December 2010

St. Paul, Minn. — The prospect of federal budget cuts could reduce the number of people in Minnesota who get foreclosure counseling.

Federal regulators on Wednesday called on banks to get serious about modifying second mortgages, which are proving to be a Gordian knot that has tied up modifications and other foreclosure alternatives, such as short sales.

Dec. 1 (Bloomberg) — Federal regulators and lawmakers pressed mortgage guarantors Fannie Mae and Freddie Mac to suspend foreclosure proceedings while distressed borrowers seek new mortgages.

Question: We are planning on doing a “strategic default” on our Gilbert home. In other words, although we are financially able to pay our mortgage payments we do not want to pay “good money after bad” by making the mortgage [...]

Nothing too fancy or hard to understand here… from the Just-released Case-Shiller index, it’s clear that the housing double dip is here.

A 75 year old San Jose resident has reclaimed her home through a court decision against Washington Mutual and Bank of America. Corazon Palma won the court decision, because her home was illegally foreclosed. The court documents state that Palma [...]

NEW YORK – Millions of foreclosures and weak demand from buyers are forcing home prices down in most major U.S. cities.

The hearing follows a similar one last month by the committee during which Diane Thompson, an attorney with the Consumer Law Center, estimated that over half of the foreclosure cases she defends involve servicer problems.

ONTARIO, Calif., (BUSINESS WIRE) — Wells Fargo & Company /quotes/comstock/13*!wfc/quotes/nls/wfc (WFC 27.67, +0.46, +1.69%) announced today it is hosting a free workshop for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity customers facing financial [...]

The Number of mortgages in the US in foreclosure may have peaked at just over 2 million, according to the National Association of Realtors. Using figures from the Mortgage Brokers Association and New York based Haver Analytics, NAR says there [...]

To muddle the foreclosure issue just a bit further, Fannie Mae and Freddie Mac told real estate agents last week to resume selling foreclosed properties. Why’s that significant? Fannie Mae and Freddie Mac — the government sponsored enterprises (GSE) that [...]

A Prince George’s County grand jury has charged a Virginia Beach man with swindling 10 people out of about $40,000 in a loan modification scheme.

Jim succumbed to an aggressive throat cancer. While still grieving, Connie started on what would prove to be an even tougher test – applying for a loan modification through Bank Of America.

The Senate Banking Committee is holding a hearing on problems in the mortgage servicing industry and whether they pose a broader risk to the economy or amount to an isolated if nettlesome problem. The issues facing the still-struggling housing market [...]