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Will the Federal Reserve’s rate cut revive the housing market and stem foreclosures? Don’t count on it. The Fed’s interest rate cut is largely symbolic. It makes more funds available to depository institutions — old-fashioned banks — but old-fashioned banks aren’t where the crisis is centered. The Fed’s move will do little for what . . . → Read More: Lower Mortgage Rates Won’t Stem Foreclosures California Governor Arnold Schwarzenegger reveals plan for state assistance to stop foreclosures The Governor announced a public awareness campaign aimed at California homeowners who may be staring down the barrel of foreclosure. According to the Governor’s website, he stated,
This 1.2 million dollar campaign is designed to educate California homeowners how and where to seek assistance with their mortgage to avoid foreclosure. California is one of the top 10 states with the highest foreclosure of homes. Check out the Governor’s video below on his stop foreclosure plan. Continue reading California Governor Offers Plans to Stop Foreclosures  Today, Thursday November 15, 2007, the House of the U.S. Congress passed a bill aimed at mortgage lenders, that requires additional safeguards in the home loan process to prevent more mortgage loan crisis. In a reaction to the huge number of foreclosures H.R. 3519 known as “Mortgage Reform and Anti-Predatory Lending Act of 2007” , sets standards and more guidelines for the mortgage loan industry in order to prevent more homeowners from falling into the foreclosure abyss. It is expected that more than 2 million mortgage rates will adjust up in 2008, possibly triggering an avalanche of foreclosures in effect crippling the home loan and other financial markets further. Of course, there is always some form of opposition on the political side of this bill. Some of the Republicans are saying that this bill will make it harder for people to refinance their mortgage loans with all of these requirements of mortgage lenders. In effect, under this legislation, the home owner seeking to refinance their home loan, may not qualify for a new loan and this will also fuel the foreclosure crisis! Below are a few things the legislation will provide. Continue reading House Bill Lands On Lenders 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 In the late 1990′s in Los Angeles, Ca., and surrounding areas, homeowners experienced a wave “property snatching” under the color of foreclosure. In one case, a homeowner had their mortgage payment servicer, the company that collects the money, change over four times. Every couple of months they were directed to make payments to a different lender. While trying to keep up with the lenders reselling the loan to different companies, the homeowner was late mailing one payment to their new lender. The homeowner, tried to speak to someone in charge of the account at the lenders’ office, but was rudely snubbed. The clerk, who claimed to be a supervisor, stated that “even if the payment was made, it would not be accepted”! The homeowner became confused and did not know what to do, if the lender refused to accept the payment on their mortgage to their home! Continue reading Lender Refused Payment Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property. The trigger of . . . → Read More: What is Foreclosure |
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