Tag: borrowers

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FHA Mortgage for Distressed Home Owners

FHA Mortgages After Bankruptcy or Foreclosure   The FHA recently released a letter stating that it was reducing the waiting period to get an FHA mortgage after a bankruptcy or foreclosure, to 1 year. This is a big deal because the waiting period had been two years after bankruptcy and three years after the completion […]


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Bank of America to Reduce Mortgages

Bank of America to Reduce Mortgages According to a recent AFP article: Bank of America has reached a side agreement with US authorities that could reduce the mortgages of some 200,000 borrowers….Bank of America borrowers are expected to receive reductions averaging more than $100,000… This is very interesting! We will be contacting BOA today! Updated […]


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NEWS: Change in Foreclosure Process?

The following is from a recent New York Times article: The nation’s top mortgage servicers are expected to sign legal agreements by the end of this week compelling them to change their foreclosure procedures, regulatory officials said Tuesday. The servicers, which violated state and local laws and regulations governing foreclosures, are agreeing to improve their […]


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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: Fannie Mae Offers Foreclosure Options

Fannie Mae recently launched KnowYourOptions.com In its Press Release, Fannie Mae states that: This website is “a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.” This website […]


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1 Million Homes May be Lost to Foreclosure In 2010

Over 1 million homes could be lost to foreclosure this year A recent Associated Press article is reporting that: “More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.” And that: […]


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New York Foreclosure Law

In 2009, Governor Paterson signed foreclosure legislation aimed at protecting homeowners and tenants. Protection For Homeowners: NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to all homeowners facing foreclosure. This notice is sent prior to the start of the foreclosure action and allows additional time for many homeowners to work with […]


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