According to an article in the Star-Telegram, a state program for first-time home buyers was suspended because it was no longer able to offer below-market interest rates. The program has helped 9,600 first-time home buyers since 2005. The Texas Department of Housing and Community Affairs is hoping to restructure the program and launch it in [...]
According to an article in the Dallas Morning News, the Obama administration kicked off the new "Making Home Affordable" initiative today. The program is designed to help 9 million homeowners avoid foreclosure The article said: The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most [...]
The pending legislation "Helping Families Save Their Homes In Bankruptcy Act of 2009" will apply to certain homeowners facing foreclosure and choosing bankruptcy to modify their mortgages. Here are some of the "qualification" rules of the pending legislation: A homeowner facing foreclosure may qualify for mortgage modification if he/she attempted to contact the mortgage company [...]
On the good news front, The Federal Trade Commission has refunded nearly $28 million to 86,000 homeowners who had mortgage loans serviced by EMC Mortgage Corp. The payout was part of a settlement of charges that EMC and Bear Stearns misrepresented to homeowners the amounts actually owed, charged unauthorized fees and engaged in unlawful and [...]
According to an article in the Star-Telegram, Treasury Secretary Timothy Geithner, announced new rules that limit lobbyist influence on the proposed $700 billion financial rescue program for an economy that is facing scores of bankruptcies and foreclosures. The article said: Obama administration officials said they go farther than the lobbying rules imposed by the Bush [...]
There's a very revealing article in The Star-Telegram that exposes efforts by banks and mortgage companies to prevent very important bankruptcy legislation from being approved and implemented. We've talked about the need of homeowners facing foreclosure to be able to modify their mortgages in bankruptcy and many taxpayers and government officials (including President Obama) have [...]
New Ban on Modifying Residential Home Mortgages in Chapter 13 Bankruptcy Representative Linda Sánchez introduced House Bill 3707 that would eliminate a ban on modifying residential home mortgages in Chapter 13 bankruptcy . Currently, the law for Chapter 13 bankruptcy allows modification of nearly any type of loan with the exception of a residential home [...]
Looking for a mortgage? But finding the credit market so tight that even if your score is nearly perfect the terms and conditions are almost impossible to meet? Well Uncle Sam, who has now increased its share of the mortgage market to around 90 percent, up from 55 percent last year, may be the only [...]
Did you sign mortgage papers on what you suspect to be a toxic loan? In other words, bad for your bottom-line! Well the law states that you have three days to cancel a mortgage after signing the papers. If you signed a mortgage and the papers had certain problems you may be able to cancel [...]
According to Money.com in December 2008, Bank of America will begin implementing the most aggressive foreclosure prevention effort ever created by any U.S. bank. To help save as many as 400,000 troubled borrowers from foreclosure, Bank of America will cut monthly housing payments to no more than 34% of gross income. There are no prepayment [...]