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 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 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 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 More than 2.2 million foreclosure filings on nearly 1.3 million properties. A 75 percent increase in foreclosure activity from 2006. Those are the headlines from RealtyTrac’s 2007 year-end foreclosure report. But there’s more to the story. …(read more) More: continued here |
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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.