Archive for December, 2008

New Bill Protects Homeowners from Foreclosure & Loan Workout Scams

Tuesday, December 23rd, 2008

Texas Attorney General Greg Abbott and state Sen. Craig Estes are proposing legislation that is meant to protect homeowners from foreclosure loan workout scams. The Foreclosure Rescue Fraud Prevention Act would require foreclosure prevention consultants to provide customers a written, plain language contract outlining their services agreement. It would also require that the consultants obtain [...]

Hope Now Reports Record Loan Modifications in October

Friday, December 12th, 2008

HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors announced last week that they had set a record in October for the number of foreclosures averted.  The home preservation alliance company said that its mortgage industry members had prevented 225,000 home foreclosures during that month, 13,000 more than the record set in [...]

Florida Foreclosure Prevention Program Gets $11.5 Million

Wednesday, December 10th, 2008

Florida has received $11.5 million through the Housing and Economic Recovery Act approved by Congress in July.  Gov. Charlie Crist said in a statement that the grant money will be used to continue foreclosure prevention counseling and legal assistance with loan modification plans to homeowners in foreclosure. Nearly 77 counseling agencies and organizations around the [...]

Almost 7% of Homeowners Face Foreclosure with Delinquent Home Loans

Saturday, December 6th, 2008

According to a recent report, almost 7% of U.S. homeowners were at least one payment late on their mortgages at the end of the 3rdquarter, an industry trade group said. The Mortgage Bankers Association said 6.99% of one-to-four unit mortgage loans, not including homes involved in foreclosure, were delinquent in the quarter.  Foreclosure proceedings were [...]

Fed Pushes for Mortgage Relief and Loan Modifications

Friday, December 5th, 2008

The government maintains their desire for consumers to have the option to remain in their homes and weather this foreclosure crisis.  For this to work, there needs to be mortgage relief and debt forgiveness from the mortgage lenders and investors that hold the mortgage-backed securities.  Fed Chief, Ben Bernanke said the government could still buy back delinquent mortgage loans in [...]

Loan Modifications Determining Eligibility with FDIC

Monday, December 1st, 2008

The FDIC maintains that foreclosure prevention is a top priority for the financial watch-dog.  Mortgage servicing companies manage mortgage loans for other investors in most cases.  Many home loan servicers also manage Government Sponsored Enterprises, private investors owning securities collateralized by the mortgage loans and whole home loan investors. Each investor type has different standards [...]