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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Buying Bad Mortgage Assets

Anthony Mason reports, that some investors are buying the toxic mortgage loans that many banking institutes are actively looking to unload. Millions of Americans have been searching for bad credit bank loans in an effort to protect them from foreclosure.

Because the investors are buying the mortgage for 40% of the current market value, they are able to [...]

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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Key Democrats Prevented Mortgage Reform

Clearly the ignoring of mortgage reform in 2001 and the stalemate of 2004 on the mortgage revisions on predatory lending could have helped stem the current housing crisis that has grown into a foreclosure epidemic.

Karl Rove “Chris Dodd & Barney Frank Prevented Mortgage Reform.” They are protecting Dodd and Frank, as they blame Bush. Maxine [...]

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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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2008 Foreclosures Rates Soared & Home Prices Declined Sharply

In a recent article written by Jason Jacks, he reviews the dismal data for last year with 2008 foreclosure filings, default notices, auction sale notices and bank repossessions all rose 61 % last year from 2007, according to RealtyTrac, a California-based company that monitors the housing market. Get in touch and sign up for Foreclosure [...]

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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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Foreclosure Crisis Persists as Credit Obstacles Remain

ABC News reported a few months back that mortgage delinquencies among good credit borrowers quadrupled in 2008. The lack of home equity and available refinance programs have played a major role in the fall of the prime credit borrower. 

Most real estate and home financing evaluators believe next wave in the foreclosure crisis will continue [...]

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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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Foreclosure Crisis Not Over

While the courts document judicial foreclosures in which the lender files a lawsuit against the borrower, there is no data on non-judicial foreclosures, in which the lender simply posts a legal advertisement and holds a public auction without going through the courts. Realtor Abe Lee estimated that more than 95 % of all foreclosures are [...]

Home Foreclosure Expert Predicts Jump in Home Sales in 2009

The national foreclosure crisis may finally be simmering , but remember, from 84,534 REO properties in October to 84,291 in November, according to the 2009 outlook from ForeclosureS.com, released Tuesday. While the decline is largely likely an artifact of a growing push to halt pending foreclosures while mortgage lenders and government officials search for solutions to the nation’s housing [...]

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Ocwen Reports Good Load Modification Performance

Florida based Ocwen Financial Corporation said Thursday that it is seeing “solid success” with its own loan modification program. Touting a technology-based, loan-by-loan approach to modification, Ocwen said at the six-month mark, the 60-day delinquency rate on its modified loans stands at 24.6 %.
That’s well below industry data from the Office of the Comptroller of [...]

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Modified Mortgage Loans Not Performing

According to a federal regulator more than half of delinquent borrowers who had their bad credit mortgages modified prior in the year to prevent foreclosure were behind on their new home loan payments after just 6 months.  John C. Dugan, US comptroller of the currency, announced at a housing forum yesterday that data his agency [...]

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Foreclosure Preventions with Bankruptcy Judges Given Authority to Modify Home Loans?

House Financial Services Committee Chairman Barney Frank on Monday said that if home foreclosures are not on the decline early next year he expects lawmakers to revive efforts to change bankruptcy law and let judges adjust the terms of mortgages. “If we come back in February and there is frustration that efforts at reducing foreclosure [...]

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