As a growing number of unemployed Americans default on their mortgages, the Obama Administration is looking at new ways to help them avoid foreclosure. Obama’s plan to reduce monthly payments for eligible borrowers to no more than 31% of their income, is still not cutting it and that’s why experts say the administration needs to [...]
Countrywide is mailing settlement offers to 887 borrowers in NJ and more than 1,100 PA borrowers who lost their homes to foreclosure. These borrowers are eligible for settlement payments under terms of the national settlement that Countrywide reached with multiple Attorney Generals across the US. Each eligible NJ borrower will receive a minimum settlement payment [...]
Remember the ambitious NJ woman who began selling her famous “mortgage apple cakes” last week to make her mortgage payment of $2,559.94? She reached her goal- and has sold more than 500 cakes!
The number of foreclosures soared by nearly 15%- affecting more than 1.5 million homes, during the first six months of the year. Even with the Obama Administration’s $50 billion plan to give the lending industry financial incentives to modify mortgages and lower payments, it’s off to a slow start and the problem is growing. Experts [...]
Philadelphia VIP, a non-profit legal services agency in Philadelphia was given a $25,000 grant from the Citi Foundation to help support the Mortgage Foreclosure Program. The money will go toward the recruiting and training of volunteer attorneys to represent low-income Philadelphians’ interests in mortgage foreclosure proceedings. Citigroup will also provide conflict waiver letters to law [...]
A new program in Philadelphia called “Get Help Now, Pennsylvania” will offer consumers face-to-face sessions with bankers, lawyers, and other professionals at Drexel as well as 19 other locations around the state from 1 PM- 6 PM Tuesdays and Thursdays for the next two months. The program is designed for people who are facing foreclosure, [...]
The Obama Administration announced that it will loosen the eligibility requirements for the Making Home Affordable Program, aimed at helping borrowers with no equity in their homes to refinance into cheaper mortgages. Originally, the program was only open to those whose mortgage debt was up to 105% of their home value, but falling housing prices [...]
Results of the Mortgage-Foreclosure Diversion Program are now available- 5,000 homeowners participated in the program, 1,400 foreclosures were averted, and 700 Sheriff’s sales were postponed. Rising unemployment will continue to have an effect on the housing crisis, but the Making Homes Affordable Program (voluntary program that seeks to modify or refinance mortgages) and Mortgage-Foreclosure Diversion [...]
