Homeowners who don’t make a mortgage payment for at least 90 days will soon be eligible for a new no-documentation loan modification program.
The new Streamlined Modification Initiative, announced late last month by the Federal Housing Finance Agency (FHFA), is intended to help borrowers avoid foreclosure and keep their homes. Eliminating the documentation requirement is expected to enable significantly more borrowers to obtain a loan modification.
It’s no secret that California has been hard hit by the housing crisis. More than 1 million homes in the state were lost to foreclosure between 2008 and 2011, and some 700,000 more are currently in the foreclosure pipeline, according to state officials.
Since so many foreclosures were unfairly handled, Calif. Gov. Jerry Brown and Attorney General Kamala Harris have responded with the California Homeowner Bill of Rights, a new set of reforms for how the state will handle foreclosures moving forward.
The sight of an eviction team carrying furniture and other personal items from a house to the curb is an ugly sight, not one that the neighbors, former homeowners or local Realtors wish to see.
Unfortunately in today’s housing market, it’s a reality.
There’s a new effort in California with would end the foreclosure crisis as we know it.
The idea is to have a referendum and simply ban foreclosures. And while this is a thought which is surely attractive in many ways, as a practical matter it’s not going to happen.
Why does a homeowner simply decide to walk away from their home, their mortgage?
If you’ve ever been curious to how a homeowner comes to that decision, you’ll want to read this story. HSH.com contributing writer and personal finance expert Lynnette Khalfani-Cox talked with one homeowner who agreed to share his story.
How will you finance or refinance your home the next time you’re in the market for a mortgage? For a lot of borrowers the experience is likely to be very different than in the past. Not only that, it may also be different for a lot of lenders.
The government is now in the process of defining what is and what is not a qualified residential mortgage (QRM). This definition is required under the Dodd-Frank Wall Street Reform Act and apparently is quite complex: The government’s proposal runs 376 pages, little of which can be understood without an advanced degree.
You’ve finally gone to contract on your home, and now you’re sorry you have. How can you get out of the contract?
Marcie Geffner has a new article on HSH.com that will help answer that question and more. Below is an excerpt from Marcie’s article, “Seller’s remorse? How to back out of a home sale contract,” but be sure to read it in its entirety:
Last week we shared advice for those of you considering buying a foreclosure. Yesterday we shared some tips for those looking to buy a short sale property. As part of the “distressed real estate package” we created here at HSH.com, it’s about time we talk about real-estate owned (REO) properties as well.
What exactly is an REO property?
Financial stress can be devastating. Studies have shown that financial stress is one of the main causes of divorce. But in today’s society, the past stresses we’ve seen caused by credit card debt seem to have been replaced with the stress brought on by foreclosures. The stress has grown so great for some that we’ve even read reports of borrower suicide.
But this week, a Baltimore woman dealt with her upcoming eviction in a way I haven’t yet seen or heard of: a hunger strike.
Unemployed? Underwater? Can’t refinance? If so, why not head to the D.C. area next week and voice your struggles and concerns to our people in power.
Beginning on Monday, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve are hosting a two-day symposium regarding the future of the mortgage and housing markets. From October 25-26, professionals from the public, private and academic sectors will meet to discuss everything from loan mods to mortgage securitization.
Federal Reserve Chief Ben Bernanke will kick off the free event (which is open to the public), and FDIC Chairman Sheila Bair will be a keynote speaker: Read the rest of this entry »
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
