Mortgage foreclosure

New Homeowner Foreclosure Protections to Begin January, 2014

  January 17, 2013 CFPB RULES ESTABLISH STRONG PROTECTIONS FOR HOMEOWNERS FACING FORECLOSURE Abbreviate release from the Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is issuing new mortgage servicing rules to establish strong protections for struggling homeowners facing foreclosure. The rules will also protect all homeowners from being hit by costly surprises or getting the runaround from their servicers. Rules will go into effect in January 2014. STRONG PROTECTIONS FOR STRUGGLING BORROWERS The CFPB’s rules will bring greater consumer protections to the mortgage servicing market. The rules are aimed at providing consumers with better tools and information when dealing with mortgage servicers. The rules will better inform consumers of, and assist consumers with, options that may be available if they are having difficulty...

Posted on Jan 17, 2013

McKenna: Free help available for Kitsap County homeowners facing foreclosure

Rob McKenna ATTORNEY GENERAL OF WASHINGTON 1125 Washington Street SE · PO Box 40100 · Olympia WA 98504-0100 May 25, 2012 McKenna: Free help available for Kitsap County homeowners facing foreclosure State Attorney General warns borrowers to avoid mortgage-related scams BREMERTON –  Al Davis has never piled up credit card bills, avoids lines of credits and even car loans. “I’ve always liked to save for what I want,” Davis this week told a staff member at the Attorney General’s Office. But careful financial practices didn’t protect Al from being affected by the mortgage woes that have plagued the country and the state in recent years. Davis’s recession-battered  employer, a local contractor, closed its doors in 2010. Then major heart surgery left him with more than $10,000...

Posted on May 25, 2012

Real Help to Homeowners in Foreclosure - Act NOW!

Applications are currently being accepted for the Department of Housing and Urban Development’s Emergency Homeowners’ Loan Program (EHLP). The application period will close July 22nd. The EHLP is designed to provide mortgage payment relief to eligible homeowners experiencing a drop in income of at least 15% directly resulting from involuntary unemployment or underemployment due to adverse economic conditions and/or a medical emergency. Through the EHLP, homeowners are eligible to receive funds to bring the mortgage current and ongoing assistance paying the monthly mortgage payment. Assistance is in the form of a loan that will act as a second mortgage on the property. The maximum amount of assistance is either $50,000, or 24 months of assistance – whichever happens first. Homeowners must...

Posted on Jun 30, 2011

Extension: Emergency Homeowner's Loan Program

HUD AND NEIGHBORWORKS AMERICA ANNOUNCE DEADLINE EXTENSION FOR EMERGENCY HOMEOWNERS’ LOAN PROGRAM Washington, D.C. - Today the U.S. Department of Housing and Urban Development and NeighborWorks® America announced that the deadline for the Emergency Homeowners’ Loan Program has been extended to Wednesday, July 27, 2011, in order to give homeowners at risk of foreclosure in the participating 27 states and Puerto Rico more time to apply for the program. The Emergency Homeowners’ Loan Program (EHLP) will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment, due to economic conditions or a medical condition. Eligible homeowners can qualify for an interest free loan, which pays a portion of their monthly mortgage...

Posted on Jan 25, 2011

New Programs for Struggling Homeowners

Are you struggling to pay your mortgage or sell your home to avoid foreclosure? Help may be right around the corner.  Last month the government announced that it is making adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs. While the programs listed below have been updated to allow additional people to qualify, the biggest benefit to consumers are the incentives HAMP is offering to lenders and loan servicers who agree to provide a homeowner with one of the services listed below. The incentives encourage loan servicers to agree to loan modifications, refinance loans and agree to short sale offers that they previously may have denied. Here are just a few of the highlights of...

Posted on Apr 06, 2010

Stripping a Home After Foreclosure

I hear reports in the news each day about desperate homeowners smashing their walls and ripping out wiring or copper pipes. Their idea is to sell the items for cash. Some misguided homeowners are angry at the bank for foreclosing and they vandalize their homes. People who vandalize a foreclosed home are not harming the bank, they are harming themselves. Vandalism is senseless and it is against the law. When the bank receives title to the foreclosed home, they usually file a claim with the existing home owner’s insurance company to cover damage and missing real estate property items. People who strip or vandalize their home are likely to have the homeowner’s insurance company pursue and prosecute them when the bank...

Posted on Jul 07, 2008

If You MIGHT Be Late on Your Mortgage

Over the last few months, you may have seen and heard countless reports regarding mortgage foreclosures, adjustable rate mortgages “resetting” with much higher payments, and the general gloom of the mortgage industry. Many, if not most of these reports state the importance of keeping in contact with your mortgage lender once you are falling behind. What is sometimes left out, however, is the importance of keeping your lender informed any time you even suspect there is a possibility of being late on a payment. A client of mine was having severe financial difficulty due to job loss and medical conditions. They realized that their most important asset, their home, could potentially be at risk. Even though they were able to make their...

Posted on Jun 05, 2008

 
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