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Foreclosures Fall 5%

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Foreclosures Fall 5% The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile. The number of foreclosure filings of all types — including notices of delinquency, auction notices and repossessions — fell during the first six months of 2010, according to RealtyTrac, the online marketer of […]

Lower Home Appraisals Will Help Some, Hurt Others

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Lower Home Appraisals Will Help Some, Hurt Others Those who get hurt by lower appraisals are the sellers, who become underwater or even more than 25% underwater, which appears to be the threshold for mortgage mitigation programs. The lower the appraised value, the less likely a servicer will be willing to offer a Short Sale […]

Home Prices Drop for Seventh Straight Month

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Home Prices Drop for Seventh Straight Month Integrated Asset Services, LLC (IAS) reported recently that its benchmark for national house prices fell 0.6 percent in February. The drop marked the seventh straight monthly decline reported by the collateral valuation firm and pushed its home price gauge to April 2004 levels. With the February decline, the […]

Mortgages: Consequences of Walking Away

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Mortgages: Consequences of Walking Away More homeowners are walking away from their mortgages, even if they can keep up the payments. Falling into foreclosure — voluntarily or not — has become less taboo for many people as they have watched their house values tumble far below the amount they owe, putting them “underwater.” Purposely defaulting […]

Homeowner Aid Expanded

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Homeowner Aid Expanded The Obama administration announced programs to help U.S. homeowners avoid foreclosure, including subsidies for borrowers who owe more than their home is worth. The plan expands Treasury Department and Federal Housing Administration efforts and uses funds from the $700 billion Troubled Asset Relief Program. The administration faced a week of criticism from […]

7.2 Million U.S. Homes Now Behind on Payments

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7.2 Million U.S. Homes Now Behind on Payments According to the latest January 2010 Mortgage Monitor Report by Lender Processing Services, home loan delinquency rates in the U.S. have now surpassed 10 percent. Factoring in foreclosures in process, the total non-current rate sits at 13.3 %. When extrapolated to reflect the entire mortgage industry, this […]

New Rule Affects Foreclosure Avoidance Program

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New Rule Affects Foreclosure Avoidance Program The Obama administration overhauled its struggling foreclosure avoidance program recently, saying it would require homeowners seeking to ease their mortgage terms to document their financial situation before a trial modification is granted. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a […]