Posts Tagged ‘Foreclosure Avoidance’
Underwater Homeowner Solution Makes Sense
In trying times you can surely bet that there will be those who will come up with ideas – some good, some bad. There is one mortgage servicer that has been following a plan for the last year, and it has proven successful in helping underwater homeowners (those who owe more to their mortgagors than…
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Lenders Will Owe Borrowers More Protection in Future
If you have been following the recent hearings to determine lender punishment in the robo-signing scandal, you know that it has been very controversial (if you have not, click here for a good explanation of the issues: http://tinyurl.com/4sqlyo4). Lenders and many government officials are trying to lighten the proposed punishment, arguing that forcing lenders to…
Read MoreNew Program To Reward Underwater Homeowners
A new program is being unveiled today called Handshakes for Homeowners, which aims to recognize underwater homeowners (they owe more than their house is worth) who continue to pay their mortgages on time. With the goal of helping 200,000 homeowners in the next 12-18 months, this program is a creative albeit slightly strange way to…
Read MoreLoan Modification Credit Woes
Loan modifications have become the preferred method of avoiding foreclosure over the last few years. Although many people are unsuccessful in obtaining them, and the government continues to create programs to entice lenders to grant more modifications, there is one aspect that is not often discussed in relation to those who obtain them: credit consequences.…
Read MoreNew Government Program May Aid Short Sales
There is a new program on the horizon that aims to help homeowners who have not qualified with loan modifications become more likely to obtain their lender’s permission for a short sale. This could be big news for many, possibly eliminating millions of foreclosures. The clincher: homeowners could receive a payment in exchange for leaving…
Read MoreThe Latest Mortgage Modification Assistance News…
Fannie Mae and Freddie Mac are instituting two new programs to help struggling homeowners with their quest to get modifications. Freddie Mac claims to have helped 250,000 homeowners with loan modifications to date, so the time is better than ever to try and work out your mortgage issues. Here are the new available opportunities: 1.…
Read MoreCan the Government Really Help Struggling Homeowners?
The Obama administration announced yesterday that it is going to try yet again to push lenders to assist struggling homeowners with loan modifications. Are they planning on doing something different? Is there some magic noose that they have around the lenders’ necks that they will tug a little tighter on? Or maybe they are going…
Read MoreDeed For Lease Program To Help Struggling Homeowners
The newest program in the Federal arsenal to help homeowners who are facing foreclosure is called the Deed for Lease program. Created by Fannie Mae, this program will allow homeowners to essentially become tenants in their homes for 12 month periods (including the possibility of renewal at the end of the lease). In exchange for…
Read MoreShort Sales May Finally Get Shorter
The dreaded short sale…you find a property at a great price, make an offfer, and wait. Many times the bank takes months to respond, creating frustration among buyers, sellers and agents. I personally groan when I pull up properties for clients and see they are short sales; although I do show them to my buyers…
Read MoreBeware of Foreclosure and Mortgage Rescue Scams
You may have seen the stories in the paper and on television of the rise in foreclosure scams.There are new and different scams born constantly, and with the changing laws and offers of help to homeowners, you are all the more vulnerable if you are facing foreclosure or a change in your ability to continue…
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