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
August 1, 2013 by
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.
Half of US Homes are Underwater on Mortgages
June 28, 2012 by
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.
Is Uncle Sam Helping The Housing Market, Or Merely Finishing It Off?
May 29, 2012 by
According to the May 2012 Issue of FHA Watch, Uncle Sam is now a totally dominant force in home mortgage financing, along with other major sectors of the U.S. economy. But the question is, is this a help or a hindrance?
The Low Down Payment Mortgage Trap
May 4, 2012 by
Low Down Payment Mortgage Loans such as FHA, USDA, VA or any type of loan where you can make a down payment of 5% or less is basically a trap. It’s a trap that leaves the borrower “under-water”, even in a good market.
Fannie And Freddie Principal Reductions: Election Year Wrangling?
April 11, 2012 by
FHFA Regulator, Edward DeMarco, charged with oversight of mortgage giants Fannie Mae and Freddie Mac, is under heavy pressure from the Obama administration and Democrats in congress to allow reductions of mortgage principal for qualified borrowers.
Advocate & Foreclosure Specialist Releases New Book and Website
November 24, 2011 by
Consumer advocate and foreclosure specialist, Michael R. Bang has just published his latest book, ‘Walk Away-How to Strategically Default on an Underwater Mortgage,’ which alongside his new website is aimed at helping struggling consumers understand their rights. Many Americans are still facing difficulties due to the housing crash and economic downturn and are looking towards […]
Underwater Home Owners Lose Mobility
January 25, 2011 by
Across the US there are homeowners faced with tough decisions. Not only concerning foreclosures and defaults, but getting out from under homes they cannot sell to take employment elsewhere. Anchored to properties that lost half their value when the bubble burst, some families have to decide between losing their home altogether and having gainful employment and a future.
