Experts warn against blindly accepting mortgage forbearance

Left unable to work due to the coronavirus pandemic, around 2 million American homeowners have sought to apply for mortgage forbearance from their providers. But experts warn that they should look closely at the terms they’re offering, or they could be in for a nasty shock in the months to come. The problem is that

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Principal Reduction in Loan Mods: Good or Bad?

Few topics have sparked more debate among housing market watchers than mortgage principal reduction. Its proponents tout debt forgiveness as one of the surest ways to counteract the housing slump. Its critics label it a handout that would cost taxpayers and spur further defaults.

Extension Gives Foreclosed Borrowers More Time To Seek Compensation

A home foreclosure is a terrible experience – one that nobody wants to go through, but if your home was foreclosed between January 1, 2009 and December 31, 2010, it’s possible that you can recoup some of the losses you incurred.

Short Sales to Speed Up

Following a recent settlement with the state attorneys general, new short sale requirements are to be adopted by the largest five mortgage servicers in the US, in the expectation that these will speed up what has become quite a lengthy process.

Fannie Mae to Extend Forbearance Plans to Unemployed

Good news for unemployed homeowners at last, as Fannie Mae says it will provide additional aid to those who are out of work and struggling to pay their mortgages, by extending the forbearance period by up to as much as 12 months.

Deadline Extended For Banks To Revamp Foreclosure Practices

Federal regulators have given the nation’s 16 leading mortgage lenders another month to work out how they are going to tackle the widely publicized problems they are facing with loan modification and foreclosure procedures. Mortgage lenders and servicers were initially given a 45-day deadline by federal regulators to come up with their plans – a

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