Loan modification redefaults growing

troubled homeowner's foreclosure notice

Loan modifications for troubled borrowers under the Home Affordable Modification program have come under criticism from the inspector general for the Troubled Asset Relief Program. "Already, 398,222 homeowners have not been able to keep up with their mortgage payments even though payments were lowered by HAMP," the report states. "Overall 29 percent of homeowners in HAMP have already fallen out of the program. However, the bulk of homeowners in HAMP who started participating in the program in … [Read more...]

And the Oscar for foreclosures goes to …

academy statues for forecloser awards

It’s Oscar and Foreclosure season. What if the 84th Academy Awards had a few more considerations -- ones that tell the compelling story of the power of banks' greed. We are in the midst of the worst housing crisis our nation has known. Families losing their homes to foreclosures. The banking industry dictating homeowner negotiations short sales and foreclosure, even though the banks are not a principal in the transactions. Homeowners, not knowing who can help them save their homes from … [Read more...]

Is Calif. Short Seller debt forgiveness in peril?

Gov. Schwarzenegger vetoed a bill last week which would have been similar to the federal government's tax forgiveness on "phantom debt" for short sellers. His reason for the veto was the bill contained an unrelated provision regarding tax refunds for the state's largest businesses. Gov. Schwarzenegger is supporting the banning of taxation of mortgage debt forgiveness and called for the legislature to send him a bill to provide tax forgiveness before the April 15th tax deadline. According … [Read more...]

First Time Homebuyer Credit ending in April!

First Time Homebuyer Credit is close to the end of Congress Extension. Home buyers!! It is time to stop sitting on the fence and make your purchase in order to take advantage of the first time home buyers tax credit. Basic Facts: Must purchase by April 30, 2010 Must close by June 30, 2010 First-Time Home Buyer Tax Credit of up to a maximum of $8,000 Current Home Owners Tax Credit of up to a maximum of $6,500 Both require purchasing a home between November 7, 2009 and … [Read more...]