Posts tagged as:

loan modification with unemployment

Unemployment Killing Hopes of a Housing Recovery

by Moe Bedard

A record 3 million U.S. homes will be repossessed by lenders this year as high unemployment and depressed home values leave borrowers unable to make their house payment or sell, according to a RealtyTrac Inc. forecast.

Last year there were 2.82 million foreclosures, the most since RealtyTrac began compiling data in 2005. More than 4.5 million [...]

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Barney Frank Going to Bat for Unemployed Homeowners

by Moe Bedard

“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 pushing a proposal to use some of the interest the government collects from the financial industry [...]

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Obama Administration looks to keep jobless in thier homes

by Moe Bedard

The oversight panel argues in a recent report that the Treasury’s current mortgage modification program focuses on the problem evident early in the financial crisis – subprime mortgages that people can’t afford. Panel member Richard Neiman said the second wave of foreclosures is coming more from a loss of income and unemployment.

“The mortgage crisis may [...]

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