Home Foreclosure Prevention

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 [...]

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.
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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 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
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John Taylor, President & CEO of the National Community Reinvestment Coalition [...]

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 [...]

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 [...]

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 [...]

Given the severity of the housing crisis and its more significant role in the economy, foreclosure prevention will likely to be a priority for Barack Obama.  On the campaign trail, the president-elect proposed a 90-day moratorium on foreclosures, giving Bankruptcy Court judges the right to provide home loan modifications on primary residences, a $10 billion foreclosure-prevention fund [...]

A new loan modification program aimed at homeowners who haven’t defaulted yet could help 130,000 mortgage borrowers stay in their homes. Citigroup says it will expand its foreclosure prevention efforts by extending loan work-outs to 130,000 distressed homeowners with $20 billion in mortgage loans in their houses. Banks are unquestionably being pressured to be more [...]

Now that the Treasury’s Troubled Asset Relief Program has helped stabilize the financial system by injecting capital into some of the country’s largest banking institutions, the focus has shifted to the plan’s initiative on providing mortgage relief to distressed homeowners through loan modification. It’s one of the biggest challenges the plan could potentially face.
This initiative has [...]

Home Foreclosure Advisors provides foreclosure prevention assistance for homeowners and mortgage industry professionals to support activities that champion the benefits of home ownership and retention.  Borrowers facing foreclosure can contact our Loan Modification Division. If you prefer working with a group you’re more familiar with, the Loan Modification Outlet has teamed with a number of [...]

With foreclosure rates soaring in most states, the Federal government is moving fast to remove an impediment to distressed debt restructuring on the end of holders of home mortgage loans.  The Emergency Mortgage Loan Modification Act of 2008 establishes a standard for loan modifications or workout plans for pools of certain residential mortgage loans.�
States where [...]

Governor Tim Kaine announced the creation of the Virginia Foreclosure Prevention Task Force at the Governor’s Housing Conference.  This foreclosure crisis has devastated the housing market in Virginia, Maryland and Washington DC. More and more homeowners are requesting loan modification agreements with lower mortgage rates and improved amortization schedules.
The Foreclosure Prevention Task Force, chaired by [...]

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Iowans who have loans with Countrywide Financial Corp., the nation’s biggest subprime mortgage lender, will be the beneficiaries of a loan modification program starting on Dec. 1.  About 1,100 borrowers in the state facing foreclosure and loss of their homes are expected to get relief under a settlement reached by Attorney General Tom Miller and [...]