loan modification
The Obama administration is revamping a program that's designed to let more homeowners refinance their mortgages even if they don't have any equity. This isn't a new program, but instead attempts to turbo-charge an existing federal initiative called the Home Affordable Refinance Program. Here's a look at some frequently asked questions.
Many Distressed Homeowners Are Letting Help Pass Them By
11:00AM 8/31/2011
Bank of America, Real Estate, Credit, Banking, Personal Finance
In the last few years, outreach events by banks and nonprofits have been held all over the country, offering help to distressed homeowners. But even when they get personal invitations to these events, the vast majority of people who need mortgage modifications or short sales aren't showing up.
Unemployed and Seeking Shelter from the Storm
11:00AM 7/08/2011
The housing crisis continues unabated, and millions of unemployed Americans remain at risk of ending up homeless. But additional government help is arriving from the Obama administration, and nonprofit agencies are making a difference in the efforts of some families to get help from their lenders.
Many of those who genuinely believed Harold Camping's prediction that the Rapture would arrive Saturday are starting this week with no jobs and no belongings. DailyFinance can't address their spiritual anguish, but we can offer some advice on how they can regain their financial footing.
Will Homeowners Benefit from Mortgage Mess Settlement?
6:45AM 4/15/2011
Will homeowners see a penny of the reimbursements that the government has ordered 16 mortgage lenders to pay? Not likely, foreclosure victims and housing activists say, because the independent review ordered by regulators is too weak.
State officials are warning homeowners to take a second look before leaping into "mortgage-assistance" deals offered by what appear to be companies tied to their own banks.
The latest warning comes from Connecticut, where state Attorney General George Jepsen called out two California companies --...
The Mortgage Mess Settlement Proposal: Off to an Awful Start
4:00PM 3/07/2011
A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks' flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.
California Court Gives Hope to Homeowners Lied to by Banks
3:00PM 2/02/2011
Columns, Economy, People, Investing, JP Morgan Chase, Real Estate, Credit
A California appeals court has ruled that U.S. Bank conned Claudia Aceves out of her home by tricking her into giving up her bankruptcy protections. Now she can sue the bank for damages and fraud, and conceivably, so could other homeowners in similar situations.
Big Banks to New Jersey: Stop Bugging Us About Foreclosure Documents
12:00PM 1/10/2011
Company News, Columns, Economy, JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Real Estate, Credit
When the state tightened its foreclosure rules in response to the document crisis, it ordered the six largest servicers to explain why they should be allowed to continue foreclosing on homes. In effect, their response went something like this: "Trust us, everything's fine now."
Florida Is Still Letting Banks Break the Rules in Foreclosure Cases
12:30PM 1/05/2011
Columns, Economy, JP Morgan Chase, Bank of America, Wells Fargo & Co, Real Estate
An affidavit in a court case needs to include the documents that support its claims. Except for banks in Florida foreclosure cases. Despite the massive robo-signing scandal and evidence of errors in mortgage files, judges there still merely take the bank's word about what you owe.
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