Bankruptcy laws were significantly changed in 2005, and filings went way down. A new study suggests bankruptcy reform accelerated the foreclosure crisis. The theory is simple enough. People who file bankruptcy and get rid of credit card and other debt, have more money available to pay the mortgage payments, and stay out of foreclosure. So,…
Category Archives: foreclosure
HAMP Failing To Stem Foreclosures
Due to not getting the mortgage companies to voluntarily reduce the principal balances, HAMP is failing, as noted in an excellent story in The Huffington Post. Reducing principal balance is, to agree to lower the total amount owed on a house, so that homeowners can avoid foreclosure. HAMP rarely does that. What happened is, the…
Michigan Foreclosure Crisis Continuing
The foreclosure crisis in Michigan continues. In fact, all of America is under water, shown by the fact that American homeowners are now $745 billion underwater on their mortgages. Michigan foreclosure leads the way. In the USA, over 2.8 million homes foreclosed in 2009, millions of homes lost. The trend? Bound to get even worse. …
Foreclosures And Bankruptcy
Mortgage delinquencies, people behind at least 3 months on their payment, continued to climb according to Fannie Mae. The Calculated Risk blog reports the results, with a graph that points to nothing but trouble for homeowners, the mortgage delinquency rate having more than doubled over last year, and still going up. More delinquencies, means more…
How Is The Government Mortgage Modification Program Working?
How are the government encouraged mortgage modifications going? Are mortgage modifications working? What effect is the HAMP program having on foreclosures? Not so good. Paperwork problems? As I hear all the time, only one third of homeowners trying to get HAMP relief have sent back the paperwork to get a mortgage modification. Of course, what…
What Happens In A Michigan Foreclosure?
Foreclosure is the way the mortgage company takes your house if you do not pay them. Mortgage just means debt secured by real estate. That is, you pledged your house as collateral for a loan. There are other names, used for marketing purposes, like home equity loan, equity line, but the name has no legal…
Top Ten List Of Things To Do When You Get A Foreclosure Notice
TOP TEN THINGS TO DO WHEN YOU GET A FORECLOSURE NOTICE: 1. Keep the foreclosure notice! 2. Get all the papers with your mortgage, payments letters, everything, and put it in a file or envelope. 3. Write to the address in the notice requesting a modification. Keep a copy of the letter. (Do this even…
FHA Bailout Next?
Oh no FHA bailout, says the government. Hmmm. Seems to me we’ve heard this tune before. The FHA stepped in over the last couple of years after the mortgage industry collapse. Unfortunately, many of the FHA approved loan people are just crooks who shifted over from being mortgage brokers when that field dried up. My…
Can I Get A Mortgage Modification?
Anything is possible, but the statistics on mortgage modifications are bad, especially considering the number of people who need them.
