MFI-Miami Blog

CORONAVIRUS MORTGAGE FORBEARANCE WARNING! FHA-OIG Busts Mortgage Servicers Deceiving Homeowners  MFI-Miami has issued a  Coronavirus Mortgage Forbearance Warning!  The FHA-OIG has issued a scathing report saying mortgage servicers are deceiving homeowners about Coronavirus Mortgage forbearance programs. HUD and FHA refused to publicly say which mortgage servicers were deceiving homeowners. However, they did say they have put them on notice.  HUD-OIG said it reviewed the websites of the top 30 FHA servicers. These mortgage servicers account for 90.5% of all servicing on FHA loans. The CARES Act stipulates that a borrower can request a 180-day forbearance by FHA or a GSE lender if they are experiencing a COVID-19-related hardship. Read more at MFI-Miami 

MFI-Miami Launches The Caliber Home Loans COVID-19 Foreclosure Defense Hotline! Call Us At 888.737.6344 MFI-Miami has created the Caliber Home Loans COVID-19 Foreclosure Defense Hotline. If you're facing foreclosure from Caliber Home Loans during these perilous times during the coronavirus pandemic, we can help. Call 888.737.6344. The coronavirus pandemic has put America is in a crisis. MFI-Miami is doing our part to help during these perilous times. Unfortunately, Caliber Home Loans doesn't see it that way. They have ignored President Trump's call for a payment and foreclosure moratorium. Yes, we know this for a fact. An MFI-Miami client was served with a foreclosure lawsuit by Caliber Home Loans during this national emergency. As a result, MFI-Miami has created a foreclosure defense team exclusively for Caliber Home Loans. The team's focus will solely be on helping homeowners develop strategies to fight Caliber Home Loans! The Caliber Home L...

Australian-Owned Specialized Loan Servicing Defies Trump COVID-19 Foreclosure Moratorium. SLS Wants Your House!  It appears Australia is sending a big “FUCK YOU, AMERICA! WE’RE TAKING YOUR HOMES!” to American homeowners. Although, both countries seem to be in the middle of the COVID-19 pandemic. Australian-owned Specialized Loan Servicing apparently has no problem issuing demands to Americans like they are  Humungus and his roving band of mutants from  The Road Warrior . The non-bank lender is owned by Australia-based  Computershare  has a long history of jerking around homeowners. SLS is defying Trump’s 90-day foreclosure moratorium by proceeding with filing foreclosures across the United States. MFI-Miami has received nearly two dozen calls from homeowners with SLS mortgages from California to South Carolina saying they have been served in the past week. Read more at MFI-Miami

Federal Reserve Goes On A “Sex & The City” Style Shopping Spree For Mortgage Debt The Federal Reserve  pledged on Monday  to buy unlimited amounts of Treasuries and mortgage-backed bonds to stabilize the mortgage markets. The Fed hopes it will have the same effect as when it rescued the economy in 2008. The Federal Reserve set a budget last week of  $700 billion in bond purchases . However, it blew through half that amount in less than five days. The Fed launched three rounds of bond-buying more after the 2008 financial crisis. The Fed’s aim was to save the housing market and stimulate economic growth. The first phase helped to drive  mortgage rates  below 5%. The goal of the central bank isn’t to  push down mortgage rates.  Lower rates are the likely consequence of the Federal Reserve going on a mortgage-backed securities shopping spree.  Read more at MFI-Miami

Billionaire Real Estate Investor Says US Commercial Mortgage Market On The Brink Of Collapse Because Of COVID-19  Billionaire Tom Barrack says the  US commercial mortgage market is  on the brink of collapse  because of the coronavirus crisis. The CEO of Colony Capital said the economic ‘domino effect’ could dwarf the Great Depression. Barrack also said the impact on the US economy has caused high-performing mortgage loans to decrease in value. As a result, he urged Congress to provide $500 billion to allow for loans and repurchasing.  In a  Medium  post on Sunday, he said the impact on the US economy due to the coronavirus pandemic and the subsequent public health measures taken in response to it has caused high-performing mortgage loans to decrease in value. Barrack is a longtime friend of President Donald Trump. He warned loan defaults would escalate systematically. Read more at MFI-Miami

New York State Orders Mortgage Servicers To Give 90-Day COVID-19 Mortgage Relief To New York Homeowners  Governor Andrew Cuomo and New York State  orders lenders and mortgage servicers  to step up their mortgage relief efforts. The New York Department of Financial Services demanded servicers let certain residents skip their mortgage payments for 90 days. Cuomo announced the statewide 90-day mortgage relief period on Thursday. NYDFSis directing mortgage servicers to offer several options to the state’s residents: Waiving mortgage payments based on financial hardship No negative reporting to credit bureaus Grace period for loan modification No late payment fees or online payment fees Postponing or suspending foreclosures NYDFS also sent  letters  to the mortgage servicers that operate in the state: An increasing number of individuals are experiencing a sizeable disruption in their everyday lives. The economic impact to consumers is considerab...