Many Homeowners Misunderstand Foreclosure They believe that foreclosure begins when the bank decides to send out a notice and begin the process of auctioning off their home. But in reality, the foreclosure process begins at your first missed payment. When you miss your mortgage payment you are already on the road to foreclosure and that [...]
Many homeowners facing foreclosure seriously consider a short sale as a way out of their mortgage and a way to avoid foreclosure . When a homeowner does a short sale on their property they are selling the property for less than their mortgage balance and probably for less than what the house is really worth. [...]
Dallas-Fort Worth residential foreclosures schedule for January remain on the high end. In Dallas County, there were 2,502 foreclosure postings for December while Tarrant County experienced 1,500 foreclosure postings. But many mortgage lenders and servicers are holding back a backlog of foreclosures for the holiday which many suspect they will unload come January 2010. Many [...]
Our legislators have once again refused to give bankruptcy judges the power to modify toxic mortgages during bankruptcy. Legislation that would have allowed bankruptcy judges to modify toxic mortgages by resetting the mortgage terms, extending prepayment periods, redefining interest rates/fees or decreasing the principal balance of a toxic mortgage failed to pass into law last [...]
Shhh! Mortgage bankers don't want you to file bankruptcy. They don't want you to file bankruptcy and they definitely don't want you to have the power to modify a toxic mortgage in bankruptcy. In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy "cram-down" [...]
Million dollar homes are beginning to feel the sting of the foreclosure crisis. According to a recent report the number of million dollar homes hit with foreclosure has jumped 24 percent since last year. And while homeowners in lower-priced homes (under $250,000) are still the primary victims of foreclosure, the numbers higher-end homeowners facing foreclosure [...]
The Making Home Affordable foreclosure prevention plan was suppose to help millions of homeowners avoid foreclosure , however the foreclosure program has failed to attain it goals. According to a Treasury Department report, 27 percent of homeowners taking part in mortgage modification trails are delinquent on their mortgage payments. And while the foreclosure prevention plan [...]
One of the biggest controversies surrounding the use of TARP funds (aka bailout money) has been that none of that money was used to directly benefit homeowners facing foreclosure. Proponents of funneling money into the banking industry as opposed to homeowners claimed that the benefits of the bailout would trickle down to homeowners facing foreclosure. [...]
The Wall Street Reform and Consumer Protection Act (H.B. 4173) is under consideration by Congress. One of the most important aspects of this proposed legislation is the changes to bankruptcy law that will allow bankruptcy judges to modify toxic mortgages. A similar proposal was defeated in the Senate earlier this year; but we're hoping that [...]
Despite claims that the recession has ended, foreclosures in the Dallas-Fort Worth area continue to rise. Rising job losses and prolonged unemployment are major factors contributing to the foreclosure crisis. More than 61,000 homeowners are facing foreclosure, an increase of 23 percent since 2009. And despite efforts to slow the wave of foreclosures, most experts [...]