Foreclosure isn’t a good thing, but knowing more about how it works and the alternatives to it can be useful.

Home Retention Acts Up, But Re-Default Rate Awful

December 21, 2009 No Comments »

A look at loss mitigation and re-default rates via the third quarter 2009 OCC and OTS Mortgage Metrics Report: So-called “home retention acts” (loan modifications, trial period plans and payment plans) totaled 680,153 in the third quarter, up 68.7 percent ... Read More »

National Mortgage Delinquency Rate to Fall by End of 2010

December 8, 2009 No Comments »

The national mortgage delinquency rate is expected to eventually decline late next year after a number of unprecedented year-over-year increases, according to credit bureau TransUnion. The company believes the mortgage delinquency rate (loans 60 or more days past due) will ... Read More »

Will There be a Foreclosure Moratorium This Holiday Season?

December 2, 2009 No Comments »

I just got to thinking.  Last year, mortgage financing heavyweights Fannie Mae and Freddie Mac implemented a foreclosure moratorium during the holidays (so did ING). The agencies vowed to suspend all foreclosure sales and evictions of owner-occupied homes from November ... Read More »

Fannie Mae Deed for Lease Program

November 5, 2009 No Comments »

Mortgage financier Fannie Mae has unveiled a new foreclosure prevention tool called the “Deed for Lease Program,” which helps struggling borrowers stay in their homes. Unfortunately, that’s about all it does; borrowers must transfer the property back to their mortgage ... Read More »

Retro Appraisals Latest Foreclosure Defense

October 29, 2009 No Comments »

So-called “retro appraisals” are the latest tool at the disposal of lawyers looking to fight off foreclosure and obtain a favorable loan modification for their clients. These “Historical Revised Real Estate Appraisals” are completed by certified state licensed appraisers on ... Read More »

How Long After Foreclosure Can I Purchase a Home?

September 16, 2009 No Comments »

Timely mortgage Q&A: “How long after foreclosure can I purchase a home?” If you’ve recently experienced foreclosure, you may be wondering when you’ll be able to purchase a new home. While it may not be in your immediate sights, there’s ... Read More »

How Long Does a Foreclosure Stay on Your Credit Report?

September 15, 2009 4 Comments »

More mortgage crisis Q&A: “How long does a foreclosure stay on your credit report?” With all the foreclosures sprouting up, struggling homeowners that are either going through the process or teetering on the brink may be wondering what the repercussions ... Read More »

California Foreclosure Moratorium Takes Effect

June 15, 2009 No Comments »

A bill signed into law by Governor Schwarzenegger back in February has launched a supposed “California foreclosure moratorium” in the state today. Going forward, banks and mortgage lenders will either need to renegotiate a loan or provide 90 days notice ... Read More »

Landlords Overlooking Foreclosure Blemishes

April 14, 2009 No Comments »

Good news, if you recently got foreclosed on and are back in the rental market… Apartment owners and other landlords are beginning to overlook foreclosure-blemished credit reports when considering a new tenant, according to the Wall Street Journal. Instead of ... Read More »

Estimated 600,000 Bank Owned Properties Not on the Market

April 8, 2009 2 Comments »

An estimated 600,000 foreclosed homes owned by banks and mortgage lenders nationwide haven’t been resold or listed, according to a report from the San Francisco Chronicle. This so-called “shadow inventory” could drive home prices much lower if unloaded on the ... Read More »