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Written by: Timothy McFarlin | Publish date: April 15th, 2012
With so many homeowners behind on mortgage payments and struggling to save their homes, many people are asking, will loan modification stop foreclosure? The short answer is yes! Loan Modification will stop foreclosure…if the lender agrees to it. Loan Modification Will Stop Foreclosure Generally, a loan modification to stop foreclosure is a voluntary arrangement between borrower and lender, both must agree. Most of the time the borrower is the one pushing for a loan modification to stop foreclosure because they don’t want to lose their home and have to move. This is a possibility when the borrower can show they [...]
Written by: Timothy McFarlin | Publish date: April 8th, 2012
A short sale and a deed in lieu are two common alternatives to foreclosure. Depending on a person’s circumstances and objectives, one option may be better than the other. Below is a description of both options and a comparison of the pros and cons of both short sale and deed in lieu of foreclosure. Short Sale | Real Estate Short Sale A short sale is a term used to describe the sale of a property for less than the amount that is owed on that property due to market conditions. The idea is for the lender to forgive the “deficiency” [...]
Written by: Timothy McFarlin | Publish date: May 11th, 2011
The price of homes in the United States has continued to plummet in the first three months of 2011, falling 4.6% since the end of 2010. According to the National Association of Realtors (NAR) the median price of a single family home has dropped to $158,700. Houses were not the only properties to suffer a price drop. Condo prices also adjusted, falling even harder, down 10.4% to $152,900. In 2006 the median price of a home in the U.S. was $227,100, now in 2011 it’s 30% lower. “We’re seeing prices dropping faster than they did in 2010. That’s troubling. Falling [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
Michigan Governor, Jennifer M. Granholm has recently declared the Michigan State Housing Development Authority (MSHDA) will get more support from the Obama administration’s HFA (Housing Finance Agency) in the form of $128.4 million. The assistance goes to unemployed homeowners fighting to make their mortgage payments—in effort to avoid foreclosure. Michigan is but one of 17 states, as well as the District of Columbia, throughout the country to receive nearly $2 billion in additional funding from the Department of Treasury’s Hardest Hit Fund. Just two months ago, the Department of Treasury and HUD approved the MSHDA’s wish to spread $154.5 million [...]
Written by: Christopher Gordon | Publish date: July 8th, 2010
The Obama administration has tried, time and again, to introduce new assistance programs, in effort to assist those caught in the tornado of the foreclosure crisis, and unfortunately, not much has helped. Over a third of the Obama administration’s mortgage modification programs’ roughly 1.2 million borrowers, have left the program. The nearly 340,000 homeowners who have remained with the program from its inception, have received a permanent loan modification and consistently make their payments on a timely basis. The Obama administration has recently developed five, state-specific plans to assist homeowners; utilizing a $1.5 billion budget to provide help to the [...]
Written by: Christopher Gordon | Publish date: June 21st, 2010
In an effort to improve the system of maintaining and selling its inventory of homes under foreclosure, the Department of Housing and Urban Development (HUD), has recently dished out 55 new contracts, 23 of which are to companies serving as asset managers. The other 32 will act as field service managers. These changes fall under the umbrella of the management and marketing program’s third generation—M&M III. In the past, M&M contractors held both maintenance and marketing responsibilities for the HUD’s REO properties. Now, with the divvying up of key duties, according to HUD, the success of HUD’s asset disposition program [...]
Written by: Timothy McFarlin | Publish date: November 26th, 2009
the No. 1 complaint she hears from homeowners is their inability to reach someone at their bank to talk to
