Category: Message/News Board

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News: GMAC Halting Home Foreclosures

While we are not yet sure if GMAC is actually stopping its pending foreclosure actions in NY, although we hope that they are, the following is from a recent article  entitled “Ally’s GMAC Mortgage Halts Home Foreclosures in 23 States:” Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt foreclosures on […]

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News: President Obama to Announce New Plan for Underwater Homeowners

The Wall Street Journal reports that the President will announce a “short refinance” program on Tuesday. Under this program: banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the […]

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News: New Temporary Maintenance Guidelines

New Temporary Maintenance Guidelines Along with the no-fault divorce bill, Governor Paterson also signed bill A.10984/S.8390, which revises the process for setting awards of temporary maintenance while a divorce is pending. The following is excerpt from the bill: “The duration of the temporary award under this measure would be determined by considering the length of […]

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News: FHA to Refinance “Underwater” Homeowners

FHA PRESS RELEASE FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS Effort designed to encourage principal write-downs for responsible borrowers WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment […]

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