The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called "foreclosure prevention" companies from charging up-front fees for their services. "Homeowners facing foreclosure or struggling to make mortgage payments shouldn't have to contend with fraudulent companies that don't provide what they promise," FTC Chairman Jon Leibowitz said. "The proposed rule [...]
Approximately 250 commercial real estate properties in the Dallas Fort-Worth area are facing foreclosure. Foreclosure filings for about 250 properties include buildings, hotels, shopping centers, warehouses and commercial land. In total, the foreclosures represent more than $900 million in debt. Some of the biggest foreclosures were the Four Seasons Resort and Club with more than [...]
A study released by TransUnion has revealed that a new "payment hierarchy" has emerged with debtors becoming more current on their credit cards while allowing their mortgage become delinquent. "Conventional wisdom has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages," said Sean Reardon, a [...]
As of June 1, 2010, the way that homeowners facing foreclosure apply to the HAMP (Making Home Affordable) program will change. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a trial basis without providing pay stubs and other financial documents. Banks and other mortgage customer-service providers were [...]
Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in [...]
Saving your home from foreclosure is a very real possibility, even if your income is small and fixed. But for many homeowners battling foreclosure with Chapter 13 bankruptcy, maintaining payments and keeping their home can still be a struggle a recent study revealed. Foreclosure Listing Service in Addison analyzed post-bankruptcy cases of homeowners in 60 [...]
Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see. Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders. It's becoming a common headline to hear about some "poor" real estate developer [...]
Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles. More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living. The result is that many more are deciding to file bankruptcy so that they can survive and thrive in [...]
Frank Nothaft, the chief economist for the mortgage firm Freddie Mac has issued a warning stating that foreclosures have not peaked yet and that foreclosure rates for prime mortgages haven't been this high since the Great Depression. "I think mortgage delinquency rates haven't peaked yet...We see them peaking at some point in the second half [...]
One of Dallas' oldest skyscrapers, the 52-story Elm Place tower at 1401 Elm Street, is closing down due to a foreclosure and an extremely low occupancy rate. [Guerrino] Savio [who represents the owners] said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower. "It got [...]