Home Foreclosure Prevention

The mortgage relief bill has been finance experts questioning the 75 billion dollar home foreclosure prevention package.  Many people believe these homeowners will likely default even after the loan modification is provided.   NCRC’s John Taylor Discusses 75 Billion Dollar Mortgage Rescue Plan with CNN’s Lou Dobbs   John Taylor, President & CEO of the [...]

Unfortunately with all of the stimulus packages and mortgage relief bills being passed, the number of home foreclosure prevention scams continues to rise.  States like Florida, California, Arizona and New jersey continue to report a spike in complaints against brokers and sales people claiming to help borrowers with foreclosure rescue. Cynthia Bowers reports that more [...]

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 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 number of people who were late making their mortgage payments shot up 53 % in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC. The credit reporting agency said its database shows delinquencies — or the %age of mortgage holders at least 60 days behind [...]

In a recent Bloomberg article, Dawn Kopecki wrote about Fannie Mae and Freddie Mac need to relax rules for a loan-modification program that promised to cut mortgage interest rates and lengthen amortization schedules for troubled borrowers, the chief economist for the companies’ regulator said.  Fannie Mae and Freddie Mac have sent 90,000 letters to borrowers [...]

We have all heard about the new mortgage relief program… What does it really mean to you? Dennis Stearns of the Stearns Financial Group joined us on the GMS to help us break it down.   Here are the highlights: Who Benefits and How Do I get In On It? One of the biggest groups [...]

First American Core Logic based its findings on a database of 42 million properties where there’s a first and or second mortgage. Being delinquent on your home loan doesn’t always mean a foreclosure.  Lenders continue to approve mortgage modification plans in great volumes. During the housing boom, Arizona, California and Nevada were among the fastest [...]

Do not let yourself get pressured into signing up for a loan modification plan if you aren’t ready to commit to remaining in your home.  Have your attorney review any documents or loan modification contracts before signing them.   Ask questions until you fully understand anything you find confusing or out of the ordinary.  Ask the [...]

The Associated Press reported that the Indiana legislators say they are trying to fix a situation where landlords facing foreclosure on their rental properties sometimes give tenants little or no notice that they need to find a new place to live.   Lawmakers want to give renters a heads up before they are kicked out of [...]

The bill to save homes from foreclosure by letting bankruptcy judges alter mortgage terms moved closer to a House vote on Tuesday. The mortgage lending industry has worked unsuccessfully to stop the bill.  The House Judiciary Committee voted 21-15 to send the measure to the full House. Committee Chairman John Conyers, D-Mich., amended the original [...]

Home foreclosure in the U.S. has reached epidemic proportions, and one of the nation’s hardest hit communities, spanning three counties in Southern California, will be the first to hear about a viable solution. Founders of a new Web site, Consumerhopecenter.com, designed specifically for homeowners facing loss, plan to discuss their solution this Saturday from 10:00 [...]

Home foreclosures continue to rise and attorney generals across the U.S. want federal bankruptcy codes amended to allow judges to modify home loans in an effort to help homeowners remain in their houses.  Arizona Attorney General Terry Goddard along with state attorneys general from California, Connecticut, Delaware, Illinois, Iowa, Kentucky, Louisiana, Massachusetts, Minnesota, Mississippi, Montana, [...]

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, 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 [...]