From the category archives:
Kent County and the cities of Great Rapids and Wyoming in Michigan received over $11 million from the Neighborhood Stabilization Program. The funds will be utilized to buy homes in Bank Forclosure List in neighborhoods greatly affected by the foreclosure crisis.
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Hopes are pinned on the foreclosure prevention plan of President Barack Obama to help reduce the number of foreclosed, cheap houses for sale which is being blamed for the abysmal performance of the housing market for the past two years now.
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President Barack Obama is expected to release details of his $50 billion foreclosure prevention program, a day after he signed the $787 billion economic recovery bill.
The plan is expected to include measures to reduce the number of foreclosed homes and to create national standards for home loan modification.
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The Dow Industrials index dropped to 82.5 points, incurring losses of 5.2 percent as investors wait for details of President Barack Obama’s economic recovery bill which includes measures to help distressed homeowners avoid foreclosures. The 5.2 loss of Dow Industrials was its lowest since November 2008.
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In an effort to help prevent more foreclosures, the Federal Housing Finance Agency (FHFA), the overseer of the government-controlled Freddie Mac and Fannie Mae recently announced that a new Home Valuation Code of Conduct will take affect this coming May. The new plan was created to ensure the correctness of home appraisals of mortgages from both companies and to curb mortgage fraud. According to policy makers, overvalued homes have been one of the leading causes of foreclosures.
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In an effort to help its borrowers and loan servicers, Fannie Mae recently announced a series of actions to stop foreclosure.
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Ocwen Financial Corp. has committed to work with Governor O’Malley and state agencies to modify mortgage loans and lessen the number of houses being foreclosed. Ocwen will use its proprietary software to identify borrowers at risk of foreclosure, arrange payment plans and keep borrowers in their homes while maintaining income for mortgage lenders and investors.
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The owner and developer of Renaissance Grand Hotel in St. Louis, Missouri, HRI Properties, has presented its foreclosure forbearance proposal to bondholders, their lawyers and trustees.
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Homeowners facing foreclosure actually have a lot of options available to them to stop it. One of the favorite options is the short sale. Although a short sale transaction is rather simple, there are still quite a few homeowners who are confused of how it works. In order to finally understand, here is a very simple explanation.
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In an attempt to minimize losses from the financial meltdown, the government was willing to help out these troubled investment firms in the form of a $700 billion bailout plan. Despite the huge amount, many analysts and financial experts are not sure if the amount would be enough to also provide assistance to the millions of homeowners who will be hit by the financial crisis. For this reason, New Jersey Legislature is considering its own set of bills that will further protect homeowners from foreclosure.
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