One of the reasons banks favor short sales over foreclosures is that lenders are taking too long to repossess a home. According to RealtyTrac, a firm that monitors the foreclosure market, homes in the U.S. spent an average of 318 days in some stage of foreclosure before a bank formally regained ownership during the second […]
Underwater Homeowners: Little Help From the Government
Fewer than 5,000 homeowners have taken advantage of an Obama administration program that aids “underwater” homeowners, reflecting banks’ resistance to offer such principal write-downs. The administration in March 2010 unveiled a multi-part effort designed to encourage banks to slash principal balances for borrowers whose homes have plunged in value due to the housing bust. It […]
Free Online Resource Aims to Help Americans Facing Foreclosure
Free online software for the creation of personalized mortgage modification applications under the federal Home Affordable Modification Program (HAMP) and other lender programs is now available from FreeMortgageFix.com. Borrowers can complete an application to modify existing home loans via the site’s user dashboard. According to Jonathan Ende, CEO of FreeMortgageFix.com, “by using our free online […]
Home Loan Modification Approval – 3 “Must Do” Things
Home Loan Modification Approval – 3 “Must Do” Things Getting approved for a home loan modification can be a confusing process. Most people won’t need to pursue mortgage relief more than once or twice in their lives, and for that reason, few individuals seeking loan modifications are familiar with the steps involved in getting approved. […]