A federal grant has been made of $4.3 billion to help 7,000 foreclosure victims in Minnesota. It is the second largest sanctioned in the country related to the present crisis. It will help the state to hire more housing counselors to steer the borrowers through the maze of lender bureaucracy. Governor Tim Pawlenty commented that [...]

The Democrats have brought in a bill that if made effective will curb further foreclosures by changing laws related to bankruptcy. This was the opinion given by Senate majority leader, Harry Reid, Democrat from Nevada last Thursday. He apprehended that in all likelihood Republicans will block the bill. The test vote might extend up to [...]

A senate bill targeting prevention of foreclosures has come under attack from the White House for being a bailout scheme benefiting lenders and speculators. In fact the President might use veto powers to stall it. The bill aims to allow bankruptcy judges to wipe out mortgage dues and provide billions for redoing abandoned properties. The [...]

There are plans to legalize reduction of mortgage balances for borrowers. But lenders are up in arms against it. Two bills are pending before the Congress that would authorize judges to reduce mortgage debts. If it sees the light of day then thousands of borrowers would be saved from foreclosures. But lenders are seeing red. [...]

Detroit has seen ups and downs during the last forty years. At one time it was proud to have the highest figures as regards house ownership in the entire country. Today it topped the ranks of foreclosure offenders in 2007. This has aggravated its woes. About 5% of all the houses in Detroit was in [...]

Although the county is not seeing the same number of foreclosures as elsewhere the rate, when compared to last five years in this region, is high. The panacea seems to be a lower interest rates coupled with foreclosure prevention counseling action. The rates rose when the sub-prime mortgage was introduced and loans on house equity [...]

In the Michigan real estate business the top option by many home buyers is to go in for Michigan foreclosed homes. This is based on sound reasoning that the Michigan foreclosure process is caused by many eventualities, namely bankruptcy, financial strain, death of house owner or shifting of residence to another place and the like, [...]

Attorney Pray dealing with consumer cases focusing on bankruptcy opines that after having read an article on foreclosures he is at one with the columnist Paul Wenske (MoneyWise September 16th). If it becomes absolutely impossible to keep the house then the homeowner must open talks with lenders and negotiate about selling it via a realtor [...]