Mortgage Modification Milestone
Today the US Treasury passed a benchmark in its efforts to help troubled homeowners. Half a million borrowers have had their mortgage payments modified under the Obama administration’s Making Home…
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New Mortgage Rules
Most of us have little trouble shopping for a car. When we compare mileage, horse power and options like power steering and transmissions, we get it. In fact teenage boys can…
New Short Sale Program
Not all distressed borrowers can save their homes. As mortgage relief triage, the Obama Administration has emphasized loan modification and refinance , yet the effort is falling far short of the…
FTC Seeks Ban on Upfront Loan Modification Fees
Yesterday the Federal Trade Commission, in a unanimous 4-0 vote sought to protect distressed mortgage borrowers from one of the biggest sources of fraud in the loan modification business, charging…
Slide in Home Values Threatens Loan Modification Pace
Despite a concerted effort by the Obama Administration with its Making Home Affordable Program to modify and refinance home loans, data released this week shows that only 9% of the…
Strategic Default?
One of the most significant factors in mortgage delinquency is whether or not a home is underwater. Some like University of Arizona law professor Roger Lowenstein in yesterday’s NY Times…
The 31% Solution for Mortgage Modification
When I first got a place of my own, I was told that a week of income should cover my housing expenses. Today, the US Department of Housing and Urban…
Foreclosure Prevention Changes, Market Prospects
The US had a record 2.8 million foreclosures last year up 21% from 2008. According to James J. Saccacio, chief executive officer of RealtyTrac, the foreclosure marketplace, “As bad as the…
Last Ditch Foreclosure Defense
Until recently borrowers have been at a disadvantage when in court for a foreclosure. It’s usually a cut and dried process. A debt is secured by a house. Payments aren’t…
Worried About Your Mortgage? Use the Web to Your Advantage
There is help out there. The web is a great tool to discover more about mortgage services. If you’re a newly distressed borrower nearing foreclosure or want to learn about…