Freddie Mac Mulls Action Against Eminent Domain Plan

The city of Richmond, a working-class suburb on the San Francisco Bay in California, has already begun sending out letters to mortgage companies offering to purchase loans. It’s an attempt to reduce loans for homeowners who currently owe more than their property is worth.

California City Ready to Take New Steps against Foreclosure

The city of Richmond in California is ready to take new steps against foreclosures. It will begin to work with the investment firms controlling underwater mortgages and will try to purchase these mortgages at a price that is less than the current balance, before getting the loans restructured to ensure they are affordable.

HARP 2.0 Helping More Homeowners To Refinance

The foreclosure crisis played havoc with real estate markets across the nation, yet some markets were clearly worse hit than others. Now, those areas that suffered the most are leading the nation in refinancings as homeowners look to reduced their monthly mortgage payements and hold onto their homes.

Half of US Homes are Underwater on Mortgages

A new study has revealed that an incredible 50% of all homes in the US are now officially “underwater”, which means that more is owed on the properties than what they’re actually worth.

Despite Lower Home Values, 9 out of 10 Homeowners Stick It Out

Any smart student of finance will tell you that it’s not a good idea to owe more on something than what it’s worth. That is why so many homeowners (especially those who had little to no buy-in) have simply walked away from their devalued homes, rather than remain underwater.

73 Percent of Consumers: What’s a HAMP? Who’s a HARP?

It doesn’t matter that the Obama Administration recently enhanced leading government programs to bail out more underwater homeowners and save others from foreclosure. Most consumers don’t even know these programs exist.

HARP 2.0 Explained

The government has recently announced the extension of its Home Affordable Refinance Program, and at the same time relaxed eligibility requirements in order to make the program more accessible to those who need it most.

Understanding The Mortgage Settlement

Last week’s big mortgage settlement between states, the federal government and America’s five biggest banks was the largest of its kind in history, amounting to some $25 or $26 billion. Unsurprisingly, the question on everybody’s lips now is, who is eligible and how will they benefit?

Obama Promises More Aid to Housing

President Obama pledged to keep the “American Dream alive” in his State of the Union address last Tuesday, outlining a number of efforts aimed at boosting America’s flagging economy and reviving its housing market.

Less Borrowers Underwater, But It’s Not A Good Sign

The percentage of underwater homeowners, those who owe more than their home is worth, has dropped off slightly in the first quarter of this year, but only because so many homes have gone into foreclosure or been sold off as short sales. Despite the drop off, just over a quarter of US homeowners with mortgages […]

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