Home mortgage foreclosures were halted in up to 50 states while the banks re-examined their foreclosure processes and documents . . . → Read More: Banks Stop Foreclosure Temporarily
|
|||||
|
Lawsuit against Citigroup and Ally Financial claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties. . . . → Read More: Citigroup and Ally Sued for False Foreclosures Due to the inability of the “Making Home Affordable” program to help stop foreclosure for a large number of ineligible, willing applicants, foreclosures continued to spiral out of control, the Deed for Lease program was born. . . . → Read More: Lease Back Home In Foreclosure
Ralph Roberts is a Realtor who has written many books about the real estate market and flipping homes, such as Foreclosure Investing for Dummies. U.S. News talked with Roberts about some of the first things a potential investor should know before getting into the foreclosure market. Excerpts: . . . → Read More: Talking with a Foreclosure Guru
One of the many curiosities to accompany the mortgage crisis is the growing number of struggling borrowers who have elected to simply walk away from their homes instead of launching an all-out effort to prevent foreclosure. The sharp drop in home prices—which has put millions of Americans "underwater," meaning they owe more on their mortgages than their homes are worth—is one factor behind the trend. Meanwhile, since most mortgages are packaged and sold to investors, rather than held by a local banker, it may be easier for homeowners to justify walking away and sending their house keys to the lender—so-called jingle mail. In addition, a number of companies have emerged on the Web that present foreclosure as an attractive alternative for cash-strapped borrowers. . . . → Read More: Fannie and Freddie Go After Jingle Mailers
With all the talk about how the housing crisis has hit large urban areas—Los Angeles, Las Vegas, Miami—it’s easy to overlook its effect on rural America. But according to the Charlotte Observer, the housing slowdown could be hurting rural communities just as much—if not more—than cities. "The foreclosure problems in small-town America may be even more widespread than in cities. Mobile and prefab homes make up at least 15 percent of the nation’s rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans," the Observer reports. "When the owners default, it leads to repossession rather than foreclosure, and these defaults are not included in the foreclosure data." Full article here. . . . → Read More: Housing Crisis Hits Small-Town America Religious leaders and community activists and others gathered in Washington D.C. to meet with Federal officials, Congress and members of the Barack Obama transition team for a solution, such as more loan modifications and the like, to slow down the ever-growing foreclosure crisis that is affecting millions of homeowners. The religious leaders and prayerful were also there in Washington, D.C. to pray for some relief to homeowners facing foreclosure and eviction. Their prayers may have been answered, somewhat. Fannie Mae and Freddie Mac, two of the largest home loan lenders in the U.S., have agreed to stop foreclosure and evictions for about six weeks beginning Nov 26, 2008 through January 9, 2009, just in time for the holidays. The suspension of foreclosures According to Fannie Chief Executive Officer Herb Allison,
Continue reading Foreclosures and Evictions Stop by Fannie and Freddie   Leave a comment  Foreclosure News  default_notices, delinquencies, evictions, fannie_mae, foreclosure_help, foreclosure_prevention, freddie_mac, home_foreclosures, hope_now, loan_default, loan_modification, mortgage_foreclosures, mortgage_loan, project_lifeline, stop_foreclosure, subprime_mortgage_loans In a bold move to try and slow down the foreclosure melt downs, JP Morgan Chase has put a stop to placing delinquent home loans into foreclosure for 90 days to try to help homeowners keep their homes. The Chase foreclosure plan will cease putting delinquent loans into the foreclosure process for 90 days as it puts a loan modification team together and implement their mortgage rescue plan. Their foreclosure prevention plan is intended to assist home loan borrowers at risk of foreclosure receive mortgage modifications. Loan modifications have been pretty hard to get in this mortgage crisis since many homeowners owe more on their home loans than their home is worth. A loan modification is the process by which the homeowner tries to get the terms of their loan modified to accommodate affordabilty. JP Morgan Chase plans to prevent unnecessary foreclosures Despite the fact that JP Morgan Chase is one of the largest banks affected by the foreclosure crisis, holding 1.5 Trillion dollars in mortgage loans, will be implement their plan on loans held by the bank which is only about 20% and the other 80% of loans are held by investors whose loans they service and are currently not figured into this plan, yet. According to Charlie Scharf, CEO of Retail Financial Services at Chase,
One of the program’s first priorities, is to eliminate the negative amortization loans it services, most of which they inherited when they took over Washington Mutual Bank and EMC. This is a significant addition to its current foreclosure prevention program. Continue reading JP Morgan Chase Stops Foreclosures for 90 Days There has been another shattering record number of foreclosures Not only are the value of homes falling as a result of large home mortgage foreclosures, but also borrowers who are stuck with home mortgages that cost more than their house is worth, are simply walking away. There are still many home mortgages in the coming months that are due to “reset” or as I call it rise in mortgage payment.
Subprime mortgage borrowers were taking all of the heat for this mortgage mess, but all across the spectrum of borrowers, mortgage payments are falling behind. In the last three months of 2007, there were about 1 out of 20 delinquent payments from home loan borrowers, and about 1 out of 6 delinquent subprime borrowers. As far as subprime mortgages go, many people think that this subprime lending business just started in the last year or so. Not true, there have been over ten years of subprime lending practices going on, but mostly targeting minorities. The mass appeal of the money that was made from over-charging home loan borrowers with subprime mortgages was to great of a payday for Wall Street and other investors. The end result of these fraudulent loan practices is what we are seeing today in the record breaking number of foreclosures. To stop foreclosure has become almost impossible. Continue reading Home Foreclosure Wave Still Cresting In an attempt to resolve the home mortgage foreclosure crisis, six major home loan lenders are offering to freeze foreclosures Project Lifeline, announced today February 12, 2008, would temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments. Continue reading Will Foreclosure Freeze Help You Save Your Home |
|||||
|
Copyright © 2012 Foreclosures and Debt - All Rights Reserved |
|||||
and evictions during this time period is designed to allow time for loan servicers to put in a place an efficient loan modification program to assist struggling homeowners.