Obama's Foreclosure Plan

Recent changes to the federal foreclosure-prevention program were billed as helping the unemployed, but in the long run, they actually make it harder for people without jobs to keep their homes.
When the new rules go into effect, unemployment benefits will no longer count as income for determining whether a person qualifies for a long-term [...]

Predatory lending entities, not black Americans worst hit by the housing crisis, have pocketed the lions share of stimulus money doled out so far.
That according to US REO and cited by an NAACP rep in a recent LA Times editorial. “The money should have gone to direct payments to homeowners, just like they did with [...]

Cases where lenders continues with foreclosure proceedings despite homeowners remaining under evaluation will be banned under new rules being reviewed by the Obama administration.
The changes reflect the continuing pressure that the administration is feeling to keep the HAMP program on track in the face of growing complaints that the bureaucracy and back-stabbing at the heart [...]

President Obama reached out to the five states most affected by the housing meltdown Friday, but the gesture appears to be longer on promise than substance.
The idea is to set aside $1.5 billion in foreclosure initiatives for homeowners in Nevada, Michigan, Arizona, California and Florida. All have seen at least 20% declines in home values [...]

On the surface, the latest Treasury department figures are encouraging. 1 in 5 homeowners have received what the department deems “long-lasting relief” as a result of the President’s foreclosure-prevention initiative.
What’s more, that figure has been on the rise in recent months.
But dig deeper, and there are some worrying trends. The number of new homeowners securing [...]

In another effort to stem the foreclosure crisis in the US, the house is getting ready to vote on a controversial bill that would allow bankruptcy judges to modify your mortgage!
The cram-down measure, which was introduced by Rep. John Conyers, D-Mich., chairman of the House Judiciary Committee, would allow bankruptcy courts to extend repayment periods, [...]

Are you ready for the holidays ahead? It seems that the best bargain in 2009, is a foreclosed or distressed property!
Even though the rate of foreclosure notices is slowing, according to RealtyTrac, default notices, scheduled foreclosure auctions and bank repossessions — were reported one in every 417 U.S. housing units in November. Up 18% from [...]

Millions of Americans are breathing another sign of relief this morning after learning that Congress has moved to pass another extension of jobless benefits. If approved, and it looks like it will pass quickly and easily, unemployment benefits will be extended for up to 14 extra weeks! That’s 14 weeks on top the 33 week [...]

If you need short sale real estate help, a professional attorney will be able to provide you with the level of assistance that you need. When your finances are running low and you are struggling to make your payments, you need good help right now. If you want your short sale to go through in [...]

I don’t know about anyone else, but I woke up last week and saw that Bernanke has proferssed the Recession Over, I almost collapsed with a HUGE sign of relief! I couldn’t have been alone…
“From a technical perspective, the recession is very likely over at this point,” Bernanke said in responding to questions at the [...]