Posted April 6th, 2009 by admin
The Obama administration has already unveiled its plan to reduce the rising home foreclosure rate, but with loan modification scams on the rise, the administration today announced a multi-agency effort to crack down on predatory home foreclosure scams that prey on distressed homeowners. “Just as this administration has intensified our efforts to help American homeowners, [...]
Tags: FBI, FHA home loans, foreclosure news, home loan, mortgage fraud, Treasury Secretary Tim Geithner
Posted March 12th, 2009 by admin
A Philadelphia judge continues to aid struggling homeowners by encouraging mortgage lenders to strike a deal that will prevent foreclosure. As Michelle Miller reports, every Thursday, Judge Annette Rizzo throws out traditional courthouse rules and encourages lending companies and banks to come together for a compromise.
Tags: mortgage lenders
Posted February 9th, 2009 by admin
U.S. foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they’re up 225% compared with 2006. A total of 861,664 families lost their homes to last year, according to RealtyTrac, which released its year-end report Thursday. There were more than 3.1 million foreclosure filings issued during [...]
Tags: foreclosure prevention, foreclosure process, loan modification
Posted February 3rd, 2009 by admin
Democratic lawmakers reached an agreement with Citigroup on a new loss mitigation plan to let bankruptcy judges alter loans in an effort to prevent borrowers from losing their home to foreclosure. Other mortgage lenders are expected to follow suit. The agreement raised hopes that the steep downturn in the housing market that has badly hurt [...]
Tags: bankruptcy juydges, Citigroup, loss mitigation, mortgage lenders, mortgage modification
Posted January 16th, 2009 by admin
A few months ago, Congressman Sander Levin spoke on the floor of the United States House of Representatives in support of the Mortgage Forgiveness Debt Relief Act of 2007.Â
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through loan [...]
Tags: debt settlement, loan modification agreements, Mortgage Forgiveness Debt Relief Act of 2007, mortgage restructuring
Posted December 23rd, 2008 by admin
Legislation to help distressed homeowners refinance their houses or continue to live there as tenants while they reorganize financially has been approved in New Jersey. The Mortgage Stabilization and Relief Act cleared the Assembly and Senate Monday. It now heads to Gov. Jon S. Corzine, who indicated he would quickly sign it into law. The measure [...]
Tags: loan modification, mortgage relief, Mortgage Stabilization and Relief Act
Posted December 23rd, 2008 by admin
Maybe…You are not required to pay to get a loan work-out but, most mortgage lenders do not require borrowers to pay for a mortgage modification agreement. However, loan modifications can be complicated and most loan work-outs take 3-4 months to complete. Most mortgage lenders have not invested the build the staff needed to keep up [...]
Tags: foreclosure crisis, loan modification, loan work-out, mortgage modification