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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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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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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