According to recent report on the federal government's foreclosure-prevention effort, the number of homeowners leaving the program exceeds the number of homeowners receiving new loan modifications. More than 91,000 homeowners cancelled their government loan modifications in June, while just 38,728 received new modifications, according to data released Tuesday. Almost 530,000 of the nearly 1.3 million [...]
Are you facing foreclosure and hoping to get a mortgage modification? If so, there are few things that you need to know. While the mortgage modification program has been promoted as the fix-it all of the foreclosure, the reality is that only a small number of homeowners have successfully been placed in long-term mortgage modifications. [...]
The current economy has many parents turning to their adult children for help getting access to credit. But what are some of the dangers of adult children co-signing a parent's loan? Your parents can't really afford the loan. If your parents have been turned down for a loan or credit card recently it is probably [...]
More and more debtors are becoming tired of the hassles they face when trying to modify their mortgage and more of them are deciding to file bankruptcy and walk away. Things you should know before you walk away from your mortgage: There are no free rides. Even if you file bankruptcy, you will not be [...]
Many seniors looking for ways to stretch their dollars, fix debt problems, avoid bankruptcy and enjoy their golden years often consider reverse mortgages which they don't need to repay until after they move or pass away. But while the benefits of taking out a reverse mortgage include getting immediate access to home equity without the [...]
A large group of protestors gathered outside a Bank of America office accusing the company of engaging in unfair business practices after allegedly discontinuing previously approved mortgage modifications that were owned by a company they purchased. Protesters claim that loan modifications they agreed on previously with different companies were not accepted by Bank of America [...]
During the real estate boom, most mortgage lenders did not bother to pursue borrowers who lost their homes to foreclosure and whose home did not sale for more than the mortgage. Most borrowers who did not have income or assets usually got away from a deficiency related lawsuit. But that has changed since the foreclosure [...]
Many homeowners facing foreclosure are finding it difficult to convince mortgage lenders to modify their mortgage so that they can save their home from foreclosure. How to increase your chances of winning a home mortgage modification: Do not submit an incomplete mortgage modification application if you plan to have a serious chance of fighting foreclosure. [...]
It has become so common that it barely shocks even the most sensitive of us, a homeowner has spent months negotiating and waiting on a home modification only to discover that their home has be sold at foreclosure. This is the type of disconnect that is impacting thousands of homeowners in Texas and especially in [...]
While many individual debtors opt for Chapter 11 bankruptcy only when they have exceeded the debt limits imposed on Chapter 13 bankruptcy debtors, there are situations when filing Chapter 11 bankruptcy may be beneficial even if the debtor is well within the debt limits of Chapter 13 bankruptcy. Why a debtor may want to choose [...]
