The Problem:► ►Wall street got too greedy. ►ARM, Alt-A ARM, Option ARM, Prime ARM, Sub-prime ARM, these adjustable rate mortgages will continue reset to higher monthly payments which many homeowners will not be unable to afford. ►Millions of mortgage brokers originated these types of loans across the nation. ►Now the banks are literally overwhelmed and […]
Tag Archives: foreclosure aid
Lifeline needed for underwater homeowners – Is Walking away the only option?
Link To Lifeline Needed For Underwater Homeowners I’m meeting more and more homeowners who just don’t want to wait for the market value of their homes to catch-up to the price they paid or the mortgage they have. If you’re home has a lot of equity and you’re underwater, maybe you are struggling to make […]
FHA to provide early relief to struggling homeowners
WASHINGTON – Jan. 25, 2010 – At-risk homeowners with FHA-insured mortgage loans are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, homeowners weren’t eligible until they missed payments. The Helping Families Save Their Home Act of 2009 expanded FHA’s authority to use its loss mitigation tools to assist […]
Banks start to embrace short sales
WASHINGTON – Dec. 7, 2009 – Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on. Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009 compared to the […]
Fed housing program encourages short sales
Fed housing program encourages short sales WASHINGTON – Dec. 1, 2009 – The Obama Administration, through the Treasury Department, announced new housing guidelines yesterday. While a series of announcements highlighted different programs, the National Association of Realtors (NAR) focused on changes that will make it easier for real estate associates to deal with short sales […]
FHA boss: FHA is not the new subprime
SAN DIEGO – Nov. 16, 2009 – Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted. Stevens made the remarks during a speech at the National Association of Realtors®’ annual conference and expo […]
Cities to get $4 billion in foreclosure aid
WASHINGTON – Sept. 17, 2008 – The Foreclosure Prevention Act, which passed in July, allocates $4 billion to cities and states that have been hardest hit by the surge in foreclosures over the last year. Recipients will be able to use the money – which is an addition to the usual funding for the Community […]