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If America wants to pull out of the recession the mantra is – ‘stop foreclosure’. Without attacking this root of the problem, without trying to stop foreclosures, no panacea will work. The crisis started with foreclosures and to end it foreclosures must be stopped.
With foreclosures dominating the socio-economic scene the question uppermost in the minds of all Americans from the politicians to businessmen and the man in the street is – how to stop foreclosure? It is not just the lives of the borrowers that are at stake with the question of stopping foreclosure but the fate of the entire country.
There are two big hurdles in stopping foreclosures. Firstly with the collapse of the real estate the value of the house has fallen below the loan amount. This does not give any incentive to the borrower to carry on with the mortgage. To address this problem the principal amount and the interest has to be lowered to realistic current levels. It thus requires loan modification. Unfortunately loans that have been modified are again falling into default. What is required is to see that the amount being paid by the borrower towards mortgage must not be more than a certain percentage of borrower’s income.
Secondly the servicers complain that they do not have the legal right to modify loans as the mortgages having been packed and sliced had been sold to investors around the world. Thus alterations will have to be made so that servicers are financially motivated and legally protected to go ahead with modifications.
These measures along with imparting of financial education, opening up employment opportunities and protecting borrowers from foreclosure-rescue frauds will be able to stop foreclosure.
Many members with the Association of Community Organizations for Reform Now or ACORN highlighted the aspect of maladjustment of loans by the mortgage lenders in a federal program to support the home owners to ward off foreclosures. The campaign alleged that the lenders failed to make proper use of $75-billion Home Affordable Modification Program by [...]
A leading information portal, Foreclosures.com has recently claimed that the foreclosure tide may have finally started turning.
Specialising in foreclosure related information the company supports its claims with figures that show that the rate of foreclosures appears to be dropping over April and May of this year. The data shows that not only has [...]
At Maryland, many homeowners are now being faced with the scourge of foreclosures that are spreading like a plague across the nation. The legislation has now aimed at helping them to rise above the tide of the overpowering foreclosure rates. A House Committee has been set for full-fledged action to take place. This has [...]
Planned purchase of Countrywide Financial Corporation by Bank of America (BofA) forced over 90 California community groups to send request letters to BofA seeking the halt of foreclosures. California Reinvestment Coalition drafted the letter asking the bank to devise a plan to help these homeowners retain their homes. This bank acquisition adds 9 Million new [...]
Empty houses with unkempt lawns can ruin communities. It becomes a place where crime and vandalism flourishes, and it slowly brings down the prices of the houses in the neighborhood as time goes by.
Sadly, this is exactly what is happening to most neighborhoods where foreclosures have taken place, and especially where they are more than [...]
Texas Attorney General Greg Abbott has suddenly become extremely perked up about the foreclosure figures that are rising in the real estate segment. It is therefore difficult not to cover his call on some of the state’s major lenders. The call was mainly meant to work to prevent mortgage foreclosures; said homeowners need to [...]
New York State Governor Eliot Spitzer announced that the lenders and the federal government would be considering some securities funds that are mortgage backed as a means to effecitvely balance the turbulence that has badly rocked the real estate market.
The fund that was thus announced may be something just like the $80 billion pool. [...]
Esther Aguilera, CHCI President & CEO said, “The foreclosure crisis we currently face in the Latino community is only going to get worse unless we act now” HOGAR’s, the Congressional Hispanic Caucus Institute’s National Housing Initiative, recommendations are the first concrete steps we must take to protect countless Latinos from losing their homes. CHCI is [...]
The foreclosures prevention program was just recently unveiled by Governor Patrick. However, despite tall claims on this, it isn’t a program that has won over the support of the mortgage lenders who are active in the real estate scenario.
The plan was obviously meant to be a solution that would assist homeowners. Specifically, the program’s scope [...]
A famous author, G.B. Stern stated thus, “Both optimists and pessimists contribute to our society. The optimist invents the airplane and the pessimist the parachute.”
No doubt, it is a bunch of optimists who always initiate policies that are meant to help others and ward off tensions of any kind. That is why it wouldn’t be [...]
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