Home Affordable Modification Program

Her Financial Goal: Getting an Underwater Mortgage Afloat Again

Everyone has things they want to improve about their financial lives -- and we at DailyFinance are no exceptions. So we asked money expert Jean Chatzky for advice on how to reach our goals. Today: A photo editor looking to modify an underwater mortgage.

How to Stretch Out Foreclosure for Years

Janet's a lawyer who's losing her home, and she knows: When it comes to foreclosure, bureaucracy and paperwork can be your friends. Her foreclosure process has lasted for nearly 900 days, and counting. For homeowners in dire financial straits, her story is a lesson in how to keep a roof over your head as long as possible.

Distressed Homeowners Aren't Using Help

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.

How to Finance Home Repairs If You Have No Equity

Financial advice columnist Laura Rowley recently received an email from a homeowner who had negotiated a successful mortgage modification, but may end up as a short-sale candidate anyway -- because she can't finance home repairs. Her options are limited, but possible solutions do exist.

Short Sellers See a Rebound Coming for Big Bank Stocks

Investors have generally taken a negative position on big banks lately: Major financial institutions face a host of issues that are punishing their bottom lines. However, some of Wall Street's most carefully watched investors -- short sellers -- are withdrawing their bets against them.

Foreclosure Relief: Good for Banks, Bad for Borrowers

Many troubled homeowners in HAMP, the federal foreclosure relief program, end up losing their property anyway. Banks gain the most by delaying repossessing houses they can't sell, while collecting more monthly payments from strapped borrowers.

Home Mortgage Modifications Decline in July

Fewer Americans received home-loan modifications in July under the Obama administration's program to reduce foreclosures and delinquencies. A report released Friday showed that 36,695 households received long-term mortgage modifications, compared to more than 51,000 in June.

Obama's Housing Program Shows Mixed Results

The Obama Administration's Home Affordable Modification Program (HAMP) continues to have mixed results, increasing the overall number of permanent mortgage modifications, but rejecting over a third of those receiving trial modifications.