply for unemployment benefits immediately after the job loss. If it has a been a year since your job loss, you can still apply. However, waiting does not benefit you because you cannot get retroactive benefits when you wait to file.
-
-
Unemployment benefits eligibility is based on your previous wages. In Iowa, your wages for the past 15 to 18 months is what is used to determine eligibility. Not working in a year does not immediately disqualify you for benefits if you worked in the months preceding that period. However, you do need to have earned a certain amount of benefits in that period.
-
Foreclosures Are Not Going To Go Away Anytime Soon
June 29th, 2011 by Kevin Hall- When it comes to foreclosures and short sales, there is not much good news on the horizon, a foreclosure data expert said last week. Michelle Lenahan, director of customer service and training for Foreclosure Radar, said real estate professionals have become more valuable today than in the past because these types of transactions arent going away anytime soon. In fact, sharing valuable information on these types of transactions is a great way to start a conversation with clients, she said.Examining trends in foreclosure and bank-owned properties in the Bay Area, Lenahan said news that delinquencies are down and the foreclosure rate is flat is deceiving because there are 2.2 million homes under water. One million homes are currently in some stage of the foreclosure process, and it could take as long as 50 months to get them through the market.
2 Best practices the debt collectors need to follow
June 27th, 2011 by adminA collection agency is nothing but a company hired by the creditors to recover funds for them which are due. In many cases, the lenders have their own division or subsidiary which acts as the collection agency. Once the lenders fail to collect the amount that they owe to individuals or business entities even after making repeated efforts, then they take the help of a collection agency. A percentage of the amount recovered for the lender goes as the profit of the collection agency. Some aggressive collection agency purchases the debts from the creditors at a discount and it thereafter tries to collect the entire outstanding debt from the debtor. The difference between the amount that the collection agency has been able to recover from the debtor and the amount that is has paid to the lender while purchasing the debt, is the profit of the collection agency.
However, in order to recover the debts from the individuals and business entities, the collection agencies can not resort to unfair practices. Full Article…
Tortured By Bank Of America
June 27th, 2011 by Kevin Hall- Last weekend an open house was held at our former home at 1502 Glorietta Blvd. The Broker, representing Bank of America is asking less than $1.9 mm for this beautiful property. We bought the home in 1996 and rebuilt it in 2004-2005. When we refinanced in 2006 our home was appraised at more than $3.7 mm. We had mortgages with Countrywide, subsequently acquired by Bank of America.My husband was diagnosed with stage 4 tongue and neck cancer in March 2009 and later in the year with very aggressive prostate cancer. Fighting health issues and a slumping economy, his income was reduced dramatically. We sought to restructure our loans with Bank of America. We also sought to sell our home for cost. As the housing market continued to slump, it became obvious that we would be forced to seek a “short sale” with the able assistance of our local broker.
Bank of America’s $40 Billion Lesson
June 27th, 2011 by Kevin Hall- As you enjoy your July 4th refreshments, lift a toast of thanks to Bank of America for its almost $40 billion contribution to resolving the mortgage loan debacle that continues to plague the US economy. $40 billion is about the cost that the Wall Street Journal estimates that Bank of America has spent to address the sins of Countrywide Financial Corp., the mortgage lender that it bought in 2008.Also take a moment to ponder the unforced error that left the nation’s largest bank with this mortgage-related nightmare. It is too late for Bank of America to do anything but make the best of a bad decision, but it is not too late for other executives and board members to avoid making the same mistake.