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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.
Deficiency Judgment Nationwide Mortgage Licensing System personal finance Default credit cards mortgage fraud Jumbo Loan Short-Fi Loan Default Short Sale second mortgage Conforming Loan Loss Mitigation bankruptcy Uncategorized mortgage Loan to Value first time home buyer tax credit unemployment Upside Down Real Life Stories Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
March 10, 2010 1 Responses
New Short Sale Program By Paul M. J. Suchecki
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December 30, 2009 10 Responses
Optimism, Albeit Guarded By Paul M. J. Suchecki
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Optimism, Albeit Guarded By Paul M. J. Suchecki
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December 30, 2009 10 Responses
Optimism, Albeit Guarded By Paul M. J. Suchecki
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