A new programme started by Minnesota Home Ownership Center Network teaming up with Fannie Mae has been successful in helping troubled homeowners get their loans modified within a month or even less; previously it would drag on for months or years ultimately ending in failure.

In January this year foreclosure numbers increased by 15% from what it was in January 2009. It is however less than the figures of last December. Economists fear that another wave of foreclosures is about to crash on American shores. Over 315,000 families got a foreclosure notice (the word foreclosure referring to any of the [...]

Credit card woes joining hands with foreclosures are set to make life miserable for Americans. Foreclosure related bankruptcies have already ruined lives. Now another tragedy is surfacing – people are losing everything swallowed up by credit card dues. The total credit card debt of Americans is $1 trillion as per the data of Federal Reserve. [...]

The foreclosure related crisis is having an effect on prayer outsourcing to Indian churches. Only about one year ago Europeans, Canadians and Americans used to flood Indian churches. Today the Indian church authorities are noting a sharp drop in these requests for “Mass intentions” coming from outside. This drop is timed with the economic downturn. [...]

Unless the lenders are persuaded to reduce payments foreclosure crisis will continue. But this seems to be more difficult a task than landing on Mars. Karina Montenegro has been trying to make this impossible become possible. Her job entails contacting lenders to pursue the matter of loan modification. She dials one of the big giants, [...]

None of the remedies are working. Foreclosure crisis continues to be a mess. Both the Bush and Obama governments toed the same line of throwing trillions of dollars to the banks and lenders. The financial stars were thrilled to pocket $1.2 trillion from the toxic assets that the federal government covered. They pocketed billions more in direct [...]

Property taxes are being affected by the ongoing foreclosure crisis. Calculating the value of property requires a linear process. The price paid for similar properties in the same area is studied and the value calculated accordingly. Apparently there is not much scope for confusion. It is supposed to be neither too complicated nor subjective. Thus [...]

Simon Johnson an economist from MIT opines that the foreclosure crisis has been aggravated by unhealthy banks. He said, “A desperately ill banking sector that threatens to choke off any incipient recovery is a network of connections and ideology that give the financial sector a veto over public policy, even as it loses popular support.” [...]