by Jon Prior Foreclosures are beginning to flare up in suburban and secondary metro markets for Q309, according to a report from RealtyTrac. Dramatic increases in foreclosures from a year ago came in suburban areas previously believed to be more stable, such as Boise, Idaho, up nearly 22% from Q209. Another area, Provo, Utah, is located [...]
by Jon Prior The HOPE NOW Unemployment Committee collaborated with the Obama Administration to develop a new tool to help identify the eligibility of unemployed homeowners to for the Home Affordable Modification Program (HAMP). The US Treasury Department allocates capped incentives to servicers participating in HAMP to modify loans on the verge of foreclosure. Servicers lower [...]
Bank of America Scrambles to Modify Loans Ahead of Government Deadline by Renae Merle The company faces many of the same challenges as other major lenders addressing the foreclosure crisis. But with weeks remaining to meet the November deadline set by the Obama administration, Bank of America is trailing well behind the other large banks, [...]
by Andrew While everybody is deciding if Obama deserves the Peace Nobel prize on effort and good intent or not, another achievement is not receiving half as much attention. This month (October 09) more than 500,000 troubled home loans have joined a trial modification program, the Obama administration announced this Thursday. Trial loan modifications last [...]
by E. Scott Reckard A report from federal regulators contains bits of encouragement for struggling homeowners seeking to have their mortgages modified. In the second quarter, 78% of loan modifications involved actually reducing borrowers’ payments, up from 54% in the first quarter, the report says. The shift came as mortgage servicers became less likely to [...]