Two members of the House of Representatives have obtained documents from Fannie Mae that contradict congressional testimony made by the mortgage loan giant's regulator, Edward DeMarco

They assess that a principal reduction plan would cost Fannie Mae $1.7 million, but could lead to benefits of over $410 million.  Last month, DeMarco said that Fannie Mae and Freddie Mac could save taxpayers as much as $1.7 billion by reducing principal for certain homeowners.

He is wary of forgiving principal because he believes it would hurt the government's $188 billion investment in Fannie Mae and Freddie Mac. 

Many homeowners are facing foreclosure, if you need help with your mortgage, contact the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C., 443-546-4608.

A Severna Park woman was  sentenced to three years in prison on Tuesday for her involvement in a morgage fraud scam that cost homeowners and lenders over $2 million. Her actions led to the forclosure of 13 homes.

She told homeowners who were facing foreclosure that they could continue living in their homes as renters by selling their mortgages to investors. Eventually, they could buy back their homes once their finances were straightened out. 

The scam created $4.7 million in fraudulent loans. 

Scams like these are unfortunately all too common. If you are having difficulties making your mortgage payments, hiring a Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., can help you avoid falling prey to these kinds of venemous schemes. Contacut us by calling  443-546-4608 today.

Wells Fargo reported that the number of mortgage modifications that are currently active in their folder is now over 740,000.

These figures are from late February and from January to February alone, the number rose from 733,180 to 740,359. These numbers include any modifications that are still in progress as well as completed ones from January 2009 to February 2012.

Officials also stated that they advised nearly 80 percent of homeowners that were at risk, to seek help and over half of these people were able to avoid foreclosure. They also stated that they have helped many to receive loans that allowed them to purchase or refinance a home.

If you or a loved one has been having trouble making the mortgage payment on your home, you need representation on your side that can explain how modification can help you avoid foreclosure. Contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., by calling  443-546-4608 today.

A federal judge has now made a $1 billion settlement in order to help homeowners that have become victims of fraudulent foreclosures in Maryland.

The Maryland judge has joined with 48 other states in a $25 billion settlement that states that banks have been practicing illegal procedures when it come to foreclosures. The settlement states that five large services were guilty of issuing foreclosures too soon.

These five services include Bank of America, JPMorgan Chase& Co., Citigroup Inc., Ally Financial Inc. and Wells Fargo & Co. The federal judge stated, With the force of law and the federal courts now behind this settlement we can get down to the business of helping distressed Maryland homeowners." The state of Maryland will receive nearly $1 billion from this settlement. 

If you or a loved one are falling behind on your mortgage payments and you would like to discuss your financial options with experieneced representation, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608.

The number of foreclosures that were filed last month in Maryland increased by 28.3 percent from the number in January.

Maryland was one of 21 states that showed an increase in foreclosure filings last month and officials think that this may continue to occur because certain obstructions that were stopping foreclosure filings from occurring, have now been removed.  This year's foreclosure filings in February have increase 22.2 percent since February 2011. 

If you or a loved one would like to talk to an experienced representative about your options when your home has been foreclosed on, contac the Maryland foreclosure defense lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.

The rate for a 30-year fixed mortgage loan declined by 3.9 percent this week. The rate for a 15-year fixed mortgage also fell this week from 3.19 percent to 3.17 percent. 

These rates declined across the United States due to the influx of Americans choosing to finance their new home purchases. The applications for mortgaging houses increased by 8.2 percent this week, which was the highest in the past six weeks.

Experts believe the reason for this incline in applications is due to the declining house prices in the market, making the property more affordable for purchase.

If you are considering refinancing your home, you need experienced representation on your side in order to understand your financial options. Please contact the Maryland mortgage refinancing lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.