Mortgage Forgiveness Debt Relief Act of 2007 extended

For many underwater homeowners — homeowners that owe more on their mortgage than the house is currently worth — they have a bit of an upper hand with their lenders.  Lenders are reluctant to foreclose on these homeowners even if they’re in default, because that would mean realizing a loss on the property:  selling below […]

Nevada banks want the foreclosure process to be easier

Apparently requiring banks to produce proof of ownership before foreclosing on someone is too hard. Up for discussion is a 2011 law in Nevada that criminalizes foreclosure fraud.  In essence, it restates the obvious: Only foreclosure if you’re legally entitled to do so.  However, it places the people initiating the foreclosure process on notice by […]

Fannie and Freddie have a soft spot?!

Very interesting article about how Fannie Mae and Freddie Mac are postponing evictions briefly so that they occur at the very beginning of next year. This reprieve comes as a bit of year-end, quasi government foreclosure help.  A representative from Fannie Mae calls the measures an attempt “to relieve some stress at this time of […]

Older Americans at higher risk for foreclosure

The golden years aren’t so golden for increasing numbers of Americans fifty years and older.  The American Association of Retired Persons reports that three million older Americans are staring down the dark tunnel of foreclosure. The foreclosure rate among this age group has increased to nearly ten times what it was only five years ago […]

Should every old person expect to stay in their house?

In many ways the story of a 103-year-old saved from eviction is heartwarming.  Deputies and movers in Atlanta, GA, couldn’t go through with tossing a 103-year-old woman and her 83-year-old daughter on the streets after her home of 53 years was foreclosed on. Kudos to the folks sent to do the unpleasant task for not […]

Four million foreclosed borrowers eligible for review

If you were in the process of foreclosure during calendar years 2009 and 2010 in the US, you may be entitled to a review of your foreclosure for potential wrongdoing.  The Office of the Comptroller of the Currency (OCC) put together this agreement with mortgage servicers and the Federal Reserve.  The mailings to potentially affected […]

Want to protect your house against foreclosure due to job loss?

The best way to do this is: don’t lose your job. That’s a bit of a smart-aleck answer, but there is reality to back this up.  In the United States currently (2011) there are programs to help homeowners in trouble, but relatively few are designed to extend help to homeowners with extended bouts of unemployment. […]