Times are tough in the US. As the economy spins out of control, people are losing jobs. As unemployment peaks, people are faltering on mortgage payments. Hence, foreclosures have become common. As homeowners are set to lose properties there is a sense of desperation to cling on to homes – a tricky situation that has [...]
There is the possibility that a controversial practice of Fannie Mae and Freddie Mac could nip loan applications in the bud. Very few know about it.
Suppose one has a credit score of 800 and good equity on the property that he or she wants to refinance taking advantage of the prevailing low interest [...]
Yomalis Hilario and Johnny Montero are two of the many borrowers at risk from foreclosure searching for mortgage relief. They bought a house in Paramus in 2006 for $468,000. But soon they found it difficult to continue paying $3,700 per month on two mortgages carrying heavy interest.
Hilario contacted the servicer asking for a more reasonable [...]
The staggering number of foreclosures has led to a virtual paralysis of the judicial system. Florida is one of the worst affected areas and the courts here are choked with foreclosure cases. This prompted Miami University’s Michael Froomkin to craft The Foreclosure Defense Program. It helps to engage young attorneys with the backlog of foreclosure [...]
Florida courts are drowning in foreclosure cases causing a massive backlog. A task force was set up to recommend suggestions for improving the system and adding more speed to it.
The most attention is likely to be given to compulsory mediation for residential foreclosures. It is being implemented in three judicial courts in Florida. By mandatory [...]
Today the FHA (Federal Housing Agency) has a pivotal role to play in pulling up the economy from foreclosure blues. Following the housing crash there were wide ranging views as to whether ownership should be made easy or more difficult. Worried lenders who had burnt their fingers now want 20% down payment before they will [...]
Las Vegas commercial foreclosure front is showing signs of pessimism laced with optimism for the long term Its commercial real estate market has been hit by the recent economic travails but increasing foreclosures and sharp fall in prices will provide opportunity to many to quickly recover than in other regions. Panelists were speaking about this [...]
