Archive for the ‘Foreclosure’ Category
Saturday, March 13th, 2010
Bank of America is set to release a new report showing that to date it has approved approximately 21,000 permanent loan modifications under the federal Home Affordable Modification Program (HAMP). This is encouraging news for people looking for loan modifications, as this number indicates a dramatic increase in the number of modifications approved by the bank.
The number of modifications approved is due to a change in HAMP guidelines which require banks to approve permanent modifications before they receive federal modification incentive payments. Before this change, the banks placed thousands of borrowers into trial modification programs, collected federal funds, and then denied the borrowers a permanent modification. Read more... (164 words, estimated 39 secs reading time)
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Loan Modification Approval Rate Improves for Bank of America- Orange County, CA
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Tags: Attorney Loan Modification, california loan modification, hamp, home affordable modification program, Loan Modification, stop foreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | No Comments »
Friday, December 4th, 2009
While a short sale can be an effective relief for a homeowner facing foreclosure, it can also benefit lenders. Believe it or not, property foreclosure is not only a hardship for the homeowner, but for the lending bank as well. The homeowner has to deal with the reality of losing their home and the financial worries that ensues and the banks must find a way to recover as much of its losses as possible. Banks do not want to own homes. They are not in the real estate business, and foreclosing on a home only adds more to their workload. Read more... (466 words, 1 image, estimated 1:52 mins reading time)
Tags: avoid foreclosure, california foreclosure, california shortsale, Short Sale, stop shortsale, what is shortsale
Posted in Foreclosure, Short Sale | 1 Comment »
Wednesday, December 2nd, 2009
Bank foreclosure real estate, also referred to as REOs (Real Estate Owned), is foreclosed real estate that is owned by the bank due to an unsuccessful foreclosure auction. There are several reasons the home may have not sold at the auction. The most common reason is negative equity, when the value of the property is worth less than the amount owed to the bank. The bank tries to get the closest amount to the original balance on the loan so they lose the least amount of money, and so the price of the property is often based on the balance of the loan. Of course, in today’s market, this makes little sense for investors or first time buyers because property values have declined drastically. Read more... (463 words, 1 image, estimated 1:51 mins reading time)
Tags: bank foreclosure, Foreclosure, foreclosure auctions, foreclosured properties, stop foreclosure, stop foreclosure california
Posted in Foreclosure | 2 Comments »
Friday, November 20th, 2009
Forced to Move: Foreclosure or Short Sale?
If you are in a position where you are forced to move, say because of a job transfer, health reasons, or pending foreclosure, and you can’t sell your home, what are your options?
In reality, you probably can sell your home, just not for the amount you would like to. In the current market, you could sell the home for below market value and take a loss, but in some cases home values have dropped so much that the current value is less than what you may owe on the home! Read more... (633 words, 1 image, estimated 2:32 mins reading time)
Tags: california short sale, forced to move, loan modificaiton, mortgage modification, stop foreclosure
Posted in Foreclosure, Short Sale | No Comments »
Wednesday, November 18th, 2009
California has been hit hard by the foreclosure crisis, and it’s not over yet. With many adjustable rate mortgages ready to reset, a state that already has 25% of the nation’s foreclosures may be hit again. California hold over 50% of the nation’s ARMs, many of which are about to increase their interest rates, leading to even more foreclosures in the state. The housing programs MHA and HAMP were to provide relief for thousands of homeowners, and yet due to constraining guidelines and an unwillingness to negotiate on part of the banks, foreclosures have increased across the state. As a result, District Attorney Edmund Brown Jr. has taken the initiative on the housing crisis. Read more... (609 words, 1 image, estimated 2:26 mins reading time)
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California District Attorney Brown Calls Banks Out as Foreclosures Increase
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Tags: california attorney loan mod, california foreclosure, california loan modification, california mortgage modification
Posted in Foreclosure, Loan Modification | 1 Comment »
Sunday, November 8th, 2009
There are alternatives besides a foreclosure. Buying a house is a big investment. It really puts a dent on your financial resources. Of course, the expenses do not end with the down payment. You still have to contend with the monthly payments for the mortgage. This is a financial situation that you will have to live with for years until you have fully paid off your loan.
But what happens if you get behind in your mortgage payments? A delay in payment can have very serious consequences for your mortgage situation. If the delinquency in payments has become too severe then your home could be in danger of foreclosure. A foreclosure means that your property will be repossessed by the lending institution that gave you your mortgage. Read more... (568 words, 1 image, estimated 2:16 mins reading time)
Tags: foreclosure options, halt foreclosure, Loan Modification, save my home, stop foreclosure
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Monday, September 7th, 2009
Homeowners in foreclosure or Delinquent on their mortgage has risen to an all time high
Despite the government or tax payers providing TARP money or help to bail the banks out, in hopes that the banks will turn around and help the Homeowner, the foreclosure rate and also the delinquency mortgage rate has hit an all time high in over four decades. It was the hope of HAMP and other Loan Modification programs that this would not happen. That credit would be available and help homeowners find a loan work out program and save their home. Read more... (529 words, 1 image, estimated 2:07 mins reading time)
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Homeowners foreclosure or Delinquent mortgage rise
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Tags: delinquent mortgage, foreclosure rates, Loan Modification, mortgage modificaiton, rising floreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | No Comments »
Thursday, August 20th, 2009
Data from June 2009 shows that more than 24% of homeowners owe more then what their home is worth. Data Analysts are back forth about how housing prices have bottomed and leveled off and now are on the rise again. I say which is it, like I said it changes every day! Deutsche Bank claims that by 2011, 48% of homeowners will be underwater, meaning homeowners will owe more on their home then what it is worth.
Read more... (461 words, 1 image, estimated 1:51 mins reading time)
Tags: home loan modification, Loan Modification, loan workout, lower mortgage payment, reasons to modify your loan, stop foreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | 1 Comment »
Thursday, August 20th, 2009
The California Foreclosure Prevention Act, signed by Gov. Schwarzenegger, adds 90 days onto the time period between when homeowners defaulting on a loan and when their home can be repossessed in foreclosure. Banks can avoid the 90-day holdup by having a comprehensive program in place to make mortgages more affordable by reducing the interest rate, extending the loan terms, or reducing or deferring some of the principal. Such programs must be approved by regulators. Read more... (462 words, 1 image, estimated 1:51 mins reading time)
Tags: california loan mod, loan modification freeze, save my home, stop foreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | No Comments »
Thursday, August 20th, 2009
Needless foreclosures are happening all around us. It happens every day; banks are foreclosing on properties even though it costs more to foreclose then to provide a loan modification. In this case, common sense tells any sane person that it is a needless foreclosure. So, be aware that the banks these days just don’t have common sense!
For example, it can cost the investor who held the mortgage about $50,000 to foreclose on a home. It may have cost only $25,000 to make the mortgage affordable to the homeowner by reducing the interest rate. Modifying the loan contract would keep the homeowner in their home and save the investor money. Read more... (519 words, 1 image, estimated 2:05 mins reading time)
Tags: Attorney Loan Modification, avoid foreclosure, loan mod, loan modification company, lower mortgage payments, needless foreclosure, save my home, stop foreclosure
Posted in Attorney Loan Modification, Foreclosure, Loan Modification | No Comments »
