Posted January 19th, 2009 by admin
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 [...]
Tags: foreclosure crisis, foreclosures rates
Posted January 16th, 2009 by admin
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 [...]
Tags: foreclosure crisis, mortgage delinquencies, prime credit
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
Posted December 17th, 2008 by admin
Many mortgage insiders hope that the government jumps on board with the mortgage relief that has been promoted by Sheila Bair’s FDIC loan modification plan the renegotiates the mortgage balance to be reduced to 38% of the borrowers income versus the housing expenses. This will help millions of distressed homeowners avoid foreclosure and remain in [...]
Tags: FDIC loan modification plan, FHA loan, FHA’s short refinance, foreclosure crisis, Hope for Homeowners, HUD, mortgage relief
Posted December 10th, 2008 by admin
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 [...]
Tags: bad credit mortgages, foreclosure crisis, foreclosure prevention, loan modification, mortgage lenders
Posted December 9th, 2008 by admin
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 [...]
Tags: foreclosure crisis, foreclosure prevention, loan modification, mortgage relief, short sales