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 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;
 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 You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home? When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home! Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state. Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. Continue reading Tips On Stopping Foreclosure Foreclosures Since July, 2006, the number of foreclosures in the United States have increased by 93 percent, according to RealtyTrac’s July 2007 U.S. Foreclosure Market Report.
This is just the beginning of the number of foreclosures to come, according to analysts and forecasters. The sizable numbers of foreclosures seem to indicate that the housing boom of the last four or five years was built on subprime loans. Everyone is pointing the finger at the borrower who received a subprime loan for a home that was later foreclosed on, and saying things like, “they should not have been given a loan in the first place, because they could not afford it!. Continue reading Foreclosures up 93 percent At the rate of foreclosure filings by home mortgage lenders, many borrowers find themselves stuck in idle and do not know what to do next. Recently, in March 2007, a couple was facing foreclosure and began worrying their heads off about losing their home. The husband was in between changing jobs and they had fallen behind on their mortgage payments by a month. Their first action to try and catch up on the home loan, was to contact friends and family to borrow money. Needless to say, many of them were in a cash crunch themselves, so they ran into a brick wall. The next action was to call the lender and try to negotiate a payment for the current month and ask, if the month missed could be paid later on during the term of the loan so they could prevent foreclosure. The lender’s representative insulted them and told them “if they could not pay the missed payment, then they did not deserve to have a home! ” Continue reading Foreclosure only Option |
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