March 20th, 2009 by michael e. riley
Chris Hansen of Dateline NBC follows police with a camera crew while evictions are being conducted. The eviction victims are interviewed. This truly is a heartbreaking video. Be sure to explore your loan modification options and prevent foreclosure from happening. It is now easier than ever to perform loan modification and a number of government-subsidized programs have been created to help the struggling homeowners. Give us a call if you are unsure if the program applies to you.
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March 18th, 2009 by michael e. riley
Several government-subsidized loan modification programs made it easier than ever for struggling homeowners to modify their mortgages to a more affordable rate and prevent foreclosure. Borrowers who wanted to refinance in the past but could not qualify because their properties have lost value may be able to get a new more affordable rate meaning a lower payment.
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March 13th, 2009 by Geoff Marks
When mobile homes were first being sold, most did not qualify for traditional mortgages, as most lenders treated them much the same a vehicle sales. After all, a buyer who could not make their payments could hook them up to a truck and drive them away to avoid mobile home foreclosure. However, as more people began buying mobile homes and they became more a part of the landscape, lenders became more acceptable to providing financing and when a homeowner could not make their payments, mobile home foreclosure began as opposed to repossession as in auto loans.
Typically, the price of a mobile home is considerably less than a traditional home and during a mobile home foreclosure, the land on which it is located, is usually not included in the sale. This type of unique situation exists because the home can …
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March 10th, 2009 by michael e. riley
When it comes to being behind on the mortgage payment, there is nothing worse because your home is the biggest bill you have and the one that is probably the most important. So when you are not able to pay the mortgage company, you are probably not able to pay a lot of other companies. This means that your credit has taken a huge hit and you are probably getting collection calls left and right from people who want their money and they want it now. If you do not have the cash on hand to bring your account up to date, then a foreclosure refinance may be your best option.
A foreclosure refinance is where you get your loan refinanced while you are in the middle of a foreclosure process. Luckily, laws allow for homeowners to seek that option …
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March 4th, 2009 by michael e. riley
Some people put way too much faith in the government and have created these false notions in their minds about exactly how much service the government will offer in any given situation. With the growing foreclosure crisis, and the increasing news coverage regarding the government’s proposed involvement in bailing out troubled borrowers, (such as HASP or Mortgage Relief), many people are developing misconceptions about exactly what HUD foreclosure help really is. For example, some people actually believe that HUD foreclosure help means that HUD will be paying their mortgage for them and allowing them to keep their homes. This is absolutely not true. Remember that HUD will only directly get involved if laws are being broken. Beyond that HUD foreclosure help is a lot of advice and enforcement of codes and laws put into place to protect the borrower. So …
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February 24th, 2009 by dmitriy
Housing Plan to Reduce Mortgage Payment
Many of homeowners have questions regarding the President Barack Obama’s Housing Plan. A lot of Americans are in various stages of foreclosure and the help can not come soon enough. So who is eligible?
The program is expected to help those who are in danger of not making their monthly payments. The applicants do not have to be behind, but may be asked to demonstrate that they may be short on making their monthly payments. The program’s eligibility is determined by whether the monthly mortgage payment is above 31% of applicant’s gross income. Jumbo loans (the loans over $417,000) are not eligible and neither are second mortgages.
The lenders and loan servicers are encouraged to participate in the program by receiving subsidies and various incentives from the government but are not otherwise required …
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February 20th, 2009 by Geoff Marks
mortgage modification program – Nearly 9.5 million households, or nearly one out of every five of the nearly 52 million homeowners with a mortgage, spend 38 percent or more of their pretax income on their mortgage payment, property taxes and insurance, the AP’s analysis found. That’s the new threshold to qualify for the loan assistance program launched last month by Fannie Mae and Freddie Mac, the mortgage finance companies now under government control.
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February 19th, 2009 by michael e. riley
stop foreclosure
Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions “step up to the plate” to help make certain the Obama administration’s new home foreclosure initiative succeeds.
“This started as a mortgage crisis but it’s become a jobs crisis,” said Donovan following the announcement of the $75 billion plan to help prevent foreclosures.
In an interview with the “Today” show on NBC Donovan stated that the administration feels confident that enough requirements are put in place to ensure refinancing by the banks which will “tip the balance for millions of homeowners.”
Sheila Bair of Federal Deposit Insurance Company stated that the while some foreclosures will be unavoidable, the plan should help bring the foreclosure levels to the historical averages.
The plan’s key provision for mortgage modification will only benefit the …
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