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The department is required to report the number of modifications and foreclosures within 60 days after the bill becomes law.
When homeowners do not pay on time, it is up to servicers to manage defaults, loan modifications and foreclosures.
The city comptroller, John C. Liu, recently pushed the city's Banking Commission to require banks to disclose mortgage modifications and foreclosures, with breakdowns by economic class.
And, even as the bank continues to work through modifications and foreclosures, Wells has gained a reputation for very conservative loan policies and longer due-diligence cycles — visibly frustrating customers in numerous online forums.
"The technology used with servicing hasn't kept up with complexities of modifications and foreclosures".
"The technology used with servicing hasn't kept up with complexities of modifications and foreclosures". Kathy Holler, a consumer activist in Pennsylvania, disagrees.
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The price to get the banks to do the right thing contractually with mortgage modifications and foreclosure is to allow them to not do the right thing elsewhere.
A sign outside Rosenwasser's Miami office -- "ASK ABOUT NEW GOV'T PROGRAMS" -- boasts of free consultations for loan modifications and foreclosure defense for prospective clients.
But in order to get this small improvement, herculean efforts were needed: A trillion dollars to keep rates down, and hundreds of billions in massive tax credits, mortgage modifications and foreclosure moratoriums, inter alia.
Jacobson said she and her partner have gotten 30 foreclosures dismissed over the past two years and helped in dozens of other successful loan-modification and foreclosure cases.
The executives are supposed to focus on returning taxpayer money and risk management at the same time as they promote the administration's modification and foreclosure prevention programs.
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