Archive for the 'Foreclosure' Category
More Borrowers Leave Mortgage Loan Modification Program
Almost twice as many folks dropped out of the government’s mortgage loan modification program in June as those who received permanent modifications, according to the Treasury agency.
There were 91,000 dropouts in June, which means that 530,000 homeowners have left the mortgage program witho…
Strategic Default: Fannie Mae Cracks Down
If you are planning on just walking away from your home even though you might be able to afford it, a recent rule change by Fannie Mae may compose you think twice about it.
Fannie Mae announced that they are changing the rules so that there is a seven year lockout for borrowers who are considered &#…
Strategic Defaults: Many Are Choosing To Walk Away
Because I live in one of the “sand states” where many homeowners are finding that they have lost 50-60% of their home value since they bought it, I am constantly being asked questions about “whether or not you think I should walk away”.
And the real reply is… it is a ve…
Should You Stay In Your House?
Many times (many, hundreds of times) society ask me a simple question:
Should I keep making my mortgage payment or should I do something different?
And the reply I usually give is something close to “it depends“.
And what it actually depends on is something different for each pe…
Getting A Mortgage After Foreclosure
With as many citizens who have either been through foreclosure, did a deed-in-lieu of foreclosure or short sold their house by the last few years, I had been wondering whether Fannie Mae/Freddie Mac/FHA would change their guidelines as to how lengthy someone had to wait before getting another mortga…
Woman Files Suit by Bank Padlocking Home, Taking Parrot
This story is for the birds. Apparently a Bank of America contractor who mistakenly thought a house was empty when the owner was away, padlocked the home and cut off the utilities.
Angela Iannelli, who lives near Pittsburgh, says the worker also stole her pet parrot, Luke, causing her emotional di…
No, No, No, Yes.
I live in Arizona and pretty much every home within a 2 square mile radius of my home has dropped 50-60% in value since 2006.
Which means terms like loan modification, short sales and foreclosure pretty much dominate every neighborhood bar b q party at the local park.
Recently, I was at a neighborho…
