Arrests in foreclosure-rescue scheme

As the foreclosure crisis continues for many Americans, more could now lose their homes due to a phony rescue-loan company. The California Attorney General has issued the following consumer alert: California Department of Justice Special Agents of the Bureau of Investigation and Intelligence arrested Rosa Conrado of San Bernardino, Saul Amador of West Covina and Jesus Flores of Baldwin Park, believed to be members of a fraud ring promising to renegotiate home loans. Arrest warrants have al

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Six Steps To Stem The Foreclosure Crisis

On January 7, President-elect Barack Obama declared his intention to address the foreclosure crisis soon after being sworn in. The challenge now for advocates is to ensure that the details of the plan match Obama's rhetoric and truly assist homeowners and renters. Strong federal mandates are needed because the foreclosure crisis is expected to worsen. At the end of last year, credit agency TransUnion estimated that 4.7 percent of all mortgages were delinquent by 60 days or more. And they've

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Captain Obvious: Piggyback mortgages make loan modification harder

Bloomberg reports today on Fed findings that state that (OMG!) piggyback mortgages are making it harder for homeowners to modify the terms of their existing first mortgages. No sh&$ Sherlock. Really? This is newsbreaking stuff here. 2nd lien holders who purchased piggyback 2nd mortgages are in a terrible position, althought it may be in their interest to get the first loan modification done, especially in bubble states where they're basically holding air. What are Piggyback 2nd Mortgages?

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Time Magazine: How to Fix the Housing Market

The other core issue is that too many people can no longer afford their mortgage. Maybe they took out an adjustable-rate loan that has reset higher, or they lost a job in the slowing economy. If we could stop the cycle of defaults and foreclosures, the thinking goes, we could prevent deeply discounted, bank-sold homes from flooding the market, keep losses from further impairing mortgage-backed securities and preserve property values. That's how we wind up with ideas like paying mortgage servicer

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Stop Foreclosure

As our economy goes down we are facing some difficulties of paying our bills or mortgage every month which is not inexpensive today, and the castle is our most priority to avoid losing shelter or foreclosure. To stop worrying about it, loan modification at istopforeclosure4u.com would be the solution of your problem; to get rid of late mortgage payment which is very stressful. This resource is helping people stop foreclosure since 1985, it could help to lower your monthly payment. If you are i

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Good news for home buyers and sellers this Spring, a realtors perspective

photo: James Willamor; view this photo on Flickr It's hard to imagine there is good news amidst all the negative media reports about our economy; but in fact there is, if you put today's economic and real estate challenges into proper context. Buyers There is tremendous opportunity for buyers to obtain 5% interest rates on 30-year fixed mortgages, and to negotiate home purchases in a soft market within Charlotte. This is truly a rare period. It is a myth that you have to have perfect credit

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How will relief package affect loan modification standards?

The Obama White House is expected to roll out a $50 billion homeowner relief package this week, one that could subsidize lenders who make interest rate cuts on troubled loans. But the big thing to watch is how the package would establish industry standards for modifying loans and also how it might be used to get the financial industry's support to pass a bill allowing bankruptcy judges to modify loans. Both points have been big worries for lenders and servicers, because some of the power in redo

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Axelrod: Obama Has 'Solid' Housing Plan

I shudder to think of what hes got in mind. And of course the consequent cost. My question is, should these foreclosures be saved. That is, those that have bought a home using a certain mechanism that allowed them to defer payments, not have to provide a down payment, or did not use full documentation? I think the goal needs to be set, a formula that is honest and realistic, not all of these folks can stay in their homes no matter the help you give them, we are just kicking the can down

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Struggling Phoenix Homeowners Beware

Struggling Phoenix Homeowners Beware January 1st, 2009 categories: General, General Information, Phoenix Foreclosures, Real Estate News, phoenix real estate I see the sign on the road more and more as many Phoenix home owners are struggling to make their payments and looking for a loan modification to help get them through these hard economic times. Here is an article from azcentral.com- Scams preying on struggling homeowners If you are having a problem making your house payment- expert

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A Comprehensive Guide to Online "Stop Foreclosure" Resources

As the economy worsens, more and more families are facing the harsh reality of home foreclosure. According to the FDIC, one in every 200 homes will be foreclosed upon. Every three months, 250,000 more families enter foreclosure. And to make matters worse, some stop foreclosure now companies with shady business practices are preying on families who feel they have no where else to turn. To address the growing foreclosure crisis, I have put together this Resource Guide of Online “Stop Foreclosu

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John Quigley's solution to the mortgage crisis

But for two things, I like it:The foreclosure crisis is at the heart of the more general economic crisis. Protecting homeowners at risk of foreclosure is therefore an obvious priority. Here I outline a plan to ameliorate the foreclosure crisis, using the FHAs mortgage authority to force lenders to recognize the actual values of homes and thus to restructure loans accordingly. The plan has four basic elements.1) All those who purchased homes after a specified date are eligible, period. There is

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Freddie Mac to rent foreclosed properties

Mortgage finance company Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure.The goal of the new policy, announced Friday, is to prevent properties from becoming vacant so they won't fall into disrepair. Freddie Mac also said it will allow renters to remain in their homes even if their landlord enters foreclosure. The McLean, Va.-based company currently has about 8,500 properties in the foreclosure process, but many of those are vacant. Keeping...

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House Judiciary Amends Bankruptcy Act to Include âClawbackâ

HR 200, the House version of the "Helping Families Save Homes in Bankruptcy Act of 2009," as reported in Northern California Mortgage Mods, was amended in committee to include a law back amendment. This allows mortgage companies, whose loans are modified by a bankruptcy judge, to share in the appreciation of a house that is later sold by the home owner.The benefit to the lender will go from 80% of any appreciation in the house's value during the first year after modification to 20% in the 4th

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Get Out of Debt

It is quite shocking to know that since September 2008, more than 400,000 employees were laid off because of the recession. The recession is a worldwide problem and many lives are affected. In line with the recession is the seemingly escalating debts of consumers. More debts. Less jobs. Disaster. Personally, I also need to put my act together regarding my debts. Admitting that one is in dire financial slump or realizing you are having problems paying off what you owe is the very first step to ge

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How Loan Modification Can Stop Foreclosure and Save Your Home

by Carina McMullen If you've been struggling to pay your mortgage, like many Americans have in these tough times, there is an answer that doesn't end in foreclosure or losing your home. Many people have been sacrificing everything in an attempt to make their payments and are losing everything in the process. Loan modification can help you get back on track with your mortgage, by changing payment schedules and even eliminating penalties and fees to make your payments more manageable. If you've bee

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Economic Stimulus Package Passed By the House

Yesterday afternoon, the House of Representatives passed an economic stimulus bill. This is Big News. However, not big enough to help the stock market. Instead, the stock market is down today, as the prospect of stimulus spending can't seem to overcome the poor economic data and the earnings reports. Indeed, Wall Street probably wants more, more, more.Honestly, this whole thing would be on it's probably way to recovery (and for a lot less) if instead of bailing out banks, the government had conc

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How to Get Through the Loan Modification Process

January 30, 2009 @ 4:52 am | by Kevin FresnerMillions of Americans are facing foreclosure, and the numbers keep growing every day. If you're one of those many Americans struggling to make ends meet, having trouble finding a job, or just can't seem to afford your mortgage anymore, you might feel like you're at the end of your rope. However, there are some things that you can do to prevent foreclosure from happening to you.The best option is for you to take advantage of the qualified professionals

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California Investing and Housing 2009 Forecast: The Rise of the Bottom Caller. Bottom Investment Callers out Again, Foreclosures Dominate Market, Home Prices near 2002 Levels.

There is now new 2009 evidence and data points showing that the housing situation is quickly deteriorating in California even more than one would have expected. It is one thing to say that the market is flooded with foreclosures as if the Red Sea was parting but it is another to blur the facts. There is now new 2009 evidence and data points showing that the housing situation is quickly deteriorating in California even more than one would have expected. It is one thing to say that the ma

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Stimulus Could Provide Housing Tax Cuts

All of this stimulus talk chafes me the wrong way, given that we don't have $815 billion lying around to spread around the economy, we're going to have to borrow it. I figure at some point, someone is going to call our tab, and that can't mean anything good for the average consumer here in the U.S. With that said, if you're a homeowner, the stimulus package that President Barack Obama recently submitted (and passed in the house) does contain some provisions that could mean some savings and tax

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When You Start Getting Into The Numbers

A new readers requested some advice from you at the HBB. Hi Ben, I recently came to know your blog and have become a big fan. I bought my condo in Walnut Creek CA in Apr 2005 by stretching myself. So the situation is that this year I will see an income loss which will be bad for both of us and our 2 year old son, my wife is a stay at home mom. I wanted to apply for a loan modifcation and wanted to ask you for some help. What are the ramifications of the new Obama stimulus plan for housing a

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