Foreclosure Articles

Posted on November 16   By Justin McHood
There may be a little bit of light at the end of the tunnel for people who are currently going through foreclosure - they may be able to rent their property back from Fannie Mae. Fannie Mae has recently announced the Fannie Mae Deed For Lease Program and it is designed to be another option to borrowers who are facing foreclosure. According to Jim Ryan, VP at Fannie Mae: "The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not el.... Read More...
Posted on October 16   By Justin McHood
If you have tried to get your loan modified but were not able to, then tried to short sell the home, but it hasn't sold yet - there is another option. As mentioned in the Herald Tribune, if you have an FHA insured loan, you may be eligible for the FHA "cash for keys" program where FHA will give up to $2,000 in exchange for you deeding the property over to the lender in lieu of foreclosure. The deed-in-lieu-of-foreclosure program is not new, but getting money from FHA in exchange for not trashin.... Read More...
Posted on October 13   By Justin McHood
"Should I just walk away from my house?" I am asked this question more than I care to admit. So often, in fact - I now have a canned answer: The decision to walk away from your house is a very personal one that I really can't offer any advice on - but I will be happy to answer any questions about what you can expect to happen if you do choose to just "walk away" from your house... And after I don't tell them "yes" or "no" as to what they should do, they almost always have questions for me. Strat.... Read More...
Posted on September 29   By Justin McHood
One of the most common questions that I hear as the number of banks begin to fail increases is "If my bank goes out of business, do I have to keep making my mortgage payment?" Hmmm. Before we answer that question, let's review a few things that you agreed to when you took out your loan. When you took out your mortgage, you were required to sign a document called the "mortgage servicing disclosure" which is a standard document stating that the lender who is originating your loan will most likel.... Read More...
Posted on September 07   By Justin McHood
Many times when people think of homes that are foreclosed on, they think of people who live in a home, for whatever reason couldn't continue making the payment and as a result are forced to move out. But across America, there is another scene playing out as well -- investors are letting homes go into foreclosure and as a result, the tenants living in the homes are faced with tough decisions about their future. Thanks to a new federal law that was passed on May 20th of this year, if a bank fore.... Read More...
Posted on August 23   By Justin McHood
In the latest release of the Mortgage Banking Association national delinquency survey, 13.16% of all homeowners are either in foreclosure or at least one payment past due on a non-seasonally adjusted basis. This number is the highest ever recorded in the MBA delinquency survey. The number of loans that are either 90 days past due or in foreclosure also both set new record highs, both breaking the record set last quarter. What different about the data on foreclosures in the survey is that the .... Read More...
Posted on August 19   By Justin McHood
If you are having trouble making your house payment and wondering what your options are, here they are in a nutshell: Loan Modification Short Sale Deed-in-Lieu of Foreclosure Foreclosure Loan Modification When attempting to get your lender to modify the original terms of your loan, you may want to hire a lawyer or law firm to help you get it modified - but it is possible to get your loan modified without the help of a lawyer thanks in part to the Making Home Affordable program. The loa.... Read More...
Posted on August 17   By Justin McHood
If you are considering selling your house, one of the first things you may want to consider when setting the asking price is "how many foreclosures are in my neighborhood?" While you may think that the foreclosure crisis isn't fazing you because you can make your payments and just need to sell your home due to job transfer or some other reason - when it comes time to sell your house is when you realize the foreclosure crisis is very real. According to a story in the Arizona Daily Star: If you a.... Read More...
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