As the foreclosure crisis drags on, record numbers of Americans are turning to short sales to save themselves from foreclosure.  A short sale is when a homeowner sells their home for less than their mortgage.  Usually short sales are done because they homeowner owes significantly more than the value of their home and/or can no [...]

The Obama administration and Federal Housing Administration are taking steps to help homeowners avoid foreclosure by offering loans to unemployed borrowers facing foreclosure. But should unemployed homeowners really take out more debt to avoid foreclosure?  Here a few things you should consider before taking out a loan to avoid foreclosure: Do you have other debts [...]

Homeowners Legal Assistance promised Texas homeowners that they could stop foreclosure ; but what thousands of homeowners discovered is that the company could not deliver on its promises. Valladares paid the business $3,000. In April, Valladares received a letter from his mortgage company stating his loan modification would be approved pending some needed documentation. Then [...]

Hotels in the Dallas-Fort Worth area are facing an increase in foreclosures this year.  Hotel foreclosures in the Dallas-Fort Worth area have already tripled since 2009 and some analysts are predicting that more are to come. "They have done everything they can to keep the property going - they've used reserves and deferred maintenance," Keeling [...]

GMAC Mortgage recently announced that it is temporarily suspending evictions and real-estate owned (REO) closings related to certain foreclosures that have been challenged in court. The company is supposedly investigating those foreclosures to make sure that they were done correctly.  Earlier this week it was announced that GMAC had called a moratorium on foreclosures in [...]

It's unfortunate that a good idea such as mortgage modifications has gone bad in the hands of greedy mortgage lenders.  What was designed to give homeowners facing foreclosure a chance to save their homes, has in many cases done more harm than good. Below are four ways that so-called mortgage modifications are harming many borrowers [...]

Economists are finding the foreclosure crisis is spreading like a cancer into one of the most unlikely places, houses of worship. According to the Thomson Reuters Westlaw legal database, foreclosure proceedings against U.S. churches have nearly tripled since December 2007 and within the last year alone, more than 100 churches have filed bankruptcy in an [...]

Nearly one in 10 American households with a mortgage are behind on their payments, according the Mortgage Bankers Association. And nearly 38 percent of those facing foreclosure reported a significant decline in their physical and/or mental health according to some reports released by county public health departments around the nation. Unfortunately, many homeowners facing foreclosure [...]

Bogus lawsuits designed to avoid foreclosure will not work. This needs to be said first, foremost and often because too many desperate and vulnerable homeowners facing foreclosure are falling prey to "debtor predators" who leech off of the deeply indebted just to make a profit.  This is what happened to 2,000 homeowners who were conned [...]

Credit card delinquencies have dropped slightly while foreclosures continue to rise; but one of the reasons cited for this shift is debtors' neglect of mortgage payments in favor of keeping their credit cards current. Current high levels of unemployment and financial uncertainty have conspired to create an incentive for debtors to neglect their mortgages while [...]