Tag: loan modifications

  • Banks Modify Home Loans, Reduce Rates for 300,000

    Banks Modify Home Loans, Reduce Rates for 300,000

    Five of the country's largest mortgage lenders have modified home loans, reduced interest rates or forgiven debt as part of a deal with government. Continue Reading

  • Has HAMP Gotten Any Better at Helping Distressed Homeowners?

    Is HAMP Any More Useful for Distressed Homeowners?

    One borrower's story of being denied a mortgage modification shows that the government program still has a long way to go. Continue Reading

  • For 2nd Straight Month, More Homes Face Risk of Foreclosure

    Foreclosure Starts Rise For Second Month in a Row

    Banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market by early next year, potentially weighing further on home values. Continue Reading

  • Mortgage-Debt Forgiveness Preventing Foreclosures

    Mortgage-Debt Forgiveness Preventing Foreclosures

    By Les Christie Reducing the amount that struggling homeowners owe on their mortgages is proving to be a more effective way to prevent foreclosures than other methods, such as reducing interest rates or postponing payments, a new report finds. In a report presented this week, Amherst Securities Group... Continue Reading

  • Avoiding Foreclosure: More and Better Options Available Now

    Avoiding Foreclosure: More and Better Options Available Now

    If you're teetering on the edge of foreclosure, you may have a much better chance of finding your footing than in years past. Servicers of delinquent or at-risk mortgages appear poised to ramp up their use of alternatives to foreclosure this year, an industry shift that could enable many more homeowners to hold... Continue Reading

  • The Mortgage Fix That Can Save the Economy

    The Mortgage Fix That Can Save the Economy

    The loan modification programs have been a joke. You have a house that has tanked in value and the best the banks can come up with is a plan where they sort of delay what you owe long enough for you to get back on your financial feet -- if that -- based on the flawed logic that the housing market is certain to... Continue Reading

  • Homeowners Check List for 2011

    Homeowners Check List for 2011

    Homeowners have different needs than buyers and sellers: Mainly, they already own homes, and therefore are less affected by day-to-day market issues. Still, 2011 promises to bring some new twists to this large group of consumers. Tara-Nicholle Nelson of our sister site, WalletPop.com, gives a glimpse at some of... Continue Reading

  • Veterans Day Special on AOL Real Estate

    Veterans Day Special on AOL Real Estate

    In celebration of Veterans Day, HousingWatch is featuring stories about veterans and active military personnel and their real estate experiences. Here are the top posts: 1. Volunteers Build Homes for Wounded Vet Operation: Coming Home, a team of veterans, homebuilders and other volunteers, are dedicated to... Continue Reading

  • Vet Beats Mortgage Mod Scam

    Vet Beats Mortgage Mod Scam

    In celebration of Veterans Day, HousingWatch is featuring stories about veterans and active military personnel and their real estate experiences. When Hank Neigel, a 66-year-old disabled veteran, realized in February 2009 that he and his wife, Carol, would no longer be able to afford the monthly $1,300 mortgage... Continue Reading

  • Mortgage 'Vultures' Keep Defaulting Owners in Homes

    Mortgage 'Vultures' Keep Defaulting Owners in Homes

    You might think a vulture is the least likely creature to help you save your home. But there's a group of vultures who are doing just that -- in fact, they're being more of a friend, to many homeowners in trouble, than banks are. One of them, mortgage-bond trader Lewis Ranieri, has developed a method to keep... Continue Reading

  • New York Creates Borrowers' Bill of Rights

    New York Creates Borrowers' Bill of Rights

    Just how much trouble are mortgage borrowers having with their loan servicers? These are the companies that send the monthly bills, foreclose when the payments don't come, and too often make it really hard for many borrowers to get loan modifications when they can't afford to keep up. According to New York... Continue Reading

  • Foreclosure Aid: States Fall Short on Short Sales

    Foreclosure Aid: States Fall Short on Short Sales

    A couple of weeks ago, I wrote about the $1.5 billion in new Home Affordable Modification Program funds exclusively for states with the biggest home price drops: California, Florida, Nevada, and Arizona (Michigan somehow made it in, too). Now the Treasury Department has announced Part 2 of that project –... Continue Reading

  • HAMP Program Success Rate Much Lower Than First Reported

    HAMP Program Success Rate Much Lower Than First Reported

    If you've been following the ups and downs – mostly downs – of the federal Home Affordable Modification Program, you know that the HAMP has been one big bottleneck, with just a fraction of homeowners who apply succeeding in getting permanent modifications to their mortgages. Then two weeks ago the... Continue Reading

  • Foreclosures Filings Drop but Still Exceed 300,000

    Foreclosures Filings Drop but Still Exceed 300,000

    While there was a decrease of 3 percent in the number of foreclosure filings reported in June from the previous month, and a 7 percent decrease from June 2009, the number of filings topped 300,000 for the 16th straight month. Foreclosure filings were reported on 313,841 U.S. properties in June, according to... Continue Reading

  • Chase Sued by HAMP Rejects

    Chase Sued by HAMP Rejects

    Homeowners seeking help reducing their mortgage payments are fed up with banks, and they're not taking it anymore. Borrowers allege that some lenders have been giving temporary "trial" modifications under the Home Affordable Mortgage Program (HAMP), only to later refuse permanent modifications -- leaving the... Continue Reading

  • Foreclosed Homeowners Now Have Free Web Help

    Foreclosed Homeowners Now Have Free Web Help

    As recently reported on NBC Miami's website, homeowners in danger of losing their homes because of an increasing mortgage now have a place to turn, and it's as easy as logging on and registering on the site. It's called freeHAMPreport.com and was created by the website's CEO and founder, Jonathan Ende. It's a... Continue Reading

  • Obama Overhauls Failed HAMP Loan Modification Program

    Obama Overhauls Failed HAMP Loan Modification Program

    It's as good as official: Home Affordable Modification Program, the year-old government program to save homeowners from foreclosure, is a flop. Today, the Obama administration is set to announce new aid for many homeowners in trouble, who have been beyond help under the limited rules of the old HAMP program.... Continue Reading

  • Sue Your Lender, Save Your Home

    Sue Your Lender, Save Your Home

    For homeowners struggling to keep up with their mortgage payments, their best hope may be negotiating a lower, more affordable monthly payment while they try to get their financial houses back in order. That's the aim of the government's Home Affordable Modification Program, which encourages lenders to modify... Continue Reading

  • Foreclosures Down, But Economists Still Dour

    Foreclosures Down, But Economists Still Dour

    Fewer people are getting bad news in the mailbox: the number of foreclosure fillings dropped again in January, according to the latest information from RealtyTrac. There were 315,716 foreclosure filings in January -- that's down 10 percent from December. Cheery news, at first glance. But more than 300,000... Continue Reading

  • How to Owe More on Your Mortgage? Get a Loan Mod

    How to Owe More on Your Mortgage? Get a Loan Mod

    Wait, aren't loan modifications supposed to provide financial relief? Yes – if you consider a teaser mortgage rate to be a bargain. A new report finds that seven in every ten borrowers who have received a change in their mortgage in order to forestall foreclosure actually now owe more in principal than... Continue Reading

  • Picketing the Fat Cats

    Picketing the Fat Cats

    Is consumer frustration with the slow pace of loan modifications finally becoming more than silent resentment? If Monday's protest at the New York offices of JPMorgan Chase is any indication, the answer might be yes. With a little goading from the president, who on Sunday called America's bank presidents "fat... Continue Reading

  • Rx for Fed Loan Mod Program

    Rx for Fed Loan Mod Program

    Today's big news from Congress – the House passage of major financial reform legislation – shouldn't overshadow an important hearing Rep. Barney Frank's Financial Services Committee held earlier this week on how to minimize the damage wrought by the failures of the old order. In the face of evidence... Continue Reading