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
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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 Exploding foreclosure rates have continued in 2009 in the U.S., especially in California, Nevada, Florida and Arizona. Under the Bush Administration there were programs initiated to help homeowners facing foreclosures Now, President Obama and his Administration has rolled out what is sure to be a few of many programs to address the run away foreclosure rates and help about 9 million homeowners save and keep their homes. One such program launched this month is the “Making Home Affordable” Program. The “Making Home Affordable” program, is a two-prong approach for the foreclosure crisis that involves loan modification and refinancing programs for struggling homeowners. The loan modification approach is designed to bring lenders and borrowers together to modify the terms of their loan by lowering interest rates to as low as 2 percent for five years. After the five years, rates will rise to about five percent until the loan is repaid. For eligible borrowers, they will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the loan modification program, which runs through 2012. Making Home Affordable modification program guidelines are as follows;
 Dateline’s Chris Hansen checks up on a family that was evicted from their Las Vegas Home a year ago. Look at the video and see how they are doing after the foreclosure process. .msnbcLinks {font-size:11px; font-family:Arial, Helvetica, sans-serif; color: #999; margin-top: 5px; background: transparent; text-align: center; width: 425px;} .msnbcLinks a {text-decoration:none !important; border-bottom: 1px . . . → Read More: A Look At Life After Eviction Best selling author of personal financial management advice, Suze Orman has teamed up with Media Queen, Oprah Winfrey to bring you a free ebook download called “Suze Orman’s 2009 Action Plan”! Suze Orman “Suze Orman’s 2009 Action Plan” book offers straight talking advice about various financial scenarios that may be the answer to . . . → Read More: Free Financial Book by Suze and Oprah 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 |
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