President Obama’s $75-billion program to avert foreclosures might not be able to help millions of distressed homeowners, as many homeowners are disqualified by the many restrictions in Obama’s program.
Arizona posted an almost 35 percent increase in the number of homeowners who complained against fraudulent bank owned foreclosures prevention schemes. The Attorney General’s office has ranked fraudulent loan modifications as among its top 15 most common fraud.
The still high number of Las Vegas foreclosed homes for sale has attracted the attention of nonprofit NACA. This advocacy group has been holding foreclosure prevention sessions throughout the U.S.
The foreclosure crisis has affected thousands of homeowners in Michigan. Many of them were desperate to protect their properties from Michigan foreclosure listings that they would grab on anything that comes their way if it means saving their homes from foreclosures.
The Hope Now coalition said foreclosure listings are still growing despite its efforts to complete 250,000 loan modifications and repayment schemes in February, in addition to the initiatives described in President Obama's foreclosure prevention program.
Bronx home auctions have become the focus of attention for nonprofit Habitat for Humanity and banking firm Chase. Habitat has $10.54 million in funding for affordable housing in the area while Chase has opened two home ownership centers to serve Bronx and Brooklyn residents.
The rate of foreclosed homes entering the auction block in Colorado has declined following the moratorium imposed by several major lenders on foreclosed property sales in the area.
Borrowers who fail the 20-percent equity requirement in loan refinancing can still save their homes from foreclosures by following the refinancing program's private mortgage insurance option.
Finally, House lawmakers have approved President Obama’s proposal to give bankruptcy judges the authority to order mortgage loan reductions to prevent distressed homeowners from going into foreclosures.
The city of Elgin is using the method of house flipping to lower the stock of residential and mobile foreclosures in the area. The program is being supported by the federal government through NSP.
Record foreclosure filings in middle-class neighborhoods in Chicago, such as O’Hare, Dunning and Albany Park, contributed to the high ranking of Illinois in several lists of foreclosures by state.
A total of $154.5 million from the Obama administration has been set aside to contain Michigan foreclosures. Over 17,000 underwater and unemployed homeowners are expected to save their homes from foreclosure.
Homes from foreclosures decreased in number in Massachusetts last year, but the number of mortgage defaults increased. Defaults climbed up by more than 28 percent to almost 28,000 in 2009.
Public foreclosure auctions scheduled for the coming months in metro Atlanta are expected to include more homes, as shown in the increased number of homes listed for the February auction. A total of 10,357 homes were listed in foreclosure notices for the February auction.
While applauding President Obama’s efforts to stop foreclosures, the Congressional Oversight Panel said his program lacks schemes to help the owners of second mortgages and did not pursue legislation to empower bankruptcy judges to order loan modifications.
The number of foreclosure rate is becoming higher. More and more people are losing their homes. Thanks to organizations like Washington ACORN, some borrowers can still opt to save their properties.
Thousands of distressed homeowners are hoping that loan modifications could help them protect their properties from becoming foreclose homes. However, industry experts noted that the process of getting a loan modified is not that easy.
California Assemblyman Ted Lieu and Columbia professor Christopher Mayer have called for an expansion of the foreclosure program to include underwater borrowers. Homeowners facing tax foreclosures are not included.
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