Home Foreclosure News

Get up to speed with current real estate affairs with updated information and foreclosure prevention solutions.

Loan Modifications Prevent Foreclosures
The federal government has already taken the lead in trying to get lenders to accept loan modifications. In addition to setting the example with the Indy Mac loan modifications, the federal government put together HopeNow.com. New federal legislation has also been passed to assist homeowners. tate governments are following the lead by passing stricter foreclosure laws and laws that promote loan modifications, like the new California law (Civil Code 2923.6). With increasing pressure from federal and state governments and declining home values, lenders are finding loan modifications a more attractive option.

New Foreclosure Laws Passed by States are Reversing the Tide of Foreclosures
As long as foreclosures keep rising, everyone loses. This is why a growing number of states have taken action, seeking at least to mitigate the damage to homeowners, lenders, municipalities and their own budgets. These states are using various approaches to help homeowners at risk.

Mortgage Lenders Try and Curb Foreclosure Rate - If you're having a hard time making your mortgage payment, you need to contact your lender as quickly as possible. It's in the best interest of the lenders for you to stay in your loan. Foreclosing is expensive.

Lenders know they'll take heavy financial losses, so don't be surprised if you receive interest free offers from mortgage lenders to stay in the home. Or, the lender may renegotiate your interest rates, if that's what it takes to keep you in your loan.

HUD Options to Stop Foreclosure - HUD will pay your mortgage company the amount necessary to bring your mortgage current when the lender files the Partial Claim. You must execute a promissory note, and a lien will be placed on your property until the promissory note is paid in full. If you sell your house before the note is paid, the note must be paid from the proceeds of the sale. Visit HUD's website to get your questions answered about Partial Claims.

FHA Loan to the Rescue - As a result of the subprime meltdown and foreclosure crisis, the Bush administration signed into effect two foreclosure rescue programs. FHA Secure was signed into law earlier this year and is due to expire on December 31, 2008. It was meant to be a temporary measure, which is why it's expiring. The other rescue plan, HOPE for Homeowners, just started on October 1, 2008. Both these rescue plans are for those facing foreclosure due to subprime adjustable rate mortgages (ARMs) have recently adjusted or are getting ready to adjust to higher interest rates and the exotic option ARMs-negative amortization and interest-only mortgages-that are getting ready to reset to being fully-amortizing loans.

HOPE for Homeowners Act of 2008 - Homeowners struggling to avoid foreclosure have a potential new lifeline: Hope for Homeowners, outlined yesterday by the Department of Housing and Urban Development to allow strapped borrowers to refinance their mortgages into federally insured lower-rate, 30-year fixed loans. HOPE for Homeowners Act of 2008 is part of the Housing and Economic Recovery Act. It begins on October 1, 2008 and ends in September 2011. The Federal Housing Administration (FHA) would insure the program up to $300 billion.

Fannie Mae's View on Loan Modifications - "Servicers should be solicitous at every step of the process to try to help the borrower stay in the home," says Danny Smith, manager of loss mitigation at Fannie Mae. There is a lot of pressure for banks to modify loan terms and keep borrowers in their home.



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This website does not promote loan modification scams of any kind. We do not offer mortgage relief or home foreclosure assistance. Many states do not allow law firms or loan modification companies to take money up-front. Check with your state's Attorney General for more specific updated information.