Loan Deals: News

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.

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Loan Modification, Mortgage, Uncategorized foreclosure, freddie mac, renters

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.

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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

The sub prime mortgage industry has done a lot to contribute to the current economy, from shady un-licensed loan officers who would lie and forge documents, to brokers who were trying to get rich quick and cutting corners. Now lets welcome the Loan Modification companies.

According to MSNBC, NBC, CNN, LA TIMES, and a countless number of other reputable sources, foreclosures were up by as much as 75% in 2007 and it continues to be a problem in late 2008.

News reports are flooded with foreclosures, and pending economic rescission. This has given all of the old sub prime loan officers and brokers a new way to rip consumers off.

MSNBC: FBI: Beware of Loan Modification Scams , Feds probe foreclosure scams and Foreclosure Scam Ring Busted are just a few of the many articles in todays papers regarding this.

Loan Modification is nothing new. Banks have been doing it for some time now, but with foreclosures being the reality that it is these days, lots of people are trying to make money from those facing a legitimate hardship.

What these companies are doing is collecting advanced payment for a service that may or may not be completed. A payment which is non refundable according to the companies (which is illegal), unless of course you have the time and the energy to create a big enough headache to the broker.

SelfLoanMods.com is offering services for thoes looking to complete their own loan modification to resolve their home problems on their own, legally, without spending every last penny in their bank account. They offer a package which includes sample letters, loan forms, a step by step booklet, phone numbers, and a step by step guide designed to walk you through the entire process.

Chris from Selfloanmods.com recently in an interview pointed out that while the other companies charge for general loan modification services, they provide all this for free on their website www.selfloanmods.com. Things like phone numbers to your lenders loss mitigation department, and HUD resources.

In this day and age, its very easy to be fooled by scams that promise to help save your home. Its always better to take a few minutes of your own time and do the work yourself. Especially since most of the companies that promise to help you were the ones that got you into this problem in the first place.

Note: we have added the selfloanmods.com hardship letter section to the external links on this website.

Mortgage foreclosure, Loan Modification, Mortgage, MSNBC, Scams

Nov 29, 2008 (Albuquerque Journal - McClatchy-Tribune Information Services via COMTEX) — SOUV | Quote | Chart | News | PowerRating — Dixie and Paul Williams have much to be thankful for — to wit, not being thrown out of their South Valley home for $2 in late mortgage payments.
And they’re thankful to the lawyers at the Senior Citizens’ Law Office who helped make that happen.

Senior Citizens law office executive director Angelica Allen said that an order dismissing the foreclosure action against the couple, who are in their 80s and not in the best of health, has been filed in state district court. This time, she said the bank accepted the $4 in mortgage fees that it had previously rejected as payment.

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Mortgage foreclosure, Mortgage