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 August 7th, 2007
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
By Jacky, on August 6th, 2007
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
