Pre-qualifying deadline looms for HUD emergency homeowner loan program

July 5, 2011

HUD’s Emergency Homeowners’ Loan Program (EHLP) assists homeowners facing foreclosure caused by economic or health conditions. Interest-free loans can be used for bringing mortgage payments current, and reinstating mortgage loans from foreclosure. EHLP provides for loan forgiveness for homeowners occupying their homes for five years after the loan program has been completed.
HUD is working with [...]

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Debt consolidation: using your home as collateral

June 21, 2011

Credit card debt often carries high interest rates that continue adding to balances owed when you’re making minimum payments. Ending the cycle of paying your bills only to find balances growing requires a way to pay off high cost debt. Refinancing your home or taking a home equity loan can help, but there are risks.
Home [...]

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Mortgage Loans: Understanding Foreclosure Process in Your State

October 18, 2010

Understanding the foreclosure process isn’t something home buyers consider when looking for homes and mortgage loans, but knowing how the process works in your state contributes to being a well informed buyer. Several major financial institutions have stopped foreclosure proceedings until courts can determine whether foreclosure actions were filed correctly. Although the current situation only [...]

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Elected officials question Obama administration over mortgage foreclosures

October 6, 2010

Legislators are asking the administration to investigate allegations of mortgage lenders mishandling delinquent mortgage loans and failing to complete foreclosure prevention programs. Responding to allegations of mishandling of mortgage foreclosures and loss mitigation programs, 31 of 34 California legislators including House speaker Nancy Pelosi have signed a request asking the Obama administration to investigate reports [...]

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Avoid being ripped off by mortgage help scams

August 31, 2010

A recent “modification marathon” sponsored by a national non-profit organization highlights the continuing need for mortgage help. Homeowners who cannot gain the cooperation of their mortgage companies are seeking help through third parties.
If your home is worth less than your existing mortgage loan, or if you otherwise cannot qualify for refinancing, a mortgage loan modification [...]

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Home Affordable mortgage modifications: Another one bites the dust?

August 23, 2010

In case you thought the housing crisis is solved, it isn’t. The U.S. Treasury recently announced that 96,000 trial modifications approved under the Home Affordable modification program were canceled in July. What went wrong?
Why cancel a good thing?
The government cites several causes for the program’s cancellation:
The program was set up too quickly, and allowed approval for [...]

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Mortgage Loans: Fannie Mae Unveils Website Offering Homeowners Help

August 3, 2010

Fannie Mae’s new website is called Know Your Options, and it provides struggling homeowners with the information necessary for making decisions about selling or keeping their homes, loan workout options that can facilitate catching up on past due payments, modifying loan terms, or selling a home for its current market value. Here are some highlights [...]

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FHA “Short Refinance” Provides Life Preserver for Underwater Homeowners

May 12, 2010

A recent edition of 60 Minutes featured a report on homeowners who are walking away from homes worth far less than their mortgage loans. This is not an easy solution because mortgage lenders foreclose on abandoned homes, which causes problems for communities and homeowners’ credit.  If your mortgage is significantly more than your home is worth, [...]

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Foreclosure of Primary Mortgage Foreclosure May Not Eliminate 2nd Mortgage Collection Efforts

April 19, 2010

The San Francisco Chronicle reports that some former homeowners who’ve lost their homes to foreclosure are being hounded by collectors attempting to collect on home equity loans and lines of credit. Although secondary mortgage loans are removed from a home’s title after the first mortgage lender forecloses, California state law allows lenders of home equity [...]

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Good News for Struggling Homeowners: Fannie and Freddie Increasing Purchase of Delinquent Mortgage Loans

February 25, 2010

Fannie Mae and Freddie Mac have announced plans to accelerate their purchase of delinquent loans from mortgage backed securities pools owned by investors. This increases opportunities for distressed homeowners to benefit from Fannie and Freddie’s foreclosure prevention programs.

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