All articles in foreclosure

President Obama Urges Congress to expand HARP to ALL Homeowners

President Obama calls on Congress to expand HARP to ALL homeowners.

In his June 1, 2013 weekly address to Americans posted to the White House Youtube channel the president made the following assertions about the US economy.

  • Businesses have created nearly 7 million new jobs over the past 38 months.
  • An auto industry that was flat lining is once again the heartbeat of American manufacturing – with Americans buying more cars than we have in five years.
  • Within the next few months, we’re projected to begin producing more of our own crude oil at home than we buy from other countries – the first time that’s happened in 16 years.
  • Deficits that were growing for years are now shrinking at the fastest rate in decades.  The rise of health care costs is slowing, too.
  • And a housing market that was in tatters is showing new signs of real strength.  Sales are rising.  Foreclosures are declining. 
  • Construction is expanding.  And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier. Continue reading President Obama Urges Congress to expand HARP to ALL Homeowners

Bank of America Accepted Short Sale – but they say you still owe

Bank of America Customer Service

After a few weeks of the multiple times per day barrage of phone calls from Bank of America I attempted to resolve this by calling them myself. The colossal comedy of incompetence a person has to suffer in order to get a straight answer from Bank of America is deplorable! As a Mortgage Loan Officer with nearly 15 years of experience speaking the language of mortgage lenders I can only imagine how impossible this experience is to someone without similar experience.

Obama: Subprime lending immoral, not illegal

Official presidential portrait of Barack Obama...
Image via Wikipedia

Obama: “Subprime lending immoral, not illegal” http://ow.ly/6PE2P

Today the president took a question from a  reporter who asked him why his administration had failed to file suit or enforcement action against corporate leaders for the 2008 financial crisis that ultimately led to numerous bank, insurance, auto-maker and state bailouts. To that the president replied…

“If someone has engaged in fraudulent actions — if they have violated laws on the books, they need to be prosecuted,” President Obama said. “One of the biggest problems about the collapse of Lehman, the financial crisis and the subprime lending fiasco is that all of that stuff wasn’t necessarily illegal.” Continue reading Obama: Subprime lending immoral, not illegal

The Trouble With Trial Mortgage Loan Modifications

Image courtesy WSJ.com

These days there seems to be no shortage today of people or politicians angry at mortgage companies.  Most however tend to be  customers of the nations five largest mortgage servicers;

Bank of America, Wells Fargo Home Mortgage, JP Morgan Chase & Ally Financial.

The source of anger tends to be  focused on  foreclosure, short sale request or loan modifications aka work-outs that never seem to get worked out and result is foreclosure. Continue reading The Trouble With Trial Mortgage Loan Modifications

What is a Mortgage or Deed of Trust?

To understand what is a mortgage is you first have to understand the etymology {history}  of the word mortgage.

It is said that the first mortgage ever recorded dates to 1190 in England. Common English Law provided protections to the grantee (lender) of that mortgage loan and these protections granted the lender in the borrowers property.

At that time most pledges or loans were what was known as “Living Pledges”  which were just that pledges of possessions while one was living until the debt was paid. Continue reading What is a Mortgage or Deed of Trust?

Untangling the Foreclosure Mystery (via Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge)

Here is a very funny but sadly somewhat true account in some cases of what was and is now … More Untangling the Foreclosure Mystery (via Foreclosure Fraud – Fighting Foreclosure Fraud by Sharing the Knowledge)

Underwriting Tip – FHA Buyer Financed Closing Costs

FHA Buyer Financed Closing Costs Financing of Transaction Costs for Real Estate Owned Properties (REO) Purchased … More Underwriting Tip – FHA Buyer Financed Closing Costs

Foreclosure Prevention Help in available North Carolina

North Carolina homeowners who are struggling to make their mortgage payments due to job loss or temporary financial hardship. For qualified homeowners, the fund can provide an interest-free loan of up to $36,000 to pay your mortgage and other related expenses for up to 36 months.