Representative Dina Titus has requested distressed homeowners from her Nevada district to help her identify helpful lenders. She put up a Web site where homeowners can share their dealings with lenders and offered her help in negotiating to avoid bank foreclosure.
Housing advocates and counselors have been complaining that representatives of IndyMac, now OneWest Bank, are very difficult to work with. When OneWest investors bought the bank, they promised FDIC they will help cut down inventories of foreclosed for sale.
Loan modification is a process that helps many homeowners who are facing hard financial times. The government has also developed a program because of the high unemployment rate in 2009.
The Treasury Department has released guidelines for the Obama administration’s plan to reduce foreclosure listings, now called Making Home Affordable Program.
Mortgage modification requires that the home that you're looking to modify the mortgage for is your primary residence, you owe less than $729,750 on your first mortgage, you are actually encountering difficulties in paying your mortgage, your current mortgage was obtained before Jan 1st, 2009, and that your mortgage payment is more than 31% of your monthly income.
The states of Indiana and North Carolina saw their foreclosed filings jumped last month. The spikes indicated that foreclosures are being worsened by the rising unemployment rate.
Two counties in Illinois saw the number of filings for foreclosed houses jumped in July. The increase in foreclosure filings comes as property sales across Illinois soared to over 61 percent.
A record number of households were threatened by foreclosure in 2009. According to Realtytrac Inc, an estimated 2.8 million households across the nation were in jeopardy of being foreclosed on. These figures show a rise of more than 20 percent from 2008. Realtytrac is expecting another record number of households facing possible foreclosure in 2010.
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