Mortgage cramdowns or the ability for a bankruptcy judge to modify the terms of a mortgage, was included in a bill (H.R. 1106 - “Helping Families Save Their Homes Act of 2009″) passed by the House recently. There is a lot in this bill besides cramdowns, so I thought it deserved a look. Mortgage Cramdowns [...]

The Obama Housing Plan (known as ‘Homeowner Affordability and Stability Plan’ or ‘HASP’) is simply “more of the same” when it comes to helping those who President Obama admitted in his speech are responsible for over half of all foreclosures: the subprime mortgage borrower. The subprime mortgage borrowers are the ones who actually need help, [...]

“Preventable foreclosure” is an industry phrase meaning what exactly? I’ll tell you. Preventable foreclosure is a lender and servicer phrase meaning, “Not you!”. Put another way, “We looked at your income, debts, neighborhood values, and determined your foreclosure is NOT preventable. So you will not be offered a loan modification or any assistance keeping your [...]

Foreclosure assistance or foreclosure rescue companies are popping up all over the country and HUD announced a new ad campaign warning homeowners about the foreclosure scams many are running. Foreclosure Assistance Companies No Help Yesterday HUD Secretary Steve Preston held a press conference and unveiled the new media message of “Keep Your Home. Know Your [...]

It was announced today both Fannie Mae and Freddie Mac will implement a ban on foreclosures and evictions on occupied 1-4 unit properties from November 26th to January 9th, 2009. This is the first sign of compassion I’ve seen from the GSE’s since the foreclosure crisis began a few years ago. This will ease the [...]

The TV show Extreme Makeover used 1800 volunteers in 2005 to give the Harper family a new, four-bedroom Mcmansion. Foreclosure will now claim the home angering all those who donated their time and money. The AP reports Lake City Mayor Willie Oswald told The Atlanta Journal-Constitution, “It’s aggravating. It just makes you mad. You do [...]

Stress of Foreclosure - Suicide was the only way out for one woman, Carlene Balderrama, a 53-year-old wife and mother, who took her own life once she realized she’d lost her home to foreclosure. The Boston Globe reports Balderrama comitted suicide Tuesday just minutes before her home was set for a foreclosure auction. Balderrama faxed [...]

U.S. home foreclosures are up 14 percent in the second quarter, the eighth consecutive quarter showing continued weakness in the housing market according to RealtyTrac on Friday. This averages to one foreclosure filing for every 171 U.S. households. RealtyTrac reported on 739,714 U.S. home foreclosures filed, up 121 percent from a year earlier. The figure [...]

NACA, the Neighborhood Assistance Corporation of American is doing the seemingly impossible: getting lenders to accept loan modifications on defaulted mortgages. Foreclosure victims rarely get the attention of their lender before it’s too late. However, with NACA representatives in their corner working out a payment the borrower can make and then communicating that to the [...]