Bankruptcy specialists are saying the some homeowners who are being foreclosed are losing their homes due to questionable lender practices and that some firms who instigate home foreclosures may be doing so knowingly. These disturbing disclosures are said to be ‘coming to light’ during bankruptcy proceedings.
The same bankruptcy specialists have also reported that some [...]
A new foreclosure prevention bill proposed by House Democrats intended to help 600,000 homeowners avoid foreclosure might actually result in the same amount of personal bankruptcy filings between now and 2009 according to some critics. The bill, introduced by Representatives from California and North Carolina, features a provision that would permit bankruptcy judges to modify [...]
Legislation is about to be passed by the House Financial Services Committee that will set up new rules for lenders that would protect borrowers. It would also make lenders liable for damages if they issue mortgages that don’t comply.
The bill now pending is expected to be approved momentarily over the objections of mortgage bankers and [...]
Politics has definitely entered the mortgage foreclosure crisis as anticipated and members of the Democratic-controlled Congress have been pushing President Bush to speed-up his efforts to halt the rapidly-escalating tide of mortgage foreclosures. Democrats who are on the House Financial Services Committee have stressed to administration officials that time is of the essence since [...]
Continue reading: Democrats Ask For Fast Response to Mortgage Foreclosure Crisis
Lawmakers and regulators are not getting too far with their efforts to provide relief for foreclosed homeowners. This is true because most mortgage loans that were made during the 2005-2006 housing boom are beyond salvation. It would take nothing short of a total bailout to provide any relief and that [...]
Continue reading: Lawmakers and regulators having problems helping foreclosed homeowners
According to several government sources, some leading real estate appraisal firms colluded with savings & loan associations and others to artificially inflate the value of nationwide residential properties so that owners were able to qualify for sub prime mortagage. The resulting foreclosures have resulted in the current rash of foreclosures, sinking home prices and what [...]
Continue reading: Many Foreclosures Resulted From Inflated Appraisals
If you’re thinking about investing in one or more of the many available foreclosed properties now on the market, there are a few things you should consider. Don’t make the assumption that you need a great deal of money to do this, because it isn’t necessarily so. But if you are fortunate enough to be [...]
Continue reading: How To Finance Foreclosures
Under HOPE NOW, a new U.S. Treasury-sponsored initiative, 200,000 homeowners will be receiving a one-page letter from mortgage servicing organizations advising them to apply for new loans before they face foreclosure. The letter will go out on November 19th, 2007 to borrowers who are delinquent one payment, and will offer advice and help to these [...]
Continue reading: Help for Homeowners Facing Foreclosure Is on the Way
