If you are experiencing difficulties making your mortgage payments, you are encouraged to contact your lender or loan servicer directly to inquire about foreclosure prevention options that are available. If you are experiencing difficulty communicating with your mortgage lender or servicer about your need for mortgage relief, there are organizations that can help by contacting lenders and servicers on your behalf. Department of Housing and Urban Development HUD , is working aggressively to halt and reverse the losses represented by foreclosure.
The program "is creating long-lasting foreclosure prevention capabilities," Treasury Assistant Secretary Timothy Massad says in the letter. The letter notes that the program extends until , so states have plenty of time to reach their targets for helping homeowners.
It says Treasury worked hard to secure cooperation by Fannie, Freddie and the private mortgage companies, but does not have the authority to make them participate. Please enter email address to continue. Please enter valid email address to continue. All either declined to comment on why they wanted the audits kept secret or defended keeping them out of the public domain by saying the reports contained confidential information.
They are eligible for hundreds of millions more. The department declined to provide either redacted versions or an index of the documents. The Freddie Mac unit, now staffed with employees and employing about more through contractors, is supposed to regularly audit servicers in the program to make sure they are following the rules.
It took several months for the unit to even get off the ground. Freddie Mac promised to improve. That process took several more months. Nationwide, servicers filed to pursue foreclosure on about two million loans during that time. Because of the delays in starting the reviews, the report was based on a sample of loans that was five months old [12]. Such delays continued into American Home Mortgage Servicing, the only other servicer that answered the question, said it also had never reversed a foreclosure action due to a HAMP audit.
American Home handles about , loans [15] , putting it among the 10 largest servicers in the program. A Treasury spokeswoman said that auditors have reviewed more than 50, loan files, but did not directly answer whether a servicer had ever reversed a foreclosure action because of a HAMP audit.
In each GMAC report reviewed by ProPublica, auditors found that the servicer had, with very few exceptions, given the homeowner fair and appropriate consideration. But being less than 60 days delinquent is never on its own a legitimate reason for a servicer to deny a modification, according to the program rules. Congressional Oversight Panel describing their activities and findings regarding the use of private contractors in the implementation of the U.
January special report of the U. Congressional Oversight Panel describing their activities and findings regarding the American financial regulatory system, including sections on the effectiveness, problems, and recommendations for improvement. Congressional Oversight Panel describing their activities and findings regarding the state of the General Motors Acceptance Corporation during the financial crisis and the financial assistance received by the firm by the federal government.
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CyberCemetery The CyberCemetery provides permanent public access to the web sites and publications of defunct U. About Browse this Collection. Report December report of the U.
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