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 […]

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 […]