Feds Look to Stop Foreclosure Prevention Scams

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, [...]

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Pennsylvania Court Enables Homeowners and Mortgage Lenders to Negotiate Loan Workouts

A Philadelphia judge continues to aid struggling homeowners by encouraging 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. Pennsylvania mortgage lenders have gone to great lengths to help new home [...]

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Foreclosure Filings Increase with Little Mortgage Relief in Sight for 2009

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 [...]

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Financial Stocks Boosted by Mortgage Deal

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 [...]

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Mortgage Forgiveness Debt Relief Act of 2007

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.
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 [...]

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Jersey Lawmakers Approve Mortgage Relief to Stop Foreclosures

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 [...]

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Should You Pay Thousands of Dollars to get a Mortgage Rate Modification?

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 lenders have not invested the build the staff needed to keep up with [...]

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