December 2010

Here is a great article on loan modification cons and in particular, Green Credit Solutions. Source: FOOTHILL RANCH, Calif. (AP) – PacWest Funding’s CEO watched in late 2007 as rival mortgage brokerages, banks and collaborators collapsed under the weight of [...]

(Source: Record, The; Bergen County, N.J. By Alexander MacInnes) – A Hackensack non-profit and the city of Paterson are two of 23 grant recipients in New Jersey that will divvy up $1.4 million in federal housing counseling grants released by [...]

(Source: By Dale Kasler, The Sacramento Bee, Calif.) – After two months of delays, a nearly $2 billion program to help struggling California homeowners is nearly ready to launch. Phase 1 of the program, under which the government will make [...]

BERKELEY, Calif. (KGO) — A Bay Area soldier is home for the holidays in a place he can now truly call home. A year ago, this career military family faced the ugly prospect of losing their Berkeley home of 10 [...]

(Source: By Blair Koch, The Times-News) Twin Falls, Idaho – Although some of her colleagues felt lucky to close on two or three homes during all of 2010, Faye Emerson sold 13 homes. “My sales totaled $2 million in property. [...]

The number of Americans falling 60 days or more behind in their mortgages fell 6.4 percent in the third quarter from the second quarter, but the percentage of those who fell 30 to 59 days behind rose by 4.3 percent, [...]

(Source: Associated Press/AP Online By JANNA HERRON) – NEW YORK – People are starting to buy homes again, lifting a battered industry that is bracing for its worst sales year in more than a decade. Signed contracts to purchase homes [...]

A few states are forcing banks to sit down with borrowers facing foreclosure and attempt to hammer out a settlement face to face rather than going to court.

(Source: By Kara McGuire, Star Tribune, Minneapolis) – Homeowners seeking a mortgage modification could benefit from a new Federal Trade Commission rule that aims to thwart scammers who promise to help. The Mortgage Assistance Relief Services Rule, which went into [...]

(Source: Chicago Tribune) CHICAGO _ The Illinois couple accused of violating fair housing law in the failed sale of their million-dollar home are rebutting Justice Department charges that they refused to sell it to an African-American family. In separate responses [...]

The number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms, according to the Treasury Department. Loan servicers started 470,321 modification or payment plans in the three [...]

Bank of America’s (BAC) persistent failure to modify home loans has resulted in the inevitable: a consumer class action lawsuit. Last week, Susan Fraser of Missouri filed suit on behalf of herself and all similarly situated Missouri homeowners: People who [...]

TWO and a half years ago, Robert and Amy Ahleman, a construction contractor and a financial services employee, were mired in a mortgage nightmare. After missing just one loan payment on their modest, well-kept bungalow in Bensalem, Pa., the couple [...]

The credit quality of first-lien mortgages serviced by large national banks and thrifts remained steady during the third quarter of 2010, but the pace of foreclosures increased, according to a quarterly report released by the Office of the Comptroller of [...]

The Office of the Comptroller of the Currency & Office of Thrift Supervision have released their 3rd Quarter Mortgage Performance Report, and new foreclosures increased 31% in Q3 2010 from the previous 3 months. The number of new foreclosures increased [...]

(Source: WSJ) – Apollon refinanced a final time in 2007 with Countrywide Financial Corp., which was acquired by Bank of America in 2008. This time, she wasn’t looking to pull out money, but to get into a mortgage with more [...]

(Source: Arizona Daily Star By DALE QUINN) – More than three months ago, Pima County employee Ron Hay successfully bid $40,000 on a foreclosed home in Marana. Hay said he’s been ready for weeks to move into the four-bedroom manufactured [...]

(Source: Palm Beach Post) – The average Florida homeowner who went into foreclosure in November hadn’t paid his mortgage in 10 months.

A California state law to protect homeowners is backfiring—foreclosure lawyers can’t legally get any money until the case is done, so lawyers leery of losing or getting sued aren’t taking cases at all. That leaves homeowners facing foreclosure in a [...]