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President Obama Offers Up $75 Billion Foreclosure Life Line

Friday, February 20th, 2009

President Obama announced Wednesday that he will be making $75 Billion available to help 9 million homeowners who are facing foreclosure.?? Obama declared the need for drastic action in the face of the growing economic crisis and stated that the funding will help to keep the housing crisis from wreaking further havoc on our already […]

Freddie Mac Is Opening The Doors To Workouts On At Risk Loans

Friday, February 6th, 2009

Freddie Mac??is opening it’s doors to??the influx of borrowers requesting loan modifications or other workouts.?? Freddie will be employing the help of third party servicers to help service Alt A and other types of High Risk Loans.?? The new plan will help keep at-risk borrowers in their homes and avoid foreclosures. Under the new program […]

Could A Bankruptcy Judge Fix Your Home Loan?

Wednesday, February 4th, 2009

One of the most powerfull allies of a distressed homeowner facing foreclosure, might be a Bankruptcy Judge if the House and Senate have their way in new legislation allowing judges to “cram down” home loans. In Bankruptcy proceedings the terms of every loan is fair game for a judge to adjust except for the loan […]

Top US Banks Offering Loan Modification Packages

Wednesday, January 28th, 2009

Major US lenders have??announced they are aggressively reworking mortgage loans to help homeowners remain in their homes.?? The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac loans, along with the HOPE NOW alliance of lenders, launched a “Streamlined Modification Plan”??in December. IndyMac Federal Bank also announced a systematic and streamlined loan modification […]

Pitfalls to Avoid during the Loan Modification Process

Thursday, January 22nd, 2009

A Loan Modification is a valuable tool in helping homeowners get back on track with their loans and protect their homes from foreclosure, but often even after a loan modification people end up right back where they were, and sometimes even worse.?? In fact, more than half (55%) of loans modified in the first nine […]

Know The Lingo; Postponement – Trustee Sale

Friday, January 16th, 2009

POSTPONEMENT – Trustee Sales may be postponed by the Trustee at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale. ?? PRIVATE MORTGAGE INSURANCE (PMI) – A policy of insurance paid for by the borrower to protect the lender in the […]

House Rebate.com’s Short Sale Program: Sell Your Home at No Cost and Avoid Foreclosure

Wednesday, January 14th, 2009

Consumers can now save their credit and avoid foreclosure by selling their home using the “Short Sale” process. For the first time, HouseRebate.com is now offering its Short Sale plan to troubled homeowners. The homeowner can sell their home even if their loan amount is greater than the value of the home with no out […]

Know The Lingo; Judicial Foreclosure-Notice Of Trustee Sale

Wednesday, December 31st, 2008

JUDICIAL FORECLOSURE – A foreclosure action conducted through the courts instead of through a foreclosure trustee. Judicial Foreclosures are very uncommon in California, particularly on residential properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure. JUNIOR LIENS – A lien, usually a mortgage loan, that is subordinate […]

Know The Lingo; Foreclosure Glossary B-F

Saturday, December 27th, 2008

Study up and learn the lingo from the following Glossary of Terms: BENEFICIARY – The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the “Benny”. CREDIT COUNSELING – Under the new bankruptcy law which took effect in October of 2005, those wishing to file bankruptcy must complete an approved […]

Banks Promise Help But Foreclosures Still Likely

Wednesday, December 24th, 2008

Federal and state officials, eager to stabilize the housing market, have leaned hard on mortgage companies to honor their pledges to help more homeowners avoid foreclosure. But in California at least, the mounting pressure has so far produced only modest results.?? The most common from of avoiding a foreclosure is by negotiating a Loan Modification.?? […]

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