The number of people facing bank and Freddie Mac foreclosures who have gotten long-term loan modification under the U.S. federal government's Home Affordable Modification Program (HAMP) has dwindled in July. According to latest reports, only more than 36,000 homeowners were able to have their mortgages modified during the month.
Archive for the 'Finance Foreclosures' Category
Buying Foreclosures and Saying Goodbye to Renting
For renters, buying foreclosures is the most logical thing to do considering the state of the housing market. Aside from the fact that they will no longer be throwing away money in terms of rent, they can take advantage of the savings that these repossessed properties offer.
Bank Owned Property Listings by Genworth Financial Contained
Bank owned property listings by Genworth Financial have been contained significantly, according to the financial management company.
Loan Programs to Buy Bank Homes
The Minnesota cities of Minneapolis and Brooklyn Center are offering forgivable-loans to buy bank homes. Under the loan programs, both cities will offer as much as $10,000 down payments and closing costs. And if the buyers remained in their properties for five years, they are not required to pay the loans.
More Bank Foreclosure Listings Buying for Inland Empire
The nonprofit organization Inland Empire Economic Recovery Corp. is trying to gather financial support to boost its efforts to purchase Inland Empire-owned properties on bank foreclosure listings. The organization will then rehabilitate these foreclosure homes to make them livable and place them on the market for sale.
Economists: A Good Time to Buy Bank Foreclosure Homes
Now is the right time to buy bank foreclosure homes. This is the message that Utah economists want to send to prospective homebuyers, citing low mortgage interest rates and significant drop in home prices as incentives for buying existing and foreclosed homes.
Loan Rule to Benefit Banks and Reduce Bank Owned Foreclosures
A 4-year-old accounting regulation that standardizes how banks acquired loans is expected to help the banking industry gain revenues and reduce Bank Owned Foreclosures.
Unfairness in Tax Credits and Tax Foreclosures
The $8,000 tax credit offered to first-time homeowners under President Barack Obama's American Recovery and Reinvestment Act of 2009 has highlighted the role of timing, including luck, in home buying. It has also highlighted the issue of unfairness, such as the exclusion of tax foreclosures in assistance programs.
Will Allowing Banks to Fail Reduce Foreclosure Homes?
Allow banks to fail. That is what Republican Senators Richard Shelby of Alabama and John McCain of Arizona suggested even if it means shareholders will also suffer as a consequence.
Tax Credits to Reduce Tax Foreclosure Property Listings
As tax foreclosure property listings continue to grow longer because of unabated foreclosures, the government has found ways to reduce the number of foreclosed homes. This time with the help of first-time home buyers.
Obama Resists Attempt to Add Bankruptcy Law Change in Economic Stimulus Bill to Solve the Foreclosure Problem
Efforts to add a stipulation in the economic stimulus bill supported by congressional Democrats that would permit bankruptcy judges to minimize mortgages as a possible solution to the foreclosure problem is being resisted by President-elect Obama and his advisers.
Democrats want $100 B to go to Foreclosure Aid; Republicans Say Money Stays Put
Just minutes after President Bush said at a news conference that President-elect Barack Obama just had to "ask" if he needed the remaining $350 Billion bailout funds allocated for foreclosure prevention, Obama did just that. Now Congress has to vote within a 15-day period whether to approve the request.
Pending Home Resale Index Down Due to Foreclosures
Pending home resales dropped in October due to continued foreclosures, according to analysis by 34 economists interviewed by Bloomberg News. Pending resale index is viewed as a major economic indicator because it monitors home resale contract signings. Sale closings are usually accomplished about two months later, when the sales are counted as existing-home sales in real estate reports.
Sheriffs Show Consideration to Renters of Foreclosures
Sheriff Nygren had an incident with a 73 year-old renter. The poor old man will be evicted not having any idea that the room he is renting, owned by a Woodstock-man, was in foreclosure. The old man was so thankful that he was made aware and hopes to make arrangements.
Drop in Home Prices Blamed on Foreclosure Sales
Some studies showed that areas that see an increased in foreclosure sales experienced a 1 percent drop in home market values. Most often the drop in home market prices is due to a buyer's perception of the neighborhood, which may ultimately lead to his refusal to reside in the area.

