Foreclosure Articles

Posted on February 13   By MLP Blog
Steps You Can Take to Avoid Losing Your Home and Ruining Your Credit Are you one of the millions of homeowners who went for one of those enticing variable or adjustable rate mortgages only to see your monthly payment, which started off low, continuing to rise, escalating to the point where it’s harder and harder, or even impossible, for you to keep up your payments? Unfortunately, this is an all-too-common scenario being played out across America. According to the Mortgage Bankers Associat.... Read More...
Posted on February 13   By MLP Blog
Some fascinating data from the WSJ: Nearly 1.2 million foreclosure filings were reported last year, a 42% rise from 2005. That is a rate of one in every 92 U.S. households. Colorado, Georgia and Nevada had the nation’s highest foreclosure rates last year, according to RealtyTrac. Among the top 100 metropolitan areas, Detroit, Atlanta and Indianapolis topped the list. About 80% of subprime mortgages today are adjustable-rate mortgages, or ARMs, that have been nicknamed “exploding AR.... Read More...
Posted on February 13   By MLP Blog
Capital region sees biggest increase since ’90s, but home losses may ease The shake-out is on. Hundreds of Sacramento-area homeowners who missed their first mortgage payments early last year fueled the region’s most dramatic rise in home foreclosures since the 1990s during the fourth quarter of 2006, a property research firm said Wednesday. But there were also indications that new instances of financial distress may be diminishing, especially in the region’s most populated coun.... Read More...
Posted on October 08   By Francine Huff
Four major banks have halted foreclosures amid a probe of procedures used for processing documents. Questions and concerns have been raised about whether or not bank officials improperly signed and processed foreclosure documents without reviewing the information. Bank of America, which previously halted foreclosures in certain states, said in a statement: "Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our ass.... Read More...
Posted on June 29   By Justin McHood
If you are planning on just walking away from your home even though you might be able to afford it, a recent rule change by Fannie Mae may make you think twice about it. Fannie Mae announced that they are changing the rules so that there is a seven year lockout for borrowers who are considered "strategic defaulters". WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaul.... Read More...
Posted on May 09   By Justin McHood
Because I live in one of the "sand states" where many homeowners are finding that they have lost 50-60% of their home value since they bought it, I am constantly being asked questions about "whether or not you think I should walk away". And the real answer is... it is a very personal decision -- and no one can really tell you what you should or shouldn't do. But it is becoming enough of an issue that "60 Minutes" decided to do a story on it -- and oddly enough, many of the stories they highlight.... Read More...
Posted on April 27   By Justin McHood
Many times (many, hundreds of times) people ask me a simple question: Should I keep making my mortgage payment or should I do something different? And the answer I usually give is something close to "it depends". And what it actually depends on is something different for each person. It depends on their personal financial situation, their family situation, their job situation, their overall life situation if you will. And each person is in a different spot when it comes to what their entire.... Read More...
Posted on April 20   By Justin McHood
With as many people who have either been through foreclosure, did a deed-in-lieu of foreclosure or short sold their house over the last few years, I had been wondering if Fannie Mae/Freddie Mac/FHA would change their guidelines as to how long someone had to wait before getting another mortgage. And recently Fannie Mae changed their guidelines where now someone who had a foreclosure or deed-in-lieu of foreclosure can now buy a house and get a Fannie Mae mortgage in as little as two years with a .... Read More...
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