Mortgage News | Home Foreclosure Prevention

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Home Loan Modifications Getting Approved?

Monday, August 9th, 2010

Over the last few years, banks have been pretty active in approved home loan modification agreements for distressed homeowners nationally.  When Karol Enferadi finally received a contract for her loan modification, she wrote “rejected” on it in large letters and mailed it back to Wells Fargo.   Under the contract, the 65-year-old’s monthly payments would have [...]

Homeowners Believe Banks Not Serious about Refinance or Loan Modification Program

Monday, March 1st, 2010

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 [...]

Mortgage Lenders Required to Maintain Home Foreclosures

Thursday, February 4th, 2010

Banks are now required to extend a lot more than a loan modifications. As a result of the federal Protecting Tenants in Foreclosure Act, states across the country are passing similar legislation that makes home lenders obligated to maintain home foreclosures from the time of the judgment of foreclosure through the closing of the sale. [...]

Home Foreclosures Dominate California Mortgage Conference

Wednesday, October 14th, 2009

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,” [...]

Home Loan Delinquency Rate Reaches All Time High

Monday, August 17th, 2009

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 [...]

Massachusetts Homeowners Behind on Mortgages

Thursday, July 23rd, 2009

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.  [...]

Considerations for Home Loan Modification Programs

Thursday, July 23rd, 2009

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 [...]

Loan Modification Requests Imploding in California

Wednesday, June 24th, 2009

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 [...]

Refinance or Modify with Obamas Making Home Affordable Program

Thursday, June 4th, 2009

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. [...]

Which Mortgage Option Available for Homeowners

Thursday, March 19th, 2009

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 [...]

Loan Modification Helps Family Stay In Home

Sunday, March 15th, 2009

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 [...]

Obama Team Announces Loan Modification and Housing Relief Plan

Sunday, March 8th, 2009

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 [...]

Obama Team Announces Loan Modification and Housing Relief Plan

Sunday, March 8th, 2009

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 [...]

Fannie & Freddie Easing Loan Modification Rules

Thursday, February 26th, 2009

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 [...]

What the Home Mortgage Relief Plan Means To You

Tuesday, February 24th, 2009

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 [...]