Mortgage Help

The Hope Now alliance announced today that serviers have processed 1,178,000 loan workouts since launching the program in July 2007.   Over 300,000 workouts were processed in January and February of this year, including 196,200 repayment plans and 113,500 loan modifications.  Hope Now is an alliance of couselors, mortgage market participants, and servicers created to provide [...]

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President Bush announced several new initiatives today that may help up to 1.2 million homeowners keep their homes.  The HOPE NOW plan is designed to help mortgage borrowers who can afford their current starter rate on an adjustable rate mortgage.  The companies in the HOPE NOW alliance have agreed to help borrowers in the following [...]

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A credit freeze is one of the most effective ways of preventing identity theft. A credit freeze (also known as a credit lock), stops all access to your credit report by banks, finance companies, and other lenders. Since no one can pull your credit report, no new loans can be taken out in your name, [...]

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The rate of homes entering foreclosure was nearly triple last year, at an all time high in the latest Mortgage Bankers Association survey.
The rise in foreclosures is mainly due to an increase in the foreclosure rates in Florida, California, Arizona, and Nevada.  Ohio’s foreclosures are twice the national average, and neighboring states are also experiencing [...]

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President Bush announced several initiatives today designed to help homeowners avoid foreclosure.
First, the Federal Housing Administration (FHA) would be modernized, allowing lower downpayments and larger loan amounts from the FHA.
Second, the President called on Congress to change the tax code so that homeowners forced to sell their homes for less than they are worth are [...]

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As foreclosure rates rise, evidence from other parts of the country indicates the number of rescue scams may be increasing. According to Alison Preszler, a spokeswoman for the Council of Better Business Bureaus, the BBB for Clearwater, Florida, received 508 complaints about local foreclosure rescue companies in the past three years with 322 coming just [...]

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She wasn’t an investor. She didn’t have a subprime mortgage. But when Jordan Fogal’s house became uninhabitable, the 62-year-old grandmother says foreclosure became her best alternative.
Fogal’s troubles began when she and her 72-year-old husband, Bob, moved to a new housing development near Houston in 2002. That first night in the new house, the dining room [...]

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Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.
The filings include default notices, auction sale notices and bank repossessions. The figures are the latest measure of the ailing [...]

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For some people, renting their house out can help stave off foreclosure or being forced to sell a home for less than they owe on their mortgage.
While it is difficult at current prices to cover a mortgage payment, maintenance costs, and repairs with a rental payment, a renter can certainly help cut down on the [...]

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The housing market is hurting right now. Property values are falling. Foreclosures are rising. Many people have seen their payments spike. Others are having difficulty finding a mortgage at all due to lenders tightening their credit standards.
The crisis in housing has sent shock waves throughout the whole financial system, causing the stock market to plunge [...]

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