The housing advocates and homeowners battling foreclosure crowded before the State House recently to show their support for many bills that are aimed at slowing the pace of foreclosures and ensuring more equitable treatment towards the house owners and the tenants
There was a strong crowd at the hearing before the Joint Committee comprising of law [...]
Despite incentives offered to servicers regarding modification, foreclosures that could have been avoided continue. According to recent reports the banks are not extending relief to the harassed borrowers.
According to National Consumer Law Center of NCLC, servicers of the mortgages comprising of many big banks, are opting for foreclosures because it is more profitable than going [...]
There are no signs of the foreclosure problem fading. Across the country about 940,000 houses are in some stage of foreclosure during the third quarter of 2009. Either it is a default or auction notification or the house is taken over by the lender. In New York State the filings shot up by 11% in [...]
When the foreclosure crisis made its debut experts in personal finance put pressure on the homeowners to open communications with their lender if they defaulted. The house owners were made to believe that the lenders would do their best to skirt foreclosure. But now the experts are not sure and singing a different tune.
The borrowers [...]
Last Thursday, 16th October, Goldman announced that it would pay out $200 million to its charitable unit. The amount calculates to 6% of its profits during the third quarter or equivalent to its earnings for 6 days. Goldman now has the unusual task of explaining to the rest of the country sucked dry by the [...]
Most of the borrowers are at a loss how to tackle the impending problem but the housing counselors are there with unsheathed swords waging a war against foreclosures. They have first hand knowledge of the various federal government plans involving $75 billion. The plans are there but the borrowers need to be navigated and for [...]
Those who once proudly lived in their own homes with self-respect are now turning to seek refuge in cars, with friends, relations and in public shelters.
One of the victims is Sheri West. The first night she spent inside her sedan. It was parked in the driveway of her previous house piled with her goods. On [...]
Legislators are scrutinizing lending activities of the Federal Housing Agency. It made its debut during the time of the Great Depression to help the damaged real estate market get back on its feet with the assistance of the government coming forward to insure mortgages. But currently – the worst economic crisis since then is causing [...]
