Home Foreclosure Prevention

In a recent article on CNNMoney.com, they discussed the irony of losing your home in to foreclosure and then owing money to the bank for the deficiency.  Many homeowners choose a short sale over a foreclosure or loan modification.  Borrowers like the loan modification option when they want to keep the house.  If they do [...]

Home foreclosure rates are forecasted to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2% in the 2nd quarter, the Mortgage Bankers said.  Home foreclosures remain a real problem for the mortgage and housing industries.  “This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,” [...]

Massachusetts foreclosure petitions in June jumped to 2,835 – more than eight times higher than the 350 petitions in June 2008 and 21.7% higher than the 2,329 filings in May, said the Warren Group, which added that the number of petitions to foreclose in June was the highest it’s been in the previous 13 months.  [...]

Let’s be honest… There can be no denying the fact that the US government is not in favor of forcing homeowners out of their homes, even when they are in home loan default and facing foreclosure. Legislative bodies in Washington, Fannie Mae and Freddie Mac, have taken action with home loan modifications to stem the foreclosure crisis [...]

1.    Unemployment: Celia Chen, an economist at Moody’s Economy.com said, the erosion of the labor market–the unemployment rate recently hit 9.5 percent–is the key factor in the rise of home foreclosures, says “Employers continue to shed jobs, and that makes it difficult for even people with good credit who were doing fine to keep up [...]

Zions Bank and Keller Williams Real Estate are sponsoring an information session on June 9th to inform people about refinancing and loan modification options with President Barack Obama’s Making Home Affordable program.   According to Mike Barnes, most home owners will qualify for some part of the foreclosure prevention program. He calls it exciting and beneficial. [...]

A Brentwood family who bought their home at the top of the market gets a loan modification, thanks to a persistent ConsumerWatch volunteer, who helped them through the process.  Carolyn Flanery and her husband Bill bought their dream home in Brentwood back in 2005 for $605,000, when the real estate market was booming.  They put [...]

The Associated Press reported that the Obama administration rolled out a new loan modification program Wednesday designed to help up to 9 million borrowers stay in their homes through mortgage refinancing or mortgage loan modification plans to lower mortgage payments each month for the remainder of their loan terms.  Borrowers, however, are being advised to [...]

The judicial process of home foreclosure starts with the lender filing a Notice of Default.  The lender files a lawsuit to get the local court force foreclose, is used when no power of sale is present in the mortgage or deed of trust. However, the State of California has mandated that mortgage lenders and mortgage [...]

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 [...]

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 [...]

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 [...]

National Loan Audits announced today that troubled homeowners with adjustable rate mortgages who are having trouble getting their loans modified or who are behind with their payments and in danger of losing their home, now have access to forensic loan audits, performed by mortgage industry experts, to discover if their lender violated the Truth in [...]

White House served notice Tuesday on banks and other financial companies receiving billions of dollars in federal help to quit hoarding the money and start providing mortgage loans.  “What we’re trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And [...]

Loan Modification:  In the wake of the national foreclosure mess, homeowners have several opportunities to maintain their property ownership. If one solution does not materialize, consider the other. 1. Modifying you’re home mortgage can be a great move especially if you don’t qualify for a conventional or FHA refinance loan.  With a loan modification you [...]