By Jacky, on November 20th, 2008
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
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.
According to Fannie Chief Executive Officer Herb Allison,
we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent foreclosure have an opportunity to stay in their homes.
Continue reading Foreclosures and Evictions Stop by Fannie and Freddie
By Jacky, on November 6th, 2007
If it is not bad enough that your lender has foreclosed on your home, but there is a study that indicates the amount of money owed stated in the foreclosure notices may be incorrect! You may not owe as much as stated by the lender or there may be questionable fees charged in the foreclosure process. The bankruptcy courts are finding questionable fees charged to borrowers who file for protection under Chapter 13 Federal bankruptcy laws to try and save their homes in foreclosure and stop foreclosure.
Under a Chapter 13 bankruptcy, a debtor or borrower must file a statement of assets and liabilities under penalties of perjury declaring all monies owed and all income. A Chapter 13 Bankruptcy is also known as a “reorganization plan”. In other words, a Chapter 13 filing allows a debtor to try and get their financial house in order by making scheduled payments to creditors approved by a Federal Bankruptcy Judge. The repayment plan may be spread out over several years to allow the debtor to make payments to the creditor, that may be lower than their original monthly payments. In a Chapter 13 proceeding, creditors must also file a statement to the court declaring the amounts owed by the debtor, before a repayment schedule can be approved by the Judge. Continue reading Check Foreclosure Fees Closely
By Jacky, on September 10th, 2007
Not really, unless you call bailing out non defaulted loans stopping foreclosure. Some say it shows that at least the White House is paying a little attention to the growing problems of the housing market.Bush’s proposal seems to only provide relief for borrowers whose adjustable rate loans are not in default and are facing or have faced higher monthly payments due to an upward adjustable rate reset. These borrowers will be able to have their loans refinanced with resources and funds from the Federal Housing Administration. Continue reading Bush Plan To Stop Foreclosures
