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 [...]
It is ironical that modifications have increased the amount of monthly payments and thus causing borrowers to be pushed into the arms of foreclosure again. With great hope the homeowners (their numbers running into tens of thousands) across the country have been asking their lenders to modify their loans. But instead of getting relief they [...]
While foreclosures are increasing so too is a demand for home loans. The mortgage rates have touched a record low and this has led to the demand for mortgage loans. On the other hand foreclosures are surging.
The Treasury reported that only 12% of those borrowers eligible for loan modification as per the Obama government’s rescue [...]
The unfolding of the foreclosure drama starting with the taking over of mortgage giants Fannie Mae and Freddie Mac reads like a horror film. It stopped the financial system from totally collapsing. Dave Rovelli of Canaccord Adams of New York commenting on the move said, “It saves Armageddon from happening.”
But within the passage of 24 [...]
This is one of America’s most challenging phases. As unemployment levels rise, people are faltering on loan payments. Hence, foreclosures have reached an all-time high. Now home resale at various auctions has become a common feature. Take, for, instance, 322 Crane Boulevard in Los Angeles. Countrywide, which is part of Bank of America, is facing [...]
It is necessary that those facing risk of losing their homes should know that foreclosures can be avoided by timely intervention. Evelyn Branch has been dealing with a young man in her office who is so tensed that he keeps twiddling with his hair.
The young man, John and his wife Mary were about to lose [...]
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 [...]
