November 2009

“These are people who are very responsible, very thoughtful. They got a home, it’s above water, they’ve got equity, but they’re unemployed, and you can’t afford mortgage payments on unemployment,” said Frank, D-Mass. Rep. Barney Frank said Monday he is [...]

Black and Latinos are at a disproportionate risk in the ongoing foreclosure crisis because they are more likely than whites to have higher-cost mortgage loans and face higher unemployment rates, a report says. The report from the William C. Velasquez [...]

Homeowners who are significantly underwater with their mortgages should consider walking away from those, according to Brent T. White, an associate professor at the University of Arizona’s James E. Rogers College of Law. In a paper titled titled “Underwater and [...]

Should homeowners who want to obtain a loan modification from their lender hire an attorney to help them achieve that goal? Attorneys say their services can be helpful, but lenders counter that such services are an unnecessary expenditure of money [...]

“People are desperately out of work and in danger of losing their homes,” said state Sen. Linda Holmes, D-Aurora. “I’d love to say there is an end in sight, but the end is not near.” “You can never catch up,” [...]

Commercial real estate — including shopping centers, office buildings and industrial property — will hit a low point in 2010 not seen since the Great Depression, according to a national survey of real estate executives. Values and rents will plunge, [...]

“This went on for months,” she said. “I would return their calls saying I was undergoing a mod. They would say they didn’t know anything about it and to call their loss mitigation department. I would call loss mitigation and [...]

In order to be eligible for a D4L, or Deed for Lease, you must go through a DIL, short for a deed in lieu of foreclosure. These terms become relevant when your house is underwater — the market value is [...]

Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Birmingham, Ala.-based Regions Bank purchased Cage’s 1140 Royal Street [...]

There’s no help out there for people who are out of work and are just trying to hold on to their homes,” said John Schmitz, 62, of Thornwood, who has been unemployed from the world of finance for almost a [...]

WASHINGTON – The Federal Housing Administration, which propped up the collapsing housing market last year, acknowledged yesterday that it has drained its cash reserves to dangerously low levels, heightening concerns that it might need a taxpayer bailout. The agency, which [...]

Earlier this year, legislation was passed creating strict regulations for loan modification companies in Nevada. The hope was that the new rules would weed out the companies which have been scamming homeowners.   But are the rules penalizing honest companies?      News [...]

The California Department of Real Estate has issued an order to “desist and refrain” to the operators of K.N.C. Financiera Inc., a Bakersfield company that was marketing loan modification services even though its leaders did not have real estate licenses, [...]

The Obama administration is busy touting the burgeoning success of its mortgage modification program. Unfortunately, it’s a farce: Out of one side of his mouth, the President touts a dedication to the besieged middle class, while from the other, lauds [...]

California Bar – The State Bar’s loan modification task force obtained the resignations of three more California attorneys as a result of misconduct related to their loan modification activities. It also placed another attorney on inactive status, charging his work [...]

Attorney General Abbott Takes Enforcement Action Against Dallas-area ‘Mortgage Rescue’ Operation Behind on Mortgage’ defendants bilked unwitting homeowners DALLAS – Texas Attorney General Greg Abbott today took legal action to obtain restitution for a fraudulent “mortgage rescue” firm’s victims. Dallas [...]

Deed for Lease™ (D4L) – Frequently Asked Questions Q1.What are the terms of the lease? Fannie Mae will offer lease terms of up to 12 months at market rates. Q2. How are investor properties with tenants handled? Once the servicer [...]

Just as I predicted over two years ago, the Orange County, California foreclosure tsunami has officially hit the county.  The wave is swallowing OC residents and city blocks by the dozen.  The LA Times reported yesterday that data from ForeclosureRadar.com indicated that outstanding [...]

He and his wife, Yanthy, found out about the foreclosure when the new owner posted a notice on their door Nov. 4. “I get this notice that says you have five days to vacate the property,” he said. “So I [...]

This blog post is in honor of Veterans Day and those that are serving our country in the military. Please do your part today and forward this free information to those in the military that may need help with their mortgages [...]

Nov. 10 (Bloomberg) — Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. lead the pack of U.S. banks modifying home loans to troubled borrowers under the Obama administration’s main foreclosure prevention plan, the Treasury Department said. Citigroup, the third-largest [...]