April 2010

LOS ANGELES—Octomom Nadya Suleman’s mortgage holder has agreed to a six-month extension on a $450,000 balloon payment, allowing her and her 14 children to remain in their home, her attorney said Wednesday. Suleman’s lawyer Jeff Czech said he reached the [...]

April 14, 2010 (MAYWOOD, Ill.) (WLS) — The foreclosure crisis triggered a demonstration in a hard hit neighborhood in the south suburbs. A group called “The Coalition to Save Community Banking” organized this protest in Maywood. They’re trying to draw [...]

The president’s foreclosure-prevention plan will likely assist only 1 million troubled borrowers, short of the administration’s original goal of up to 4 million homeowners. The program is funded with $50 billion in Troubled Assets Relief, or TARP, funds, putting it [...]

Get FREE foreclosure and loan modification assistance from NACA this Thursday-Monday at the Miami Beach Convention Center, 1901 Convention Center Dr.. NACA is planning to offer around the clock help to struggling hopmeowners by having housing counselors available to assist borrowers [...]

WASHINGTON—Poor decision-making to try to regain market share and not government-mandated affordable housing goals led Fannie Mae and Freddie Mac to loosen their lending standards that prompted their collapse, said Shaun Donovan, the Obama administration’s top housing official. While the [...]

Billionaire Investor Wilbur Ross on his latest investment in Virgin Money and what he sees for the nation’s regional banks. Watch the latest business video at video.foxbusiness.com

Long Island-based American Modification Agency is found to have misled customers on its ability to help them modify the terms of their home mortgages.  By Daniel Massey –  A state Supreme Court judge has ruled that the self-proclaimed largest foreclosure [...]

This mortgage crisis and these hearings are getting rather ridiculous. Anyone with half a mortgage brain understands that fraud was the basis of the mortgage and real estate boom that the U.S. expeirenced from 2000-2007. Washington Mutual was not the [...]

More than 100 hotels in the Bay Area are now suffering from problem mortgages, according to a new report that sketches ongoing woes for the lodging industry. During the first quarter of 2010, an estimated 106 Bay Area hotels were [...]

WASHINGTON – The Internal Revenue Service may not be aware of a foreclosure on your home and may require you to pay taxes on it, if you don’t file form 1099-C. With the April 15 tax filing deadline coming up, [...]

ANNAPOLIS, MD. — The Maryland General Assembly has passed legislation to require mediation between borrowers facing foreclosures and their mortgage lenders, if the borrower asks for mediation. Under the bill, which was sent to the governor Monday on the last [...]

PHOENIX – It could soon be illegal for companies to charge you an upfront fee for helping you with a loan modification. A bill going through the Arizona Legislature would ban the practice. Paul Klimke with Amerifirst Financial says if [...]

A former mortgage loan officer with Bank of America is facing charges that he funneled loan modification requests from the bank to his company and tried to collect illegal fees, according to Attorney General Martha Coakley. Prosecutors allege that Christian [...]

By Randall Marquis – The State Bar of California has a motion to be heard in Orange County Superior Court in Santa Ana on April 14th “for the purposes of complying with a criminal search warrant” against Curtis (Curt) Melone [...]

Sunday the Pelham community gathered to watch Paula Davis burn her mortgage papers. The community has spent the past 35 days raising more than 220-thousand dollars to help the Davis family retire their mortgage and Sunday was a celebration of [...]

Steve Vento, son of late Philadelphia organized crime affiliate Steve “Steakie” Vento, slipped into the South Florida housing market during the boom years, buying up luxury homes with liar loans. A federal complaint filed last month against the 41-year-old survivor [...]

Farah and Dodge face one count each of wire fraud involving a $20,348,321 promissory note itemizing the transfers from Dodge’s CL & M mortgage servicing company to Farah’s Financial Resources Mortgage, Inc. brokering business. In addition, the U.S. Securities and [...]

Over the objections of Republicans, the California Legislature today approved a bill that will in part provide tax relief to people who lost their homes last year. Gov. Arnold Schwarzenegger, who vetoed a previous version of the measure because of [...]

Recent changes to the federal foreclosure-prevention program were billed as helping the unemployed, but in the long run, they actually make it harder for people without jobs to keep their homes. When the new rules go into effect, unemployment benefits [...]

“Right now, all I’m asking for is a fair deal,” Kidd said. Kidd has asked Aurora Loan Services, his mortgage servicer, to modify his mortgage to reflect the home’s steep drop in value. The fifty-year-old man said he spent his [...]

Seattle-based Washington Mutual became the biggest bank failure in history when it filed for bankruptcy in September 2008 at the height of the global financial crisis. Regulators then seized the operation before selling it to JPMorgan Chase & Co for [...]