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It is a remarkable situation that we as a country find ourselves in today when family homes are being foreclosed on with a scope and scale never before seen. Clearly the current U.S. recession and worldwide economic crisis is much to blame for this scenario. One might think that there might be no glimmer of hope in sight, and that banks might act too quickly nowadays to foreclose on homes if the b... (READ MORE) There are many alternatives to foreclosure, but many people are unaware that they exist. If you are among the millions of homeowners struggling to pay their mortgage or if you are already in foreclosure, you need to know that you have an alternative. You could try to sell your home in a market where no one is buying, or you could attempt to get a refinance loan, but those options leave a slim chan... (READ MORE) As complaints mount about President Obama's foreclosure prevention program, the administration is ratcheting up the pressure on mortgage servicers. Financial executives will meet with Treasury Department and administration housing officials on July 28 to discuss how the loan modification and refinancing plan has been implemented. The administration plans to grill servicers that have done few modif... (READ MORE) The current foreclosure crisis has not eased, in fact it has gotten worse. This is all the more reason to seriously look into ways to prevent and stop foreclosure if your are facing this prospect. Homeowners fell behind on mortgage payments in record numbers during the first six months of 2009, according to industry firm RealtyTrac. A record 1.53 million properties were in the foreclosure process ... (READ MORE) If you've been struggling to pay your mortgage like many Americans have in these tough times, there is an answer that doesn't end in foreclosure or losing your home. A process known as loan modification can help you to rearrange your payments, settle late fees, and get your mortgage back on track with little disruption to your daily lives. Many people have been sacrificing everything in an attempt... (READ MORE) Distressed homeowners trying to learn about the loan modification process are finding themselves frustrated and confused. Are you wondering whether a loan modification may be the answer you are looking for to help avoid foreclosure? If so, then you need to learn about the process so you will know how to qualify and what to expect. To help you learn the basics, here are the Top 10 Questions and ... (READ MORE) According to an article in U.S. Today, the nation's foreclosure crisis, once mostly confined to only a few corners of the country, is spreading to new areas as the economy continues to be bogged down. The foreclosure rates in 40 of the nation's counties that have the most households have already doubled... (READ MORE) Struggling homeowners now have a chance at getting their mortgage modified by their current lender. A Mortgage Modification (or "Loan Mod") is simply a modification to an existing loan made by the current lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of... (READ MORE) Lenders are known to be difficult when it comes to loan modifications. But the fact is that they benefit at least as much from the process as you do. The main reason they balk at mortgage modification is that they have to train agents to handle them, and each case requires individual attention. But it also saves them a good deal of time compared to foreclosure, and may even have a few long-term be... (READ MORE) Despite all the hand-wringing and attempts to contain the foreclosure plague, the problem still spread during the first three months of 2009, as the number of foreclosure actions started hit a record high, according to a quarterly report. More than 616,000 homeowners were hit with foreclosure actions in the first 3 months of the year, the Mortgage Bankers Association reports. The National De... (READ MORE) Recently, many people are discovering a new term which has never been heard before. It is called a Loan Modification. With the collapse of the Subprime lending industry and the deterioration of the average consumer’s credit, many people are starting to feel trapped. Until recently, there has been no option to help homeowners who are stuck in high interest rate loans and suffering a hard... (READ MORE) A record number of foreclosure filings took place during April 2009, but the number of repossessions fell 11%. Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report. One of every 374 U.S. homes received a filing during the month, the highest month... (READ MORE) Resources- Real estate news, This blog provides info on housing, investment & forclosure News - mortgages & houses for sale, rentals, commercial & businesses.
The Obama administration's housing stabilization plan is underway and starting to have an impact. As of last week, Chase had modified 15,000 home loans. Mortgag... (READ MORE) Lenders continued to rewrite troubled mortgages at a fast clip during March, 2009 but the weakening economy still sent foreclosure starts soaring to a record high. Repayment plans merely postpone payments for delinquent borrowers without making them any more affordable. Mortgage modifications are changes in the terms... (READ MORE) The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure on Thursday, April 30th, 2009 after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provi... (READ MORE) The Obama administration said Tuesday, April 28th, 2009 that it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program. Announced with great fanfare in mid-February, the president's $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many de... (READ MORE) The 26 cities with the highest foreclosure rate in the nation are all located in four hard-hit states, with Las Vegas topping the list, according to a report released Wednesday, April 22nd, 2009. Metro areas in California, Florida, Nevada and Arizona topped the foreclosure filing list for the first quarter of 2009 in a report from RealtyTrac, an online marketer of foreclosed properties. A READ MORE) The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday, April 16th, 2009. The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers READ MORE) The following article details the plan that President Obama has rolled out to aid distressed borrowers and help avoid further foreclosures. The details of the plan are promising. Getting action from your lender is another story. The government is now subsidizing bank losses (the loss that the bank realizes when they give you a lower interest rate) to incentivize lenders to participate. Real... (READ MORE) Sometimes (actually nearly ALL the time) the best defense is a strong offense. In relation to the world of mortgages, bailouts, lending freezes, and (ewww) foreclosures, this means that sometimes it’s better to avoid the whole foreclosure scene BEFORE you actually get buried in it up to your armpits and have no choice but to get your hands dirty. Remember, having options gives you at least so... (READ MORE) On October 17, 2005 sweeping bankruptcy reform laws went into effect forever changing the rules of debt collection in this nation. Consumer advocates and the public appear to be completely unaware of the total and complete victory of the creditors under the new legislation. This article opens the door to the Trogan Horse so that consumers can prepare themselves for the worst. The most import... (READ MORE) Many advocates believe there needs to be an increase in government help to stop foreclosures. With the recent increase in foreclosure rates, many politicians are pushing for government "bail out" for the institutions who offered subprime mortgages. What the average consumer doesn't realize is that there are many government, state and federal, already in place to help stop foreclosure. When look... (READ MORE) Why would you settle for a loan that is modified from a 9% interest rate to a 7% interest rate when you can just as easily qualify for a 4% interest rate? The difference between 7% and 4% can equal thousands of dollars over the life of your loan.
The Treasury Department insists that loan modifications are FREE. In theory, their statement is true. You can call your lender, servi... (READ MORE) This question is impossible to answer without more detailed information. However, there are some general guidelines that we follow to determine if you are eligible.
1. Hardship - is there a reason why your house is no longer affordable? Qualifying hardships include reduced income, increased expenses, divorce, illness, disability, and/or and interest rate that has reset at a higher... (READ MORE) Did you know that on your typical 30-year mortgage, it takes approximately 21 years just to pay down less than half of the principal of your loan? The Mortgage industry's big secret has been kept away from the public since the Roosevelt administration. This little known secret has been taking you (and every other homeowner) for a very costly ride. Your 6% LOW INTEREST MORTGAGE IS REALL... (READ MORE) Just like a seasoned firefighter who is carefully positioned below a burning building to catch victims, the government's housing arm, the U.S. Department of Housing and Urban Development (HUD), is ready to provide a safety net for those who are on a downward spiral because of their mortgage situation. Since the start of 2007, we have seen how foreclosures rose and home prices dropped, ca... (READ MORE) Some of the people hit hardest by this bad economy are the youngest. Almost 2 million children nationwide have had or will have their lives disrupted by home foreclosures, according to one study. These are the children whose families have had to move, sometimes more than once. The youngsters are pulled out of school, often leaving their friends behind without even saying goodbye. ... (READ MORE) Even if your loan isn't going to reset in the near future, there are good reasons not to wait. Sinking home values eat into your equity, making it more difficult to get a new loan. Consider refinancing now. Falling home values are eroding people's equity rapidly enough that some who can refinance today might not be able to do so in a year, notes mortgage expert, Dick Lepre. Even those w... (READ MORE) In Mesa, Ariz., President Obama picked an appropriate place to talk about the mortgage-default crisis: More than half the homes for sale in this sprawling suburban town are distressed properties. In choosing Arizona as the backdrop for Wednesday's housing rescue announcement, Obama ventured to a state suffering from high foreclosure numbers. Arizona had the third-highest rate of foreclosure filin... (READ MORE) More people are falling behind on their mortgage payments in Arizona and much of the United States as job losses mount, the financial markets struggle and the recession lengthens. Arizona's mortgage-delinquency rate climbed to 7.39 percent at the end of the third quarter, on Sept. 30, according to new data from the Mortgage Bankers Association. At the end of the second quarter, on June 30, about 6... (READ MORE) A just-released report on nationwide mortgage delinquencies and foreclosures says that Texas is one of the top 10 states for late loan payments. At the end of the third quarter, 8.41 percent of Texans were at least a month behind on their home loan payments. An additional 2 percent of Texas homeowners were already in the foreclosure process at the end of September, they should have started a loan ... (READ MORE) Last month, an estimated 29,458 new and resale homes and condos sold in California, according to DataQuick. That's down 22.1 percent from the 37,836 sales in December, but up 53.9 percent from the 19,145 sales seen a year earlier. However, of the existing homes sold, 60.4 percent had been foreclosed on in the prior 12 months, more than double the 29.6 percent share seen a year earlier. That pus... (READ MORE) The Obama administration's foreclosure prevention program was launched Wednesday, March 4th, 2009. The multipronged fix calls for companies to help as many 4 million struggling borrowers by modifying loans so housing payments are no more than 31% of monthly gross income. Separately, homeowners who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. T... (READ MORE) The Obama administration thinks that its Making Home Affordable plan will help 9 million homeowners refinance problem mortgages or modify them in order to avoid foreclosure. Who qualifies for help of what kind? Here are some answers.
Q: How do I know if I qualify? A: Your mortgage must predate the start of 2009, you must live in the home and you'll have to provide proof o... (READ MORE) Millions of homeowners across America find themselves without many options to stay in their home and avoid foreclosure. Adjustable rate mortgages and declining home values find many homeowners backed against a corner with no where to turn. However, for many of these distressed borrowers, a loan modification could be the solution they need. But if you need help with a loan modification of your own ... (READ MORE) During the first quarter of 2009, the first 100 days of the new President's term, you are no doubt going to hear a lot of news stories about the economic stimulus plan and the financial rescue package and their possible ramifications to the real estate and mortgage markets.
You're going to see headlines about new incentives for home buyers and hear stories about 4% interest rates. But ... (READ MORE) On Saturday, January 31st, President Barack Obama promised America that he would lower mortgage costs as part of the financial rescue package. The exact terms and methods of how he is going to do this has not been disclosed, but in the near future, the entire rescue plan will be released to the public. Many analysts feel that President Obama will ask for even more than the $700 billion to bail out... (READ MORE) Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
If you are unable to make your mortgage payment:
If you are reading this article then you are either facing foreclosure, anticipating a financial problem, have a friend or relative who needs help. Regardless, we just want to help and be a resource for your loan modification or to help you fight foreclosure.
Here are the most common loan modifications:
Foreclosure Shield is operated by veterans of the Real Estate and Mortgage industries. In the past, we have been primarily focused on helping homeowners and potential homeowners find the best and most competitive mortgages on the market by allowing banks to compete for their business. We still love that business and it is very rewarding when our customers and friends buy that home of their drea... (READ MORE) |