The recent statistics released show that delinquencies and foreclosures are increasing. Of all the outstanding mortgages 13% are either in foreclosure or about to slip in according to Mortgage Bankers Association.
One of the reasons for this spike is the increase in delinquencies among traditional prime mortgages having fixed interest rates. Thus ultimately the market with [...]
The market has not said farewell to foreclosures thanks to the new threat being posed by ARM resets.
Eyebrows are being raised with the announcing by Toll Brothers that it will offer ARMs at a rate of 3.75%. This Pennsylvania based building firm operates in and around Chicago.
The ARM of adjustable-rate-mortgage initially kicks off with a [...]
The new foreclosure relief programme Making Home Affordable that has been recently launched by the Obama administration is already showing results. Incentives are being offered to all concerned parties to enable either modification or refinancing and ultimately thus preventing further foreclosures.
The borrowers who qualify for this plan and continue to be current on their loans [...]
According to a survey conducted by Patchwork Nation foreclosures are emotionally affecting Americans. The Economic Hardship Index showed that 12 kinds of communities had different types of problem but there was one running thread of woes – foreclosures.
Not a single one of the communities surveyed showed any improvement in the foreclosure figures and this is [...]
The situation is indeed a tricky one. As the American economy goes through one of its deepest recessions and unemployment rises, foreclosures have become very common. Now the question that arises is will a resident default on his mortgage payment if he had the option of making the monthly payment?
According to research conducted by the [...]
Across USA legal action is being initiated against consultants falsely cheating those seeking help to avoid foreclosures. So far 189 suits have been filed. The Federal Trade Commission’s chairperson Jon Leibowitz and the Attorney General of California Edmund G. Brown announced that these steps were part of a national move against false consultants covering 18 [...]
The South Carolina judiciary has stepped in to apply brakes to the foreclosure engine. In the second quarter of this year lenders accelerated their foreclosure activity in Charleston region. At this point the Supreme Court ruling slowed down the pace causing lesser number of foreclosures.
This court-imposed restriction cannot be taken to be an indication that [...]
The banks are most unhappy with a new plan by the new Obama government to set up new regulatory controls over financial bodies. There is a proposal to set up an agency whose only mission would be to see to the interests of consumers. But banks are ready to take on the challenge to prevent [...]
