From the monthly archives:

March 2010

How Long Will it Take to Recover our Equity? Some say Until 2016

March 30, 2010

There has been a lot of recent talk about mortgages in negative equity – underwater homes – and the impact on the housing market. In response, First American CoreLogic questioned the question: When will these homes start to float? The company estimates that the typical underwater homeowner will not start to surface until late 2015 [...]

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Obama Finalizes New Program for Unemployed and Underwater Homeowners

March 29, 2010

The administration unveiled major expansions to its foreclosure prevention plot Friday – expansions designed to help underwater and unemployed homeowners and push it closer to assembly President Obama’s goal of helping 3 to 4 million borrowers save their homes. Treasury Assistant Secretary Herbert M. Allison pointed out in a conference call with reporters that the [...]

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FHA Refi for Underwater Homeowners to Avoid Foreclosure

March 27, 2010

Interview with FHA Commissioner Dave Stevens. TARP funds will now be used for principal writedowns and refinances to offset lender risk. He emphasizes that this is not the same as the Hope for Homowners curriculum. It uses unfilled refinance curriculum that exists with FHA today. This is to help lenders decrease chance of unfilled borrowers [...]

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Obama Pushing Banks to Reduce Principal and Bring Payments down to 31%

March 25, 2010

The Obama administration plans to overhaul how it’s tackling the foreclosure crisis, in part by requiring lenders to temporarily slash or eliminate monthly mortgage payments for many borrowers who are unemployed, senior officials said Thursday. Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower’s income, [...]

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Will the Obama Mortgage Modification Program end up a Failure?

March 25, 2010

A U.S. curriculum aimed at helping struggling homeowners avoid foreclosure has been oversold by the Treasury Department and is liable to be a failure when it wraps up in 2012, a report from the watchdog overseeing the $700 billion bank bailout said on Tuesday. Even if the loan modification curriculum ends up with 1.5 million [...]

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Bank of America is now doing Principal Reductions for Homeowners

March 25, 2010

Bank of America Corp. is giving some of its most uneasy mortgage borrowers relief from the threat of foreclosure. The bank, the leading mortgage servicer in the country, said Wednesday it will forgive up to 30 percent of some customers’ total mortgage balance. The homeowners must have missed at least two months of mortgage payments [...]

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Trial Mortgage Modifications on the Rise

March 20, 2010

An additional 54,000 homeowners received permanent loan modifications іn February under thе government’s Home Affordable Modification Curriculum (HAMP), bringing thе total tο 170,000. A additional 92,000 borrowers wеrе approved bу lenders fοr trial loan modifications under thе curriculum, pending final acceptance bу thе applicants. A total οf 1,350,000 homeowners hаνе now bееn approved fοr trial [...]

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New Fannie Mae Alternative Loan Modification Program – FAQ

March 19, 2010

Q1. What is the Fannie Mae Different Modification™ (Alt Mod™)? The Alt Mod is an different to the Home Affordable Modification Curriculum (HAMP) modification for those borrowers who were eligible for and accepted into a HAMP trial period plot but were subsequently not offered a HAMP permanent modification because of eligibility restrictions. Q2. Are servicers [...]

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Stop Foreclosure Fast!

March 12, 2010

Have you been told by your mortgage lender that your house payment is late? You may only be 2 or 3 months behind, but your lender has already threatened you with foreclosure. In today’s turbulent economy, there are thousands of other homeowners who impart your dilemma. Perhaps it was a job loss or some other [...]

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California Foreclosure Mediation Program Could Be Extended to 2011

March 12, 2010

The Banks Committee heard testimony on two bills Thursday that would extend the California’s foreclosure mediation curriculum beyond its contemporary end date of June 30. One bill would extend the curriculum by a year even as the other would make the curriculum permanent. Any one is a sigh of relief for homeowners currently struggling with [...]

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