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Topic: Upside Down
By Paul M. J. Suchecki
Tags: deed in lieu of foreclosure, Obama Homeowner Affordability and Stability Plan, Short Sale, ...
1 CommentAs of April 5th, the Obama Administration is adding a new Home Affordable Foreclosure Alternatives, HAFA, to its efforts to allow borrowers to avoid foreclosure through short sales or a deed-in-lieu of foreclosure option.
Fewer mortgages were underwater in the third quarter of 2009, from 23% to 21% of all single family homes. According to a study by the Boston Federal Reserve Bank, when a home loan is worth more than the property backing it, that fact is a major cause of default
Although default notices increased during this time frame, foreclosures did not keep pace. Lenders are more willing than ever before to accommodate borrowers on their mortgage payments. This helpfulness is not altruism. It’s so lenders don’t get stuck with an inventory of unsold repossessed homes.
Why is Making Home Affordable Falling Short? By most estimates, it has been applied to 5% of those eligible while a record 5.4 million American homeowners are now behind on their mortgage payments.
Throughout this site, you’ll find advice for saving your home from foreclosure. Sometimes, you can’t save it and the process runs its course, but it’s not the end. You still have to pack up and leave.
When you don’t voluntarily surrender a home, a lender has to go through an eviction process following the foreclosure. Some [...]
By Paul M. J. SucheckiTags: Add new tag, foreclosure prevention, homeowner help, mortgage advice...1 CommentIf you can no longer make even modified mortgage payments, it’s time to consider transferring your deed to your lender in lieu of foreclosure.
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan mortgage first time home buyer tax credit Loan to Value Uncategorized Upside Down unemployment Real Life Stories Obama Financial Reform Obama Housing Plan Falling Home Value Refinance Lenders home value Credit Mortgage Revision economic news Loan Modification Foreclosure Help
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