Day after day, I see clients and hear the same story. I’m trying to modify my mortgage, but it’s not working. The popular theory is, the lenders are overwhelmed. The article below suggests another reason lenders aren’t so anxious to modify your mortgage so you can stay in your home. The loan being in default… Continue Reading
Tag Archives: Mortgage
Milwaukee Foreclosure Mediation Program
The Milwaukee Foreclosure Mediation Program administered by Marquette University Law School will officially begin July 22nd. Chief Judge Jeffrey A Kremers issued Directive 09-14 outlining the new Foreclosure Procedures for Milwaukee County Circuit Court. The plaintiff in every foreclosure filed must attach to the Summons and Complaint the Mediation Program forms. Mediation is a confidential… Continue Reading
One Million Foreclosures Filed Since Jan 1
Last week the nation reached a dismal milestone: one million new foreclosures initiated since January 1 this year. In addition to devastating the families who lose their homes, the neighbors suffer, too. Our updated “spillover” analysis shows that 69 million households who just happen to be located near foreclosures will lose $502 billion in property… Continue Reading
Summary of Helping Families Save Home Act 2009
Helping Families Save Their Homes Act of 2009 – Amends the National Housing Act to authorize the Secretary of Housing and Urban Development (HUD) to implement a program solely to encourage loan modifications for eligible delinquent mortgages through the payment of insurance benefits and assignment of the mortgage to the Secretary and the subsequent modification… Continue Reading
Second Wave of Foreclosures Coming?
Foreclosures jumped by more than 50 per cent between January and March as the recession continued to take a heavy toll of borrowers. In part because the lenders ended the moratorium on filings. However, a larger cause is lurking, unemployment. About 12,800 homeowners lost their properties because they could not keep up with repayments in… Continue Reading
Mortgage Modification Hype
The Homeowner Affordability Act went into effect March 5, 2009. Now all the unemployed mortgage brokers are mortgage modification specialists. Don’t believe the hype. They do not have special contacts, special numbers, they can’t wave a magic wand and get your servicer to answer the phone any better than you can. Do you really trust… Continue Reading
Foreclosure Rates Erupt as Lenders End Moratorium
The number of homeowners facing foreclosure surged in March as lenders lifted temporary moratoriums and resumed legal actions against delinquent mortgage payers. Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% above February’s total, RealtyTrac reports today…. Continue Reading