Mortgage servicers have always worked as collection agents – this being their business and as such they are ill equipped to handle en masse modification of mortgages. This was the view of Patrick Madigan the assistant attorney general of Iowa. Speaking at an interview he said, “The mortgage industry has responded to this crisis with [...]
The much hyped plan of the Obama government offering incentives to all parties concerned in the instance of troubled mortgages is not working out with reports of re-default coming in following modifications. Two of the victims are Samantha and Steve Jensen. Six years ago they had bought a house in Scottsdale in Arizona [...]
When you are dealing with your own personal life sometimes you do not have the time nor the presence of mind to sort through all the problems, so any bit of assistance and guidance helps. Here are some of the most common questions regarding mortgage loans and foreclosure; nonetheless, if you do not think [...]
The country is in the grip of foreclosure crisis – the worst in 16 years. The Federal Reserve and other allied banking regulators have taken the unprecedented step of appealing to the mortgage lenders not to rush on with proceedings. The man in the street has been surprised by the move – the likes of [...]
So far the going has been good for those with poor credit to try and own a house. In the sub-prime market not many questions had been asked and loans had been easy. But with the foreclosure raging through the country mortgage lenders have been tightening their belts making it difficult for house loans to [...]
Poku, a 55 year old taxi owner with wife and three children hails from Columbia. He had to move out of his house. Helped by his group members and a new state programme he shifted to rented accommodation. At lease he is not under the open skies!
One of his passengers Neil Carey, kicked off [...]
According to reliable sources foreclosures rose by 93% from July last year to July 2007 across USA. It went up by 9% from June. In July last year the number of foreclosures had been 92,845 but this year during the same month the number read 179,599. In June the foreclosure number was 164,644. The figures [...]
One by one the chapters of the foreclosure story are unfolding. That which began in Wall Street has spread on to Main Street. The author of the script is the ARM or Adjustable Rate Mortgage. It initially gives the borrower a teaser interest rate, which is low. Later it resets at a much higher [...]
