foreclosure prevention: Trouble making the payments? - 01/23/10 11:48 PM
If you are having difficulty making your mortgage payments you may feel as if there are little or no options.  It is a strain both financially and emotionally.  Trying to work through a hard time with your home and the uncertainty of where you and your family will be living in the future can be overwhelming. 
It is important that you take action.  The situation typically will not resolve itself and the sooner you can get some answers the better you will feel.  Call your lender, mortgage company or bank and let them know that you have a hardship which can include:  illness, relocation, … (2 comments)

foreclosure prevention: Short Sale Myths - 09/12/09 04:24 AM

 
A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth.  Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process.
 
Myth #1 - The bank would rahter foreclose than bother with a short sale
This is one of the most common misconceptions.  The reality is that banks do not want to foreclose on property because the foreclosure process is incredibly costly.  Banks, investors, and even the federal government have all publicly stated that if a person … (4 comments)

foreclosure prevention: FDIC division of supervision and consumer protection - 02/25/08 07:43 AM
Foreclosure Prevention
Between now and the end of 2008, subprime hybrid ARMs representing hundreds of billions of dollars in outstanding mortgage debt will undergo payment resets. Almost 1.3 million hybrid loans are scheduled to undergo their first reset during 2008,46 and an additional 422,000 subprime hybrid loans are scheduled to reset in 2009. The combination of declining home prices and scarce refinancing options will stress these mortgage holders and could result in hundreds of thousands of additional mortgage foreclosures over the next two years.47
In April 2007, the federal financial regulatory agencies issued guidance encouraging financial institutions to consider prudent workout arrangements … (0 comments)