Home Foreclosure Prevention

A slew of struggling homeowners are coming forward with complaints about the way banks are operating under a federal loan modification program announced last year by the Obama administration. Thousands of American homeowners need help mortgage refinancing or qualifying for a loan modification agreement that would lower the interest rate, like a refinance loan.
“You Qualify.”  [...]

Freddie Mac said delinquencies in its mortgage portfolio continued to rise last month, putting further pressure on the mortgage giant.  It and larger sibling Fannie Mae were put into conservatorship in September 2008 by the federal government amid fears of mounting losses at the companies. Home loan modifaction plans continued to flood the mortgage market.  [...]

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,” [...]

The delinquency rate on U.S. home loans reached an all-time high in the second quarter, but the pace of growth for the rate slowed, a possible sign the mortgage crisis may be beginning to turn the corner.  Data provided by credit reporting agency Trans Union shows the ratio of mortgage holders who are 60 days [...]

Bloomberg News new recently published an article about home foreclosures continuing to soar even three years after this foreclosure crisis began.  Watch this YouTube video with an interview and discussion with Rick Sharga of the Realty Trac. He talks about the 1.5 million record high foreclosure numbers. Are loan modifications helping or just delaying the [...]

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 [...]

California loan modification requests continue to be reported with increasing volumes.  Many California homeowners need jumbo mortgage refinance loans, but they do not qualify as the jumbo lending has tightened significantly. Governor Schwarzenegger implemented another California foreclosure moratorium to help distressed homeowners in his state, but is it helping?
Many Wall Street analysts covering the home-builder [...]

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. And [...]

The mortgage loan modification plan aims to help four million borrowers who are behind in their payments or are at risk of default. That includes those who are those suffering serious hardships, declines in income or increases in expenses; facing an interest rate hike; having high mortgage debt compared to income; owing more than their [...]

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 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 National Community Reinvestment Coalition [...]

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 people [...]

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 [...]