flagstar bank mortgage relief

I A Flagstar Bank executive said the bank presents a range of options to homeowners seeking mortgage relief, including lump-sump payments. Troy's Flagstar Bank ordered to pay to customers and fined for applications asking for a mortgage modification or other relief on a home. Flagstar administers foreclosure relief programs provided by the owner of the loan. Foreclosure relief programs mitigate losses for both the.

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Mortgage Forbearance for a Flagstar Bank Loan   Detroit News Finance Editor

Troy-based Flagstar Bank was ordered to pay $37.5 million in damages to mortgage customers and in fines Monday tahiry jose herpes mishandling requests for loan modifications and, in some cases, illegally foreclosing on homes.

The Consumer Financial Protection Bureau fined the bank $10 million and ordered it to pay $27.5 million to victims for illegally blocking borrowers’ attempts to save their homes. Flagstar agreed to the settlement without admitting guilt.

“Because of Flagstar’s illegal actions and how to use td bank gift card online delays, struggling homeowners lost the opportunity to save their homes,” Richard Cordray, director of the bureau, said in a statement. “Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”

In its own statement, Flagstar called it a settlement of “alleged violations of federal consumer financial laws” and noted it has modified “thousands” of mortgages. “This resolution is in the bank’s best interest and allows us to continue building a great company,” CEO Alessandro DiNello said in the news release. Flagstar has 106 branches in Michigan; and runs mortgage lending centers in 18 states and services loans nationwide.

Flagstar also is facing a potential class-action lawsuit filed Sept. 5 in New York by Pomerantz LLP, charging the bank misled investors by failing to disclose the defective mortgage servicing practices.

The bureau’s investigation found that even though Flagstar faced a backlog of 13,000 applications asking for a mortgage modification or other relief on a home loan during 2011, the bank assigned just 25 workers and one vendor based in India to review the files. At times, the bb dakota tegan said, it took nine months to review just one application, and that callers averaged 25 minutes on hold, with half of them hanging up.

After new mortgage rules issued by the bureau went into effect at the beginning of the year, Flagstar violated them on several counts, the bureau said. That included closing files because the bank took too long to review them, miscalculating borrower incomes, misinforming borrowers, not warning borrowers about incomplete applications, missing deadlines, denying loan modifications without giving a reason, misinforming borrowers about their rights and dragging out modification trial periods so long that it increased the outstanding loan amount and jeopardized the borrower’s ability to get a permanent modification to the mortgage.

A spokesman for the bureau said 2,000 of the 6,500 loans reviewed by Flagstar lost their homes to foreclosure.

It e bankoh app sounds familiar to Phil Lyman, an auto salesman in Rockford, not far from Grand Rapids. When auto sales tanked during the recession, Lyman contacted Flagstar about refinancing his home or modifying the loan in 2010. After many excuses and delays, he said he was assured his loan modification would be issued only to find that the bank had allowed Farmington Hills attorneys Schneiderman & Sherman P.C., to foreclose.

“They’d say, ‘We’re almost there, we just need this, this and this,’ and then they’d say it didn’t go through,” he recalls.

Lyman scrambled to raise the money to get his home back before the six-month redemption period expired and he would be evicted, eventually raiding his 401(k) retirement fund, which resulted in a $59,000 tax bill.

Lyman said he did eventually receive a final answer on his loan modification. It came after the deadline, when it would have been too late to save his home.

“I didn’t get the notification that I was completely shot down until after the redemption deadline,” he said.

The payment of $27.5 million to 6,500 homeowners will be handled directly by the Consumer Finance Bureau, not Flagstar, and applies only to cases of modification requests handled this year. With the added $10 million fine, the settlement totals $37.5 million. In July, Flagstar reported net income for the second quarter of $25.5 million.

At an average of $4,154 per homeowner, the settlement covers not much more than closing costs and fees on a mortgage those homeowners would td ameritrade institutional fees paid.

But that’s high for these kinds of settlements, noted Steve Dibert, a mortgage expert who helps homeowners dispute foreclosures.

“The average is between $1,500 and $2,000 and most homeowners get $500 or $750,” Dibert said. “When you compare it to what people have gotten in other settlements like this, that’s extremely high.”

In addition to the payments and fines, the bureau ordered Flagstar to fix its mitigation process, and contact borrowers who weren’t foreclosed on and offer them modifications. The bureau also barred Flagstar from contracting to service any more loans in default until the problems are repaired.

During the past several years, several government bodies have forged settlements with big home-lenders over the mishandling of mortgages and foreclosures during and after the recession. In 2012, 49 state attorneys general and the federal government wrested an estimated $25 billion settlement over servicing, including forged and backdated documents with five of the country’s five largest mortgage servicers: Ally/GMAC; Bank of America; Citi; JPMorgan Chase; and Wells Fargo.

In December, attorneys general and the Consumer Finance Bureau reached another $125 million settlement with Homeward Residential Holdings (previously known as American Home Mortgage Servicing), Litton Loan Servicing and Ocwen. In addition, Ocwen agreed to forgive $2 billion in mortgage debt.

Only one person has been sentenced to jail for servicing fraud. In 2012, Lorraine Brown, the former president of DocX, a Georgia firm that processed foreclosure documents for banks. After Brown pleaded guilty in a Florida federal court for her role in authorizing forged signatures under the name “Linda Green,” Michigan immediately indicted Brown over similar “robo-signed” documents filed in the state.

In May 2013, a Michigan are the banks closed on monday for veterans day sentenced Brown to 40 months to 20 years for racketeering. She was later sentenced to five years on the federal charges.

“This has been a long time coming,” added Dibert, the mortgage expert. “For 10 years, Flagstar has had servicing issues. So this is great for homeowners with Flagstar mortgages, because they’re going to get a better level of customer service than they were getting before.”

boconnor@detroitnews.com

(313) 222-2145

Getting restitution

If your mortgage was one of the 6,500 found to have been improperly handled, the Consumer Finance Protection Bureau will contact you directly about your share of the settlement. Flagstar Bank won’t issue the payments. The settlement applies only to mortgage modification requests handled this year.

You can contact the bureau at (855) 411-2372 or on the Web at www.consumerfinance.gov/complaint

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Источник: https://www.detroitnews.com/story/business/real-estate/2014/09/29/flagstar-fined-million-illegal-foreclosures/16430761/

MANHATTAN U.S. ATTORNEY SUES FLAGSTAR BANK FOR FRAUDULENT MORTGAGE LENDING PRACTICES AND SETTLES FOR $132.8 MILLION AND OTHER CONCESSIONS

FOR IMMEDIATE RELEASE

Friday February 24, 2012

Bank Admits and Accepts Responsibility for Submitting False Certifications to HUD and Also Agrees to Reform Practices

Preet Bharara, the United States Attorney for the Southern District of New York, Helen Kanovsky, General Counsel of the U.S. Department of Housing and Urban Development (“HUD”), and David A. Montoya, the Inspector General of HUD, announced today that the United States has filed, and simultaneously settled, a civil fraud lawsuit against FLAGSTAR BANK, F.S.B. (“FLAGSTAR”), one of the nation’s largest savings banks and originators of mortgage loans, for improperly approving residential home mortgage loans for government insurance.  In the settlement, FLAGSTAR admitted, acknowledged, and accepted responsibility for submitting false certifications to HUD.  The false certifications induced the Federal Housing Administration (“FHA”) to accept loans for government insurance that flagstar bank mortgage relief not eligible and that resulted in losses to HUD when flagstar bank mortgage relief loans defaulted.  FLAGSTAR agreed to pay $132.8 million to the United States in damages and penalties under the False Claims Act and to reform its business practices.  The settlement was approved today by United States District Judge Katherine B. Forrest.   

Manhattan U.S. Attorney Preet Bharara stated:   “The lawsuit filed today is another stark example of how certain lenders put profit ahead of responsibility by recklessly churning out mortgage loans without regard to the risk that those loans would default or the significant consequences for the individual homeowners who would inevitably default on their loans, the housing market, and in the aggregate, our nation’s economy.  With today’s settlement FLAGSTAR has accepted responsibility for its conduct, and how to find bank account number citibank to reform its business practices to ensure compliance with HUD requirements.  Participation in this federally subsidized program is a privilege, not a right, and the cases this office has filed against banks that abuse this privilege should underscore our commitment to holding them to account.”

HUD General Counsel Helen Kanovsky stated: “It is absolutely fundamental that lending institutions that earn the authority to directly endorse FHA-insured mortgages apply our standards.  Lenders that play fast and loose with FHA requirements, bridgewater savings bank phone number families at unnecessary risk, do so at their own peril.”

HUD Inspector General David A. Montoya stated: “Today’s settlement is the latest example of our continued work of holding FHA Direct Endorsement Lenders accountable for adhering to strict underwriting standards.   I laud the cooperation between my office and the Departments of Housing and Urban Development and Justice to bring this matter to closure.  This success could not have happened without the untold energy and effort of my audit, investigative and legal staff, and their foundational role in enabling today’s settlement.”

The following allegations are based on the Complaint filed today in Manhattan federal court:

FLAGSTAR has been a participant in the Direct Endorsement Lender program (“DEL program”), a federal program administered by the FHA, since 1988.  The DEL program authorizes private-sector mortgage lenders (“Direct Endorsement Lenders”) to approve mortgage loans for insurance by the FHA.  If a Direct Endorsement Lender approves a mortgage loan for FHA insurance and the loan later defaults, the holder of the loan may submit an insurance claim to HUD for the costs associated with the defaulted loan that HUD must then pay.  Under the DEL program, neither the FHA nor HUD reviews a loan before it is endorsed for FHA insurance.  Consequently, it is crucial that Direct Endorsement Lenders follow the DEL program rules in determining which loans to approve for FHA insurance.  One such rule requires that Direct Endorsement Lenders employ experienced underwriters who have demonstrated knowledge and skill in mortgage evaluation and the principles of mortgage underwriting (“DE underwriters”) to conduct due diligence on loans before they are endorsed for FHA insurance.

From January 1, 2002 to the present (the “Covered Period”), FLAGSTAR routinely delegated key underwriting functions to staff employees who were not DE underwriters.  Notwithstanding the fact that these “underwriting assistants” lacked the qualifications necessary to be DE underwriters, they were frequently assigned by FLAGSTAR to review conditions that had been placed on FHA loans and to make the final decision on whether the requisite conditions for FHA insurance had been met.  Even though FLAGSTAR permitted these key underwriting responsibilities and decisions to be delegated to underwriting assistants, FLAGSTAR’s DE underwriters falsely certified to HUD, for each loan they manually underwrote and endorsed for government insurance, that the DE underwriters had themselves reviewed all of the loan documents and had exercised due diligence in underwriting the loans.

The Complaint also alleges that FLAGSTAR’s DE underwriters repeatedly endorsed loans for FHA insurance that did not comply with HUD’s flagstar bank mortgage relief requirements and thus were not eligible for government insurance.  FLAGSTAR’s DE underwriters nevertheless falsely certified to HUD, for each loan they endorsed for FHA insurance, that it was eligible for such insurance.

FLAGSTAR also set daily quotas for its DE underwriters and underwriting assistants, specifying the number of loans and conditions that they had to process per day, and paid these employees substantial incentive awards for exceeding their daily quotas.  For example, in 2008, 10 FLAGSTAR DE underwriters earned at least $30,000 in incentive awards, with the top earner receiving $82,180.33 in extra compensation.  The default rates on the loans that these 10 DE underwriters manually underwrote and approved for FHA insurance in 2008 were higher than the average default rate for all of the manually-underwritten loans that Flagstar approved for FHA insurance that year. 

As part of the settlement, FLAGSTAR has admitted, acknowledged, and accepted responsibility for the following conduct:  

  • Notwithstanding loan-level certifications to the contrary, a Flagstar DE underwriter did not, in every instance, ‘personally review’ ‘all associated documents’ for the loans that Flagstar manually underwrote and endorsed for FHA insurance during the Covered Period.

  • In a number of instances, underwriting assistants were the only ones to review documents associated with material conditions on the loans that Flagstar manually underwrote and approved for FHA insurance during the Covered Period.

  • In a number of instances, underwriting assistants cleared material conditions — without DE underwriter supervision — relating to the borrower’s income, assets and credit.

  • In a number of instances, notwithstanding loan-level certifications to the contrary, loans that Flagstar underwrote and approved for FHA insurance during the Covered Period, and for which HUD has paid insurance claims, did not comply with certain underwriting requirements contained in HUD’s handbooks and Mortgagee Letters and were therefore ineligible for mortgage insurance under the DEL program.

  • Flagstar made false certifications on loans that induced the FHA to accept for Government insurance loans that were ineligible and that the FHA otherwise would not have insured, and that resulted in losses to HUD when the loans defaulted.

Under the settlement, FLAGSTAR has agreed to pay $15 million within 30 days after approval of the settlement by the Court, and to make additional payments totaling an additional $117.8 million as soon as FLAGSTAR meets certain financial benchmarks.  The settlement payments represent the maximum that FLAGSTAR can pay, consistent with its banking regulatory requirements and other requirements, including capital requirements imposed by the Office of the Comptroller of the Currency and the obligation of its parent holding company to satisfy its obligations in connection with the Troubled Asset Relief Program.

FLAGSTAR has also agreed to comply with all relevant HUD/FHA rules applicable to Direct Endorsement Lenders.  FLAGSTAR has further agreed that, in addition to complying with all relevant HUD/FHA rules applicable to Direct Endorsement Lenders, FLAGSTAR’s continued participation in the DEL program is conditioned on:  (1) FLAGSTAR’s completion of a one-year period during which FLAGSTAR’s compliance with all HUD/FHA rules applicable to Direct Endorsement Lenders shall be monitored by a third party at FLAGSTAR’s own expense (under certain conditions, this monitoring period may be extended by HUD for an additional two years); (2) FLAGSTAR’s implementation of a training program for all employees involved in the origination and underwriting of FHA loans regarding all relevant HUD/FHA rules applicable to Direct Endorsement Lenders; and (3) FLAGSTAR’s certification to HUD that the individuals in senior leadership positions who previously had primary responsibility for, respectively, initiating and overseeing FLAGSTAR’s manual underwriting process are no longer employed by FLAGSTAR.

The case is being handled by the Office’s Civil Frauds Unit.  Mr. Bharara established the Civil Frauds Unit in March 2010 to bring renewed focus and additional resources to combating financial fraud, including mortgage fraud. 

The Complaint filed today against FLAGSTAR represents the fourth civil fraud lawsuit brought by this Office in the last nine months alleging reckless or fraudulent lending practices by residential mortgage lenders.  On May 3, 2011, the Government sued DEUTSCHE BANK and its subsidiary, MORTGAGEIT, INC., in connection with $386 million of FHA insurance claims paid by HUD for defaulted mortgage loans.  On November 1, 2011, the Government sued ALLIED HOME MORTGAGE CORPORATION and its CEO in connection with $834 million of FHA insurance claims paid by HUD.  On February 15, 2012, the Government sued and settled with CITIMORTGAGE, INC. (“CITIMORTGAGE”), a subsidiary of CITIBANK, N.A., for engaging in over six years of misconduct in connection with CITIMORTGAGE’s participation in the DEL program.  In the settlement, CITIMORTGAGE admitted and accepted responsibility for failing to comply with certain DEL program requirements, and agreed to pay $158.3 million in damages.  The Office’s Civil Frauds Unit is handling all four cases as part of its continuing investigation of reckless mortgage lending practices.

The Civil Frauds Unit works in coordination with President Barack Obama’s Financial Fraud Enforcement Task Force, on which Mr. Bharara serves as a Co-Chair of the Securities and Commodities Fraud Working Group.  President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes.  The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources.  The task force is working kentucky bank phone number improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes.

Mr. Bharara thanked HUD and HUD-OIG for their extraordinary assistance in this case.  He also expressed his appreciation for the support of the Commercial Litigation Branch of the U.S. Department of Justice’s Civil Division in Washington, D.C.

Assistant U.S. Attorney Christopher B. Harwood is in charge of the case.

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Источник: https://www.justice.gov/archive/usao/nys/pressreleases/February12/flagstarbanksettlement.html

CFPB Takes Action Against Flagstar Bank for Violating New Mortgage Servicing Rules

Flagstar to Pay $37.5 Million for Blocking Mortgage Borrowers’ Attempts to Save Their Homes

Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against Michigan-based Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes. At every step in the foreclosure relief process, Flagstar failed borrowers. The bank took excessive time flagstar bank mortgage relief process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications. The CFPB is ordering Flagstar to halt its illegal activities, pay $27.5 million to victims, and pay a $10 million fine.

“Because of Flagstar’s illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes,” said CFPB Director Richard Cordray. “The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”

Flagstar is a federal savings bank and mortgage servicer based out of Troy, Michigan. Flagstar administers foreclosure relief programs provided by the owner of the loan. Foreclosure relief programs mitigate losses for both the borrower and the owners of the loans by providing alternatives to foreclosure. These alternatives are known as “loss mitigation” programs. Flagstar is responsible for soliciting borrowers for these programs, collecting their flagstar bank mortgage relief, determining eligibility, and implementing the loss mitigation program for qualified borrowers.

The Bureau’s examinations and investigation found that from 2011 to the present, Flagstar failed to devote sufficient resources to administering loss mitigation programs for distressed homeowners. For example, in 2011, Flagstar had 13,000 active loss mitigation applications but only assigned 25 full-time employees and a third-party vendor in India to review them. For a time, it took the staff up to nine months to review a single application. In Flagstar’s loss mitigation call center, the average call wait time was 25 minutes and the average call abandonment rate was almost 50 percent. And Flagstar’s loss mitigation application backlog numbered well over a thousand. When the CFPB’s new mortgage servicing rules went into effect in January 2014, Flagstar committed violations of the new rules with respect to loss mitigation.

At every step in the foreclosure relief process, Flagstar failed consumers. Specifically, the Bureau found that Flagstar:

  • Closed borrower applications due to its own excessive delays: Flagstar took excessive time to review loss mitigation applications, often causing application documents to expire. To move its backlog, Flagstar would close applications due to expired documents, even though the documents had expired because of Flagstar’s delay.
  • Delayed approving or denying borrower applications: Under the new CFPB mortgage servicing rules, Flagstar must evaluate a complete loss mitigation application within 30 days, if it receives the complete application more than 37 days before a foreclosure sale. Flagstar also failed to adhere to these timelines.
  • Failed to alert borrowers about incomplete applications: Flagstar is responsible for reviewing borrowers’ initial loss mitigation applications to determine what documents are missing. It must then tell borrowers what documents are missing, usually by sending a “missing document” letter. Flagstar failed to send, or delayed sending, missing document letters to borrowers.
  • Miscalculated incomes: Eligibility for some loss mitigation programs, such as a loan modification, is highly dependent on borrower income. If borrowers have too much or too little income, they do not qualify. Flagstar routinely miscalculated borrower income and wrongfully denied loan modifications.
  • Denied applications for unspecified reasons: Under the CFPB’s new rules, mortgage servicers must provide the specific reason a complete loan modification application is rejected. Flagstar’s policy was to say only “not approved for loss mitigation options by the investor/owner of the loan,” even though Flagstar’s bank of america secured credit card number systems contained the true reason for the denial.
  • Misinformed borrowers about their appeal rights: Under the CFPB’s new rules, Flagstar must provide certain borrowers the capital one auto finance hours to appeal the denial of a loan modification. But Flagstar failed to provide this notice, and it wrongly stated that borrowers have an appeal right only if they reside in certain states.
  • Put borrowers in trial period purgatory: Flagstar needlessly prolonged trial periods for loan modifications. This caused some borrowers’ loan amount under the modified note to increase and, in some cases, jeopardized borrowers’ permanent loan modification.

Flagstar’s failures as a mortgage servicer hurt homeowners. In many cases, Flagstar deprived borrowers of the ability to make an informed choice about how to save or sell their home, caused borrowers to drop out from the loss mitigation process entirely, and drove borrowers into foreclosure.

Enforcement Action

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to take action against institutions violating the January 2014 mortgage servicing rules, and it has authority to take action against institutions engaging in unfair, deceptive, or abusive practices. The CFPB’s order requires Flagstar to:

  • Pay $27.5 million in redress to victims: Flagstar must pay $27.5 million to the approximately 6,500 consumers whose loans were being serviced by Flagstar and who were subject to its unlawful practices. At least $20 million of this will go to the approximately 2,000 victims of foreclosure. Borrowers who receive payments will not be prevented from taking individual action on their claims as a result of this settlement.
  • End all loss mitigation mortgage servicing violations: Flagstar is prohibited from engaging in violations of the loss mitigation provisions of the CFPB’s mortgage servicing rules and unfair, deceptive and abusive acts or practices in connection with loss mitigation. Among other things, this means Flagstar must properly review, acknowledge, and evaluate loss mitigation applications and cannot improperly deny loss mitigation applications or improperly prolong the trial period for a loan modification.
  • Stop acquiring default servicing rights from third parties: Flagstar is prohibited from acquiring servicing rights for default loan portfolios until it demonstrates it has the ability to comply with laws that protect consumers during the loss mitigation process.
  • Engage in efforts to help affected borrowers preserve their home: For borrowers affected by Flagstar’s unlawful practices who were not foreclosed on, Flagstar must engage in outreach, including a door knocking campaign and translations services, to contact borrowers and offer them loss mitigation options. And Flagstar must halt the foreclosure process, if one is happening, during this outreach and qualification process for these borrowers. For affected borrowers who were previously denied a loss mitigation option, Flagstar must do an independent review to determine whether they were offered all loss mitigation options for which they qualified. If they were not, Flagstar must offer the borrower those loss mitigation options.

The consent order is available at: https://files.consumerfinance.gov/f/201409_cfpb_consent-order_flagstar.pdf

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The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules create a bank account online for free effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visitwww.consumerfinance.gov.

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Источник: https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-flagstar-bank-for-violating-new-mortgage-servicing-rules/

Mortgage Relief Options After Hurricane Ida

Hurricane Ida was among the most destructive hurricanes to hit the U.S. in recent memory. The recovery will likely take weeks or more depending on the area, as the deadly storm tore through several states from Louisiana to New England, leaving people without power, water and homes.

In Lafourche Parish, for example, one of the hardest-hit areas in Louisiana, an estimated 75% of structures have been damaged or destroyed. CoreLogic, a data analytics firm, estimates that losses to residential and commercial properties in Louisiana, Mississippi and Alabama alone could range between $27 billion and $40 billion. And Accuweather is projecting up to $95 billion in damages nationwide, making it one of the costlier hurricanes in a decade.

For homeowners, the financial burden can be devastating. Many people are facing the loss of property and exorbitant repair costs—which could include anything from flooding to structural damage. And some folks are faced with paying the mortgage while also spending money on temporary living arrangements.

If you’re unable to pay your mortgage because of financial setbacks due to Hurricane Ida, you might be able to pause payments (through forbearance) or be eligible for other assistance programs from your mortgage provider.

Steps for Homeowners Struggling to Make Monthly Payments

Many mortgage lenders, what is working capital loan well as Fannie Mae and Freddie Mac, are offering relief to homeowners affected by Hurricane Ida.

The first thing you should do is contact your mortgage service provider if you can’t make your regular monthly payments. Find out what options are available to you. The worst scenario is to avoid contacting your service provider and falling into foreclosure.

If your property was damaged, be sure to have information about your homeowner’s insurance handy to speed up the process when calling your lender.

Keep in mind, there are many federal assistance programs—from direct payments to finding temporary shelter—through the Federal Emergency Management Agency (FEMA) to people in hard-hit areas.

Forbes Advisor compiled a list of what some lenders and the government-sponsored enterprises (Fannie Mae and Freddie Mac) are doing to help customers. Even if your lender isn’t on this particular list, they might have assistance plans available to you upon request.

Fannie Mae

If you have a mortgage backed by Fannie Mae, help is available for eligible homeowners whose property was damaged by Hurricane Ida. According to Fannie Mae’s guidelines for single-family mortgages impacted by a natural disaster, homeowners have the following options:

  • Mortgage servicers may offer forbearance for up to 90 days for people impacted by Ida. Servicers are authorized to automatically put customers (they believe were affected by Ida) into forbearance, even if they haven’t talked to the homeowner.
  • Homeowners may be eligible to reduce or pause their mortgage payments for up to 12 months.
  • Foreclosure and other legal proceedings are suspended for a certain period, but you should contact your lender to get more information.
  • If you’re already in a Covid-19 forbearance program, contact your lender to discuss options.

Homeowners won’t incur any late fees or other penalties if they’re enrolled in a disaster relief mortgage program. They might also be eligible for financial assistance to help them make up any missed payments.

“We urge everyone in the path of the storm to focus on their safety,” said Cyndi Danko, vice president, single-family risk management at Fannie Mae, in a statement. “Fannie Mae safety 1st baby car seat 3 in 1 committed to ensuring assistance is available to homeowners and renters in need, and we encourage residents impacted by this storm to seek assistance as soon as possible.”

If you’re unsure if Fannie Mae backs your home, you can go to their website and use its mortgage lookup tool.

Freddie Mac

Freddie Mac offers practically the same assistance as Fannie Mae for home loans it backs. According to its disaster policy, there are several avenues eligible borrowers can take for help.

  • Short-term forbearance plans are available for people in affected communities whose homes were damaged by Hurricane Ida. Mortgage services can determine eligibility by “assessing the extent of the property damage and the financial impact to the borrower.”
  • Borrowers will be exempt from late charges. And any late payments will not be reported to credit bureaus if they’re in a forbearance plan, Trial Period Plan (which is a pre-loan modification plan) or repayment plan.
  • Some borrowers may qualify for transition assistance which can help them resume regular payments after the forbearance period expires.

To find out if Freddie Mac owns your mortgage, you can use the loan lookup tool on its website.

Chase

Eligible Chase mortgage customers in FEMA-declared areas will not have to pay late fees for mortgage, credit card, business banking, auto loans and leases. If you incur a late fee, Chase will refund the money. This policy is in place until Sept. 26.

Freedom Mortgage

For borrowers in FEMA-declared disaster areas, Freedom Mortgage may:

  • Offer a short-term forbearance plan, which will temporarily reduce or suspend payments. Once the forbearance expires, there are a variety of options to repay the amount that’s owed.
  • Forgive mortgage payment late fees.
  • Suspend adverse credit bureau reporting.
  • Temporarily pause “check by phone fees” so borrowers can pay however is most convenient.
  • Suspend active foreclosure or the initiation of new foreclosure on your home.

Ally Home

Glenn Brunker, president, Ally Home, said that Ally is “committed to doing what we can for first bank of nigeria customer care phone number impacted by this storm.” This includes giving borrowers a variety of relief options such as:

  • Personalized relief assistance through third-party servicers
  • Pausing collections activity
  • Closings and inspections may be delayed and your rate lock extended if you’re already in the mortgage application process
  • Borrowers can get a 30-day, late-fee waiver specifically for Ally Lending home improvement loans
  • Collections activity will be paused for people in the Ally Lending home improvement loan

Fifth Third Bank

Fifth Third Bank mortgage customers impacted by Hurricane Ida may take advantage of the following disaster assistance options:

  • Mortgage forbearance for 90 days from the date of the FEMA declaration. This will temporarily pause your payments, and missed or reduced payments will not be reported to the credit bureaus for those 90 days. However, interest will continue to accrue.
  • Late charges are waived for 90 days from the date of the FEMA declaration.

For borrowers who opt into a forbearance plan, there are several ways you can repay the amount owed once the 90-day forbearance expires:

  • Make a lump-sum payment to bring the loan current.
  • Extend the payment relief forbearance period. Borrowers can extend their forbearance with another three-month, delayed payment period. Forbearance can be granted for three months at a time, up to a total of 12 months. However, some fees might be assessed for any forbearance extensions beyond the initial 90-day period.
  • Home loan modification, which will either change the term, rate or principal amount of your loan to make it more affordable, is also available for some borrowers.

LoanDepot

LoanDepot customers might be able to qualify for a forbearance plan, which will either reduce or pause your payments if you were affected by Hurricane Ida.

TD Bank

TD Bank will help mortgage customers experiencing financial hardship because of Hurricane Ida. According to a TD Bank spokesperson, assistance is available upon request and may include refunding any late payment fees and temporarily waiving late payment fees.

Flagstar Bank

Flagstar Bank is offering forbearance to people impacted by Hurricane Ida if they’re unable to make payments on their mortgage. Even borrowers who are or were previously in forbearance due to Covid-19 are eligible to extend their forbearance based on certain guidelines.

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Источник: https://www.forbes.com/advisor/mortgages/mortgage-relief-options-after-ida/

Mortgage forbearance end dates and extension options (2021)

Is your mortgage forbearance about to end?

Mortgage forbearance provided a lifeline for millions of homeowners during the most difficult months of the pandemic.

But with the end date for many forbearance plans rapidly approaching, homeowners will have to decide how to move forward.

Do you need to extend your COVID forbearance plan for another 3–6 months? Or are you ready to exit – and if so, what are your options? Here’s what you should know.

Check your refinance eligibility with a lender (Nov 26th, 2021)


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>Related:The best way to refinance your mortgage

Mortgage forbearance end dates

Under the CARES Act, homeowners with conventional, FHA, VA, or USDA loans could request an initial home loan forbearance for up to six months. They could also request a six–month extension, for up to one year of total forbearance.

“Forbearance plans are based on when you requested them,” explains David Shapiro, president and CEO of EquiFi Corporation.

That means homeowners who entered forbearance plans early in the coronavirus pandemic are likely nearing their forbearance end dates.

For example:

  • Say you have a conventional mortgage loan
  • You initially requested forbearance on September 1, 2020
  • At the end of your six–month forbearance period, you requested a six–month extension
  • Your current forbearance plan would be set to expire on September 1, 2021

Remember that when you exit forbearance, you’ll need a plan to make up the payments you missed during that period. Here are your options.

Options after your forbearance plan ends

If you’re ready to resume payments at the end of the forbearance period, be prepared for what happens next.

“Forbearance is not loan forgiveness. Borrowers will still owe the principal and interest that they didn’t pay during the forbearance period,” notes says Dongshin Kim, assistant professor of finance and real estate at Pepperdine Graziadio Business School.

“Borrowers will need to make both the regular mortgage payments and also all the payments they missed while the loan was in forbearance.”

You will typically have several options for repayment once forbearance expires:

  1. Full repayment, which is a one-time lump sum payment. It’s possible to pay back all the missed payments at once. But lenders are NOT allowed to require this. “If you are unable to pay the lump sum, you have other options,” says Jackie Boies, senior director of housing services at Money Management International
  2. Make intermittent payments, meaning you repay the missed amout over 3–12 months on top of your regular monthly mortgage payments
  3. Lengthen your loan term and pay off the missed amount at the end of the extended loan term, via additional mortgage payments
  4. Payment deferral. This option lets you pay off the missed amount when the home is sold or refinanced, or at the end of the loan term
  5. Pursue a loan modification. “This helps borrowers who are at risk of default change their mortgage terms – usually including a lower interest rate, reduced length of the loan, or reduced monthly payment,” adds Boies

A new mortgage relief plan from the Biden Administration allows modification of eligible VA, FHA, and USDA loans, reducing monthly payments by 20–25 percent. The Federal Housing Finance Agency has similar options t mobile my account app download conforming loans.

The right option for you depends on your current finances, employment status, and ability to resume mortgage payments.

When you contact your loan servicer, be sure to discuss every option in detail so you know exactly what to expect with the repayment plan you select.

Expect delays when contacting your mortgage servicer

The experts warn that you should anticipate a few possible snags and setbacks post–forbearance, especially when it’s time to contact your loan servicer.

“Borrowers should expect very long delays and may experience inconsistency in customer support representatives,” cautions Shapiro.

“Loan servicing organizations are not all properly staffed for the expected volume of forbearances, and they can’t train support agents fast enough to meet their needs.

Even if you can’t get through on the first few contact attempts, don’t give up.

“Be patient, but be persistent. Mortgage servicers have struggled to keep up with calls during the COVID crisis, home remedies for cold sores many have made online options easy and added staffing,” says Boies.

Keep a close eye on your credit report and score

If your mortgage has been in forbearance, check your credit report carefully.

CARES Act rules state that mortgages in forbearance should not be reported as having late or missed payments. And the forbearance plan should not harm your credit score.

But this is another area where mistakes can happen.

“Sometimes there can be mistakes and issues with credit scores that can pop up around forbearance,” Kim says.

Remember, lenders and servicers have never before had to deal with mortgage forbearances on this scale. So it’s up to the borrower to be extra–vigilant and make sure nothing slips through the cracks.

Check your loan statements every month and stay on top of your credit report to make sure your score hasn’t been negatively impacted by forbearance.

Can I end my forbearance plan early?

You don’t have to wait for your six– or 12–month forbearance period to come to an end. Instead, you can opt to exit forbearance earlier than expected.

Just be prepared to pay back the amount you weren’t able to pay while forbearance was in place, cautions Kim.

“The best time to end forbearance is when the borrower is comfortable and able to make payments, including the additional money for repayments they owe,” Kim adds.

If you’re ready to end forbearance, contact your loan servicer and request this.

“But be sure your financial foundation is strong enough, meaning you have some type of emergency fund to back up your ability to pay your mortgage,” suggests Shapiro.

And, make sure you understand your options for repaying the missed amounts so you’re ready to discuss them with your servicer.

Refinancing after mortgage forbearance

Refinancing after you exit forbearance could be a smart move.

If you’re able to lock in a lower interest rate and monthly payment, it could make resuming your mortgage payments that much easier.

That goes double for homeowners who decide to repay their missed loan amount by adding a little extra to each monthly payment.

Typically, you won’t be able to refinance right away. But you might be able to do so after you’ve been making payments for a few months.

For most major loan types – including conventional, FHA, and USDA loans – you need to have made at least 3 consecutive payments after exiting forbearance in order to be refinance–eligible.

As long as you meet basic loan requirements, you shouldn’t have to wait longer than 3 months to refinance

Refinance waiting periods on FHA loans may be less than 3 months for some borrowers who qualify for a Streamline Refinance.

The VA loan program is even more lenient.

The VA doesn’t impose a specific waiting period to refinance after forbearance. It only says VA lenders must verify that the borrower has recovered from their financial hardship.

Keep in mind, refinance requirements will vary by lender.

If your current mortgage lender wants to impose a longer waiting period to refinance, shop around for a different lender that can help you refi sooner.

As long as you meet basic credit, income, and debt requirements, you shouldn’t have to wait longer than 3 months after your forbearance plan ends to refinance

Verify your refinance eligibility (Nov 26th, 2021)

Can I get a forbearance extension?

Six or 12 months of forbearance may have provided you a welcome buffer period to get back on solid financial ground. But many Americans are still experiencing financial hardship due to the pandemic.

The good news? Recent changes by Fannie Mae, Freddie Mac, and the federal government have given homeowners additional opportunities to extend their forbearance plans.

  • Homeowners with conventional loans can request two additional 3–month extensions, for 18 months total loan forbearance. To be eligible, you need to have been in a COVID–19 forbearance plan prior to February 28, 2021
  • Homeowners with government-backed loans (FHA, VA, USDA) can request twoadditional 3–month extensions, for up to 18 months total forbearance

Keep in mind that your mortgage loan servicer – the company you make payments to – still gets to make the final decision on your forbearance extension.

Different servicers have different requirements to qualify for mortgage forbearance, so you need to check with yours about options.

As always, help is only available if you ask for it.

Your mortgage forbearance will NOT be automatically extended. If you need an extension, you must call your servicer and request one.

How to american savings bank routing number oahu an extension

“Loan servicers are supposed to reach out to borrowers 30 days before the forbearance plan is scheduled to end to help them understand what options they have for repayment,” says Kim.

But you shouldn’t necessarily wait for your lender or servicer to contact you about this option.

“If you need to continue your forbearance, contact your mortgage servicer well ahead of your forbearance end date,” recommends Boies.

“You need to prepare for relief to end now. Do not wait until you get your statement to ask a lender for help. Instead, contact them now, let them know your financial situation, and see how they can help.”

Can I start a new mortgage forbearance right now?

Many homeowners began their forbearance plans early in the pandemic. But what if your finances are just now beginning to run thin? Can you request a new forbearance plan in 2021?

For the time being, the answer is yes – as long as your loan servicer agrees to it.

  • Conventional loans – There is currently no deadline for requesting initial forbearance
  • FHA and USDA loans – You can still request an initial six month forbearance “through the end of the COVID–19 National Emergency”
  • VA loans – The deadline to request an initial forbearance was September 30, 2021. Talk to your loan servicer about current mortgage relief options

Keep in mind, forbearance is typically a ‘last resort’ solution for homeowners who don’t have other relief options.

Your first step should be to check whether you’re eligible to refinance into a loan with a more affordable monthly payment. If you can refinance and keep making mortgage payments each month, that’s ideal.

However, homeowners who are currently unemployed likely won’t be able to refinance, as this almost always requires income and employment verification.

If you’re unable to refinance, a forbearance plan might be the best path to mortgage relief. Your loan servicer will help you understand your options.

Can I buy a new house after forbearance?

Having a mortgage forbearance in your past shouldn’t stop you from buying a new home in the future.

Historically, lenders have had stricter requirements about getting a home purchase loan after forbearance. But that was before COVID.

Now, lenders and mortgage agencies understand that the pandemic forced large swaths of homeowners into forbearance – many of whom are otherwise perfectly creditworthy.

As a result, they’ve loosened up requirements to qualify for a new home purchase with a COVID–related forbearance in your past.

Rules are similar to those for refinancing. If you want to buy a new home with a conventional, FHA, or USDA loan, you need to have made at least 3 consecutive payments on your current loan after exiting forbearance.

Again, the Department of Veterans Affairs is most lenient here. It says “lenders should not use a CARES Act forbearance as a reason to deny a Veteran a VA–guaranteed loan.”

Rather, VA borrowers will need to explain the reason for their COVID forbearance and prove that they’re now on solid financial footing.

Of course, borrowers hoping to buy a home after forbearance will also need to meet basic requirements for credit score, down payment, debt–to–income ratio, and ongoing income/employment.

But, provided you meet these guidelines, lenders can’t deny you a home purchase loan just because you had a COVID–related forbearance in the past.

What if you still can’t afford your mortgage payments after forbearance?

The worst–case scenario: Forbearance ends and you still can’t pay your monthly mortgage. What can you do?

“You’ll probably need to consider disposition options,” says Boies.

“This may include selling your home if you can no longer afford it. Foreclosure, short sale, and deed–in–lieu are other ways of disposing of a home you can’t afford.”

Boies warns, “These options may be damaging to your credit and should be reserved until you’ve exhausted all other solutions.”

The bottom line

If your mortgage forbearance plan is nearing its end date, you have options.

As long as your initial forbearance was under the CARES Act, your loan servicer cannot ask you to repay all the missed payments at once.

Make sure you explore your options and find a repayment plan you’re comfortable with.

Conventional, FHA, VA, and USDA loans are also offering forbearance flagstar bank mortgage relief until at least mid–2021. So if you’re not ready to resume payments, ask your loan servicer whether you qualify for an extension.

And remember that forbearance is never automatic.

Whether you need an extension or you’re ready to start making payments again, you need to talk to your loan servicer and make sure it’s on board with the plan.

Show me today's rates (Nov 26th, 2021)

Источник: https://themortgagereports.com/69687/cares-act-mortgage-forbearance-ending-what-to-do

The Consumer Financial Protection Bureau has fined Flagstar Bancorp (FBC) $37.5 million for violating the CFPB’s mortgage servicing rules, “by illegally blocking borrowers’ attempts to save their homes,” the CFPB said.

According to a release from the CFPB, Flagstar allegedly took excessive time to process borrowers’ applications for foreclosure relief, failed to tell borrowers when their applications were incomplete, denied loan modifications to qualified borrowers, and illegally delayed finalizing permanent loan modifications.

“At every step in the foreclosure relief process, Flagstar failed borrowers,” the CFPB said.

For those violations, the CFPB has ordered Flagstar to “halt its illegal activities,” pay $27.5 million to the victims and pay a $10 million fine to the CFPB’s Civil Penalty Fund.

"Because of Flagstar’s illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes,” said CFPB Director Richard Cordray. “The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”

In August, Flagstar disclosed that it was in discussions with the CFPB over settling claims of mortgage servicing rule violations. The Troy, Michigan-based bank filed an 8-K with the United States Securities and Exchange Commission at the end of August announcing the negotiations.

“While the bank intends to vigorously defend against any enforcement action that may be brought, it has commenced discussions with the CFPB staff to determine if a settlement can be achieved. Those discussions are ongoing,” Flagstar said in the 8-K.

Now the CFPB has announced the fine and stated just how significant Flagstar’s issues were.

“For example, in 2011, Flagstar had 13,000 active loss mitigation applications but only assigned 25 full-time employees and a third-party vendor in India to review them,” the CFPB said.

Because of that arrangement, it took the staff up to nine months to review a single application, the CFPB said.

“In Flagstar’s loss mitigation call center, the average call wait time was 25 minutes and the average call abandonment rate was almost 50%,” the CFPB said. "And Flagstar’s loss mitigation application backlog numbered well over a thousand.”

The CFPB highlighted the various violations of its servicing rules that Flagstar engaged in, including:

  • Closed borrower applications due to its own excessive delays: Flagstar took excessive time to review loss mitigation applications, often causing application documents to expire. To move its backlog, Flagstar would close applications due to expired documents, even though the documents had expired because of Flagstar’s delay.
  • Delayed approving or denying borrower applications: Under the new CFPB mortgage servicing rules, Flagstar must evaluate a complete loss mitigation application within 30 days, if it receives the complete application more than 37 days before a foreclosure sale. Flagstar also failed to adhere to these timelines.
  • Failed to alert borrowers about incomplete applications: Flagstar is responsible for reviewing borrowers’ initial loss mitigation applications to determine what documents are missing. It must then tell borrowers what documents are missing, usually by sending a “missing document” letter. Flagstar failed to send, or delayed sending, missing document letters to borrowers.
  • Miscalculated incomes: Eligibility for some loss mitigation programs, such as a loan modification, is highly dependent on borrower income. If borrowers have too much flagstar bank mortgage relief too little income, they do not qualify. Flagstar routinely miscalculated borrower income and wrongfully denied loan modifications.
  • Denied applications for unspecified reasons: Under the CFPB’s new rules, mortgage servicers can you email linkedin customer service provide the specific reason a complete loan modification application is rejected. Flagstar’s policy was to say only “not approved for loss mitigation options by the investor/owner of the loan,” even though Flagstar’s internal systems contained the true reason for the denial.
  • Misinformed borrowers about their appeal rights: Under the CFPB’s new rules, Flagstar must provide certain borrowers the right to appeal the denial of a loan modification. But Flagstar failed to provide this notice, and it wrongly stated that borrowers have an appeal right only if they reside in certain states.
  • Put borrowers in trial period purgatory: Flagstar needlessly prolonged trial periods for loan modifications. This caused some borrowers’ loan amount under the modified note to increase and, in some cases, jeopardized borrowers’ permanent loan modification.

“Flagstar’s failures as a mortgage servicer hurt homeowners,” the CFPB said. “In many cases, Flagstar deprived borrowers of the ability to make an informed choice about how to save or sell their home, caused borrowers to drop out from the loss mitigation process entirely, and drove borrowers into foreclosure.”

As part of its enforcement action against Flagstar, the CFPB has ordered Flagstar to pay $27.5 million to the approximately 6,500 consumers whose loans were being serviced by Flagstar and who subject to Flagstar’s “unlawful” practices.

“At least $20 million of this will go to the approximately 2,000 victims of foreclosure,” the CFPB said. “Borrowers who receive payments will not be prevented from taking individual action on their claims as a result of this settlement.”

Additionally, Flagstar is now prohibited from engaging in violations of the loss mitigation provisions of the CFPB’s mortgage servicing rules and unfair, deceptive and abusive acts or practices in connection with loss mitigation. The CFPB said that Flagstar must properly review, acknowledge, and evaluate loss mitigation applications and cannot improperly deny loss mitigation applications or improperly prolong the trial period for a loan modification.

Flagstar is also prohibited from acquiring default servicing rights from third parties, “until it demonstrates it has the ability to comply with laws that protect consumers during the loss mitigation process,” the CFPB said.

Flagstar must also engage in outreach programs to the affected borrowers who were not yet foreclosed on. During this period of outreach, which is to include a door-knocking campaign and translations services, Flagstar must halt the foreclosure process.

“This resolution is in the bank's best interest and allows us to continue building a great company that is poised for sustainable, long-term growth and value creation, benefitting our shareholders, customers and the communities we serve," said Alessandro DiNello, Flagstar’s president and CEO.

"The dedicated employees of Flagstar Bank have completed thousands of successful loan modifications and work incredibly hard to meet and exceed the needs of our customers,” DiNello added. “With this matter now behind us, everyone at Flagstar Bank is committed to building on the significant progress we have achieved while continuing to operate with integrity, responsiveness and a commitment to our core values."

Источник: https://www.housingwire.com/articles/31517-cfpb-fines-flagstar-375-million-for-mortgage-servicing-violations/

Loan Modification Vs. Refinance – Which Is Best For You?

A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn’t pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.

It’s also important to know that modification programs may negatively impact your credit score. If you're current on your mortgage, it would be better to review your options and see if you can apply to refinance.

You can only get a loan modification through your current lender because they must consent to the terms. Some of the things a modification may adjust include:

  • Loan term changes: If you’re having trouble making your monthly payments, your lender may modify your loan and extend your term. This gives you more time to repay your loan and reduces the amount you must pay every month.
  • Interest rate reduction: If interest rates are lower now than when you locked into your mortgage loan, you may be able to modify your loan and get a lower rate. This may lower your monthly payment.
  • Loan structure changes: You may be able to modify your loan from an adjustable interest structure to a fixed rate. This can be beneficial if you now live on a fixed income and you need a more predictable monthly payment.
  • Principal forbearance: Your lender may agree to set some of your principal balance aside to be paid back later. This can help reduce payments and/or make your mortgage more manageable. However, these modifications are rare. You can usually only get a principal forbearance if no other possible solution will help you avoid foreclosure. You usually also have to subscribe to a repayment plan to raymour and flanigan credit card bill for a principal forbearance. A repayment plan allows your lender to see if you can stay on top of your new payments. Your lender may agree to settle some of your principal after you complete the repayment plan trial period.

Lenders have no obligation to accept your request for a modification or negotiate your principal. This means that getting a modification is usually more difficult than refinancing. You'll need to show evidence of hardship. Every lender and investor in the loan (such as Fannie Mae, Freddie Mac, FHA, etc.) has their own standards when it comes to who qualifies for a modification and what types of modifications they offer.

You may flagstar bank mortgage relief offers from settlement companies to help you get a loan modification if you’re behind on your mortgage. These companies negotiate with your lender on your behalf and can make getting a loan modification easier. However, it's important to note that these companies often serve as middlemen, charging you for a service that your servicer will provide for free.

If you do decide to work with one of these companies, do your research on the provider before you agree to any contract. The last thing you need is a high-fee contract with a settlement company if you’re already behind on your mortgage payments. If what's being offered seems too good to be true, chances are it probably is.

Источник: https://www.rocketmortgage.com/resources-cmsassets/

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