Fannie Mae recently announced its Foreclosure Time Frames and Compensatory Fees for Breach of Servicing Obligations.  It updated the allowable foreclosure time frames for four states (FL, MD, NV, and NY) and stated that it may begin conducting reviews of servicer loan files, processes, or procedures.  Where Fannie Mae finds delays in foreclosures, it will exercise its remedy to assess compensatory fees as deemed necessary.

This could mean that servicers will pursue foreclosures more aggressively to get more cases through the process within the allowable guidelines.

With so many homeowners in foreclosure, there are plenty of potential victims for scammers to prey on.  They are easy to find and desparate enough to be willing to try anything.  It is a dream come true for con artists who have a plethora of scams to run on unsuspecting homeowners who are in need of help.  The myriad of government programs, often complex in nature, make it easy for them to make their scam sound legitimate.  Homeowners need to be aware of the variety of schemes designed to rip them off.

The Home Affordable Modification Program (HAMP) has been less than a stellar success.  Very few of those who have been through the modification process have been getting permanent modifications.  Often times, they go through a very lengthy application process and trial period plan only to find out that they don't qualify and are then even further behind in their payments.  Now, there is hope for many of them.  The Alt Mod program may finally spur the number of modification that was originally anticipated by HAMP.

In February 2009, the Obama Administration introduced a comprehensive financial stability plan that included help for homeowners - the Home Affordable Modification Program (HAMP).  It is intended to provide eligible homeowners the opportunity to modify their mortgages to make them more affordable.  It has even been extended to help unemployed homeowners and those who are "under water"  on their mortgages.  But, the program may not be all its cracked up to be... it may actually be causing more homeowners to lose their home to foreclosure.