Posts tagged as:

foreclosure prevention

Fighting foreclosures and winning

Unbeknownst to the 71-yearold homeowner, he had somehow missed a mortgage payment a couple of years ago. The accumulating interest and penalties from the late payment threatened to put Mr. McConnell two months behind on his mortgage — and possibly subject to foreclosure.

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Increasing number of California homeowners suing lenders

by Moe Bedard

In the last five years, the number of foreclosure lawsuits filed in federal court in California has ballooned — like an exploding adjustable-rate mortgage — from only 29 statewide in 2005 to nearly 1,400 last year.

Many such lawsuits also are filed in state courts, which don’t track the numbers or the outcomes.

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Foreclosure Moratorium’s Announced in Anticipation of Government Backed Loan Modification Programs

by Moe Bedard

Will the new Administration finally use stimulus money to directly benefit Americans in foreclosure? While details are not yet available, signs of an impending government intervention in foreclosure prevention are giving major lenders great pause.
Lawmakers in a congressional hearing earlier this week asked the executives of some of the nation’s largest banks to institute a [...]

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Big housing bill: no rescues soon

by Moe Bedard

New York – The $300 billion housing-rescue legislation that President Bush signed Wednesday is partly designed to pull some 400,000 homeowners out of foreclosure.
With more than 2 million foreclosures expected this year, who will be saved?

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Brokers & Real Estate Agents are Now Scamming Homeowners in Foreclosure

by Moe Bedard

First your wonderful real estate agent sold you a home you cannot afford and then her mortgage broker buddy placed you in a fraudulently, toxic loan that has literally eaten you alive. Now, these same snakes want to help you “cure” your woes with their special foreclosure anti-venom knows as “loss mitigation” or “foreclosure prevention”.
Welcome to the [...]

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Barney Frank – you not only don’t know your borrower, you have no idea who your borrower’s borrowers’ were or are

by Moe Bedard

By Moe
“I have always been told by bankers that the prime rule of banking was ‘know your borrower.’ And what has happened is that we have created through a whole group of new methods a situation in which you not only don’t know your borrower, you have no idea who your borrower’s borrowers’ were or [...]

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