From the article:
“Question 1 What is a loan modification?
A loan modification involves changing the terms on a mortgage to make the monthly payments more affordable. This may include lowering the interest rate on the loan, extending the length of the loan, or in some cases principle forgiveness. The goal is to help make the monthly mortgage payments more affordable for a homeowner facing financial hardship.
Question 2 How do I know if I am eligible for a loan modification?
The main thing you will need to demonstrate to your lender is that you have the ability to make the new modified payments according to the terms of a loan modification. You will need to provide proof of your income and a financial statement that outlines your income and expenses that shows that you will be able to meet the revised monthly mortgage payments.”"
for more information please visit activerain by clicking here
Loan Modification, Mortgage, Uncategorized
Loan Modification, modification questions
Freddie Mac on Friday plans to announce a first-of-a-kind plan that lets homeowners and tenants temporarily stay in homes in foreclosure by renting them back, an effort to stop many of the sudden evictions that have come along with the housing crisis.
The program will let thousands of qualified former homeowners, as well as families renting from landlords, enter into a monthly lease on their homes after they have been acquired by Freddie Mac through foreclosure.
Freddie Mac officials expect the program to help about 8,600 families in 2009.
The program gives homeowners and renters more time to find a new place to live and also keeps homes occupied. That’s a plus for neighborhoods where numerous foreclosures have led to empty, unmaintained, vandalized properties.
Click here to read the article
Loan Modification, Mortgage, Uncategorized
foreclosure, freddie mac, renters
If you didn’t think that the deserved to be bankrupt AIG’s abuse of taxpayer money was enough, now Citi joins them in the land of could they be any dumber.
The New York Post is reporting that Citi has in fact followed in the footsteps of AIG and well, spent taxpayer money on a unnecessary luxury.
Even though the bank’s stock is as cheap as a gallon of gas and it’s burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.
The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault’s sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
There are just nine of these top-of-the-line models in the United States, with Dassault’s European factory churning out three to four 7Xs a month.
Click here to read the nypost article
Uncategorized
abuse, AIG, Citi, taxpayer
The Press-Enterprise is reporting a 122 percent surge in default notices that begin the foreclosure process following a three month decline. Between the years 07 and 09, there was over a 300% increase in “Foreclosure-related notices” in Riverside county alone.
Between November and December, California saw a 122 percent surge in default notices that begin the foreclosure process, following a three-month decline, RealtyTrac reported Wednesday.
It was hoped that the law, which took effect in September, would provide time for the lender and homeowner to find an alternative to foreclosure.
Riverside County saw notices of default plunge by more than half in September, stay low for three months and then jump 126 percent to 4,729 in December. San Bernardino County saw the number of default notices increase 92 percent between November and December to 4,247, after falling as low as 1,500 in September.
Read the full article over at pe.com
Mortgage, Uncategorized
foreclosure increase, inland empire, riverside
As politicians and economists continue to forecast doom and grasp at inventive solutions to improve the financial quality of life for the average American and the large multi-national corporations that rely on the consumers, Alamosa County has seen little impact in the housing market.
The numbers of foreclosures in Alamosa County do not show much of an increase regardless of the economic recession. While 2008’s numbers are not finalized, it is clear that there is not much variation from 2007 or 2006.
In 2006, 41 new foreclosures were filed, 15 of which were withdrawn; 2007 saw 62 foreclosures and 28 withdrawals; 2008 ended with 57 foreclosures and 17 withdrawals. According to Lois Widhalm, Alamosa County Treasurer and Public Trustee, “The numbers say we’re down 5 [foreclosures], but we didn’t have as many withdrawn. The numbers did not change drastically.”
Read more…
Uncategorized
The flames of the foreclosure wildfire leaped higher in December, with Notices of Default rebounding from the stall caused by a California law (Senate Bill 1137), which temporarily slowed foreclosures by imposing new requirements on lenders, according to a report by ForeclosureRadar Inc. of Discovery Bay, which says it tracks every California foreclosure with daily auction updates.
With 42,421 filings in December, Notices of Default are back to the record levels reached in the second quarter of 2008, nearly doubling the 21,557 Notices of Default recorded in November.
Notice of Trustee Sale filings were relatively flat month-over-month. However, Notices of Trustee Sale are filed an average 116 days after the Notice of Default so a rebound in the coming months is likely, says the report.
Read more…
Uncategorized
foreclosure, NOD
President-elect Barack Obama’s nominee for housing secretary pledged Tuesday to mount a more aggressive response to the foreclosure crisis as he prepares to take the helm of an agency under fire for being slow to react to the housing bubble.
Shaun Donovan, the 42-year-old commissioner of New York City’s Department of Housing Preservation and Development, has received acclaim for his leadership of an effort to add 165,000 reasonably priced homes to New York’s ultra-expensive housing stock by 2013.
He will face more sweeping challenges in taking over the Department of Housing and Urban Development, which lawmakers say has failed to respond effectively to the surge of foreclosures and defaults.
“Housing is at the root of the market crisis we are now experiencing, and HUD must be part of the solution,” Donovan said, according to remarks prepared for delivery at his Senate confirmation hearing Tuesday.
Click here to read the entire article at businessweek.com
Uncategorized
foreclosure, Foreclosure Aid, Obama
Fannie Mae earlier today announced new set of National Real Estate Owned (REO) Rental Policies that that could let those renting foreclosed homes to continue living in them.
“Renters in foreclosed properties have often been a casualty of the foreclosure crisis the country is facing,” said Michael Williams, chief operating officer of Fannie Mae. “This policy will allow qualified renters to remain in Fannie Mae-owned properties should they choose to do so, mitigate the disruption of personal lives that foreclosures can cause, and help bring a measure of stability to communities impacted by high foreclosure rates.”
The new policy applies to renters occupying foreclosed properties at the time Fannie Mae acquires the property. Renters occupying any type of single-family property will be eligible including residents of two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property.
You can read the press release here
Uncategorized
Fannie Mae, REO
