The Mortgage Litigation and Foreclosure Defense Seminar offered here was recorded in October, 2012. Although little has changed on the legal landscape since that time, some of the references in the videos are date specific. The brief information below is offered to put those time-specific references into the context of 2013, when you’re viewing the event online.
The State of Modifications:
At several points during the seminar, Max and others discuss the window for taking greatest advantage of the AG settlements, which was just beginning. That window is still open, but Max indicates that it will begin to close at the end of 2013.
Fannie and Freddie are still not offering any principle modifications, but do offer modifications that include deferral of payments to the end of the loan, reduction in interest rate and all HAMP II modifications.
Participation in the AG Settlement:
At the time of recording, it appeared that a large number of additional servicers were on the verge of signing on to the national AG settlement. That did not come to pass, although recent information suggests that a handful of additional servicers will still enter into an agreement on a voluntary basis.
New CFPB Regulations:
The upcoming CFPB regulations discussed in the video will take effect on January 10, 2014.