Foreclosures that were previously caused by bad loans and poor payment management have shifted gear and are now driven by unemployment or lost of income.
Economic analysts expect a 1.5 percent decrease in the country’s economic growth this year. With rising inflation and unemployment, the housing crisis and foreclosure problem is expected to continue.
More than 50 percent of mortgage loans modified during the first and second quarters of 2008 have become delinquent in just six months, putting rescued borrowers back to foreclosures.
Obama’s loan modification program is expected to fall short of its goal to reduce the number of foreclosure homes in California because nearly 30 percent of homeowners owed mortgages more than the market value of their properties.
Here are the eligibility rules for homeowners planning to save their dwellings from becoming repo homes under President Obama's Home Affordable foreclosure prevention program.
Distressed homeowners may feel quite desperate to stop foreclosure. But in the case of a man from Fort Wayne, Indiana, setting his home ablaze was his only solution.
Even with a sudden decline in foreclosures in November 2008, experts still believe there is an even greater flood that can be expected from the housing crisis.
Abandoned pets need new adoptive pet owners and new donors to replace previous donors who have stopped giving to animal shelters and rescues because of their own financial difficulties.
Democrats and Republicans have opposing views on whether to release the remaining $350 billion of the Troubled Asset Relief Program (TARP) allocated for foreclosure prevention.
Congress has been preparing two foreclosure prevention bills that would be presented to Barack Obama as soon as he starts working as president in the last weeks of January.
As foreclosures rose in 2008, the total number of consumer bankruptcies also increased to 1.06 million, according to the American Bankruptcy Institute.
Florida Chief Financial Officer Alex Sink and volunteer lawyers have been helping homeowners prevent their homes from being added to inventories of foreclosure properties. More lawyers are needed to help the rising number of distressed borrowers.
Freddie Mac has suspended government foreclosures for mortgage loans qualified for any of the housing schemes offered under Obama’s program, the HOPE NOW program and other federal loan modification programs.
The mortgage unit of Citigroup Inc. has substantially increase its loan modification efforts in response to the Obama Administration's call to intensify and speed up the process to help as many people as possible avoid foreclosures. Additionally, the unit hired more employees to handle its foreclosed prevention program.
Many distressed homeowners who are facing bank foreclosure listings are frustrated over the myriad obstacles that prevented them from getting mortgage relief. They complained that a federal foreclosure prevention program failed to save their properties from foreclosures.
The foreclosure prevention plan unveiled by President Barack Obama has left more questions unanswered including how the administration will implement its refinancing program.
Freddie Mac's decision to suspend government foreclosures on at-risk loans that are eligible under any housing initiatives is a sign of its commitment to guarantee the success of the Home Affordable program.
Where are the former occupants of foreclosed homes now? According to Douglas Robinson of nonprofit Neighborworks America, many of them have been going to various homeless shelters or living in cars, parks, tents in out-of-the-way areas or on the streets.
The federal government has finally launched its campaign against scammers preying on borrowers troubled by the real possibility of seeing their dwellings turning into foreclosed homes.
Nationwide unemployment rate reached 6.7 percent in November, the highest rate in 15 years, due in part to the foreclosure crisis, according to the U.S. Labor Department.
President-elect Barack Obama promised a more transparent and effective foreclosure prevention program under his administration. To start off, he requested the second half of the bailout fund.
Market projections showed that prices for new, existing and repo homes will reach the low point by the end of 2009 provided President Barak Obama’s housing recovery program will show some effect.
Stock price indexes declined as investors wait for President Barack Obama’s economic recovery plan which includes measures to alleviate the foreclosure problem.
Old laws unfairly leaning towards mortgage lenders have been worsening the situations of Americans distressed by the possible inclusion of their dwelling in listings of foreclosed homes. Information on tax credits and Freddie Mac's renter initiative is also provided.
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