Top Home Foreclosure News for 11/30/09
From the Boston Globe Online (Boston.com): More fiddling as foreclosure crisis rages on
Highlights:
14% of homeowners in trouble – either in foreclosure or late on mortgage payments. Source: Mortgage Bankers Association
The foreclosure crisis is ongoing; foreclosures will continue to rise in 2010 Obama administration efforts to stop foreclosure not working.
Read the full article on home foreclosures.
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From the Miami Herald Online (MiamiHerald.com): Treasury pressures mortgage servicers to help homeowners
Highlights:
Mortgage “SWAT” Teams: The Obama administration is sending in financial overseers to the 6 largest mortgage servicers to see how they service loans, ensuring that the $75 billion the government has allocated to a mortgage modification program doesn’t go to waste.
Rising unemployment is seen as the problem behind a lot of foreclosures and late mortgage payments now.
Over the next few years, as many as 3 million foreclosures are expected to flood the market.
Read more about this coverage of the continuing home foreclosure crisis and the mortgage loan modification help the government is offering.
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From BusinessWeek.com: Home Lenders Face Sanctions Over Failed Modifications
Highlights:
The Obama Administration is threatening to level consequences against those mortgage providers who aren’t “playing ball,” ie working to help struggling homeowners modify their existing mortgages under its Home Affordable Modification Program. Exactly what consequences? Sanctions and fines are in the mix.
The treasury is urging mortgage providers to speed up the process of mortgage loan modification.
Roughly 650,000 loans have been modified under the program, far below the goal at the inception of the Home Affordable Modification Program – which was 4 million.
Learn more about this coverage of the Home Affordable Modification Program and see if you qualify for a mortgage loan modification under this program.
Copyright © 2009 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.