Home Foreclosure Rescue Scams Rise

US Administration announced they have raised their efforts to stop predatory mortgage relief companies preying on struggling homeowners looking for companies to help negotiate better mortgage terms that yield a more affordable home loan payment. As the mortgage crisis continues to unfold, the FBI says incidents of suspicious financial activity banks reported to the bureau [...]

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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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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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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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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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Sheila Bair’s Loan Modification plan

With Treasury Secretary Henry Paulson giving little more than lip service to Bair’s plan, the chairman unveiled its details last month.   First, housing payments for delinquent borrowers two months or more would be lowered to 31% of gross monthly income. To get there, mortgage rates could be set as low as 3% for five years, [...]

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Short Sale May Better for Homeowners Who Can’t Afford Their Home

The New York Times reports that 53% of loan modifications end up with the homeowner back in hot water. I realized long ago, that many folks who purchased a house saddled themselves with more house than they could possibly afford.  So now, they face a tough choice… Try to get a mortgage note modification from [...]

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Loan Modification or Bankruptcy to Avoid Foreclosure?

The recent foreclosure epidemic has caused millions of homeowners in the U.S. to scramble for more affordable mortgage terms. Whether it’s a rising variable rates, loss of income, loss of equity or simply a poor decision to borrow money, people need loan revisions and very few people are able to accomplish that with the traditional method [...]

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Loans Re-Default After Mortgage Modifications

Vikas Bajaj uncovers more shocking data in an article that revealed high default numbers involving distressed homeowners whose home mortgages were recently restructured are delinquent again on their mortgage payments, a top banking regulator said on Monday, raising questions about whether policy makers and mortgage lenders can successfully help them stay in their homes. Data from [...]

Negative Amortization Resets Loom Over Foreclosure Crisis

Option ARM homeowners are waiting for Foreclosure. An Option ARM is a Negative Amortization Loan. With these so called Neg-Am mortgages, the borrower owes more at the end of each month if you make the minimum payment. 70 to 80% of people who got one of these loans make only the minimum payment each month. [...]

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