According to an article in the Dallas Morning News, many banks are making it more difficult for potential homeowners and those who want to refinance to borrow. The article said: The Fed's new quarterly survey found that about 50 percent of U.S. banks tightened their lending standards on prime mortgages, up from about 45 percent [...]
According to an article in the Dallas Morning News, a bankruptcy bill that would allow homeowners facing foreclosure to modify their toxic mortgages in bankruptcy was defeated in the Senate on Thursday. The Senate shot down the bankruptcy bill by a 45-51 vote against the law. The article said: "The banks that are too big [...]
With a combination of factors, including increased job losses , persistent unemployment and a ticking time bomb of subprime mortgages that have yet to reset, the foreclosure crisis will probably get worse before it gets better if legislators don't take action now. It was during 2005 and 2006 that mortgage lenders began to increasingly give [...]
According to an article in the Star-Telegram, legislation was just passed in the Texas Senate that would allow Texans facing foreclosure more time to save their homes. Under the current law, the foreclosure process can move rapidly, giving Texas homeowners only 20 days to fix loan defaults before a mortgage lender foreclosures on them. If the [...]
According to an article in the Star-Telegram, many Americans facing foreclosure and bankruptcy are calling their congressional representatives for help on financial issues. The article said: Rep. Mel Watt is used to dealing with constituents who need help with government agencies. But once Congress passed a $700 billion bailout of the banking system, some people started [...]
According to an article in the Star-Telegram, over two-thirds of Americans surveyed by the American Bar Association said they would support increased federal funding for poor people needing legal assistance. Currently there is legislation making its way through Congress to increase legal aid funding for the poor. The article said: Legislation introduced in March by [...]
As more homeowners face foreclosures, the number of foreclosure scammers looking for a quick buck has increased. Here are some telltale signs that you may be dealing with a foreclosure scammer: They claim to have approved you for a mortgage modification that can help prevent foreclosure; but they are not your bank. Only your bank [...]
According to an article in the Dallas Morning News, foreclosure filings in the Dallas-Fort Worth area have risen by 25 percent, with 5,500 homes facing foreclosure in May. The article said: Worsening economic conditions have caused more homeowners to fall behind in their mortgage payments. But analysts with Foreclosure Listing Service say the biggest reason [...]
There's an "interesting" article over at CNN that features the findings of a "study" done by the Boston Federal Reserve that claims that it's not toxic, exploding mortgages that triple in cost after a few years, causing foreclosure but the fact that people are experiencing job losses . The article said: Borrowers are more likely [...]
There's an interesting article in the Star-Telegram that explains some of the advantages, disadvantages and tax implications of refinancing or modifying a home mortgage using the new Making Home Affordable government program. The Making Home Affordable program is basically designed to stimulate the economy and avoid future foreclosures by encouraging homeowners to refinance high interest [...]