Stopping the foreclosure process for 500,000 homeowners by November 1 this year was the goal set by the Obama administration last July, and according to Obama officials, the administration achieved this goal more than two weeks early. Federal officials said that 500,000 distressed borrowers were put into a three-month trial loan modification program by mortgage [...]
Continue Reading: Stopping the Foreclosure Process for 500,000 HomeownersAvoid Home Foreclosures in Atlanta with Help from Nonprofits
October 8th, 2009Homeowners in Atlanta can avoid home foreclosures with help from nonprofits which have been able to negotiate deals with mortgage lenders and have obtained funds to finance their counseling operations. Atlanta nonprofits including the Rainbow PUSH Coalition and the Consumer Credit Counseling Service of Greater Atlanta were able to convince Wells Fargo to implement a [...]
Continue Reading: Avoid Home Foreclosures in Atlanta with Help from NonprofitsStop Foreclosure Process through Short Sales, Treasury Says
October 5th, 2009Stop foreclosure process through short sales, according to the U.S. Treasury Department. A Treasury spokesperson announced that the department is now working out an incentive program that will encourage mortgage firms to use short sales to help homeowners avoid foreclosure. This short sales program was first considered in May, and the department is now finalizing [...]
Continue Reading: Stop Foreclosure Process through Short Sales, Treasury SaysHomeowners Avoid Foreclosed Houses but Redefault
October 2nd, 2009Homeowners avoid foreclosed houses but redefault, according to the U.S. Office of the Comptroller of the Currency and the U.S. Office of Thrift Supervision. Based on data from the federal agencies, more than half of homeowners who had their mortgages modified in the first 6 months of 2008 had redefaulted within a year from date [...]
Continue Reading: Homeowners Avoid Foreclosed Houses but RedefaultStop Foreclosure Process Based on Consumer Survey
September 28th, 2009The U.S. government can stop foreclosure process by implementing two consumer-oriented strategies, according to Jeff Sovern, a consumer law professor at St. John’s University in New York. One is the reconsideration of the bankruptcy proposal rejected by the Senate in April this year and the other is the creation of the Consumer Financial Products Agency, [...]
Continue Reading: Stop Foreclosure Process Based on Consumer SurveyStop Foreclosed Houses by Demanding Original Mortgage Notes
September 25th, 2009Homeowners can stop foreclosed houses by demanding any entity foreclosing on their mortgages to show the original mortgage notes. In judicial foreclosure states like New York and Florida, homeowners can delay foreclosure proceedings by filing in court a legal request to advise lenders to show original mortgage notes before proceeding with foreclosures. Because of the [...]
Continue Reading: Stop Foreclosed Houses by Demanding Original Mortgage NotesAvoiding Foreclosure If You Have Lost Your Job
September 21st, 2009Avoiding foreclosure if you have lost your job is oftentimes difficult and even impossible for many. The options available to you become fewer and in many cases, the only option left is letting your house go into foreclosure. If your spouse has a stable job and if your prospects of getting back into the work [...]
Continue Reading: Avoiding Foreclosure If You Have Lost Your JobStop Foreclosure Homes, Iowa Attorney General Says
September 18th, 2009Stop foreclosure homes has been one of the key statements made by Iowa Attorney General Tom Miller when he met with Obama administration officials and other state attorneys to discuss strategies in preventing mortgage fraud in his state. Miller’s concerns about foreclosures intensified after getting more information about the resetting of pay option adjustable rate [...]
Continue Reading: Stop Foreclosure Homes, Iowa Attorney General SaysHow to Stop Foreclosure, According to HUD
September 17th, 2009If you have been missing your monthly loan payments and you have received default notices from your lender, do not ignore the notices and do not keep on delaying action. Find information on how to stop foreclosure at government web sites and ask help from HUD-certified housing counselors in your area. The further you get [...]
Continue Reading: How to Stop Foreclosure, According to HUDStop Foreclosure HUD using Alternatives to Loan Modification
September 9th, 2009You can still stop foreclosure HUD even if you have been rejected or are not qualified for loan modification under the Obama administration’s foreclosure prevention program. You can choose from alternative foreclosure prevention options that several lenders have approved as valid loss mitigation options. When a borrower becomes delinquent for three months or more, the [...]
Continue Reading: Stop Foreclosure HUD using Alternatives to Loan Modification