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foreclosures: The 6 Phases of Foreclosure.
- 07/27/10 08:30 AM
Here is a little useful information!!
Phase 1: Payment defaultA payment default occurs when a borrower has missed at least one mortgage payment. The lender will send a missed-payment notice indicating that it has not yet received that month's payment. Typically, mortgage payments are due on the first day of each month, and many lenders offer a grace period until the 15th. After that, the lender may charge a late-payment fee and send the missed payment notice.After two payments are missed, the lender may send a "demand letter." This is more serious than a missed-payment notice; however, at this point the lender … (0 comments)
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foreclosures: Congress Demands Banks Do More on Mortgages
- 12/16/09 10:07 AM
Lawmakers express frustration with lackluster progress in the administration's plan to slow foreclosuresWASHINGTON (CNN) -- Executives for mortgage companies and government officials faced an angry congressional committee Tuesday concerning some of the problems with the Obama administration's mortgage-aid program aimed at avoiding foreclosures.
Many of the complaints lodged by members of the House Financial Services Committee focused on the slow pace of converting trial mortgage modifications into permanent ones under the program.
While over 680,000 borrowers now have temporary adjustments that last for several months, only a small fraction of those people have been offered new permanent mortgages.
"We are terribly … (0 comments)
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Here is a little useful information!!
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