From the category archives:
Buyers of units at the CityPlace South Tower condominium in West Palm Beach, Florida failed to stop the property from being placed on bank foreclosure listing.
Lawyers representing the buyers said that the failure to stop the distressed property sale would make it difficult for buyers to recover the deposits they paid to condominium developer, [...]
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Approximately 40 percent of homeowners who obtained loan modifications under the Obama administration’s foreclosed home prevention program have been redefaulting, according to Sheila C. Bair, chairman of the Federal Deposit Insurance Corporation.
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CitiMortgage, the mortgage unit of Citigroup Inc., has significantly increased its loan modification offers responding to Obama Administration’s call to intensify and speed up the process to help more troubled homeowners avoid foreclosures.
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First-time homebuyers are playing a major role on the federal government’s efforts to reduce the number of foreclosure properties across the country and prevent them from becoming blights to neighborhoods.
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North Carolina was able to help nearly 1,000 homeowners avoid REO properties for sale under the State Home Foreclosure Prevention Project. The program started seven months ago as an emergency response to over 6,000 homeowners in North Carolina who took out subprime loans and are facing the threat of losing their homes to foreclosure.
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Distressed homeowners trying to save their properties from being placed on a foreclosed home list is faced again with yet another obstacle in achieving financial recovery and security. Unscrupulous people and companies offering bogus foreclosure prevention services are growing in numbers every day.
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President Franklin Roosevelt’s solution to the mortgage crisis in the 1930s is a good model for a scheme to solve the current problem of endless foreclosure listings. Although there are marked differences between the Great Depression and the current crisis, there are also similarities that support the study of what Roosevelt did to contain mortgage defaults during his time.
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While some governors applauded President Barack Obama’s foreclosure plan, other governors who are mostly Republicans criticized the plan as unfair.
Jon Corzine, the Democratic governor of New Jersey, supports Obama’s plan. He said his own mortgage renegotiation plan for the state’s troubled homeowners can use funds from Obama’s program. New Jersey has created a foreclosure [...]
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The Senate is scheduled to take on the economic stimulus program which includes the foreclosure prevention and the confirmation of Timothy Geithner as secretary of the Department of Treasury.
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Steve Preston had humble beginnings. The native from Janesville, Wisonsin, who is now tasked the humungous job to help stop foreclosures spent his childhood shuttling between small apartments and houses. It is from this experience that he now partly draws on as secretary of Department of Housing and Urban Development, an agency which [...]
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