Archive for the 'Foreclosure Help' Category

The bank foreclosure prevention program of CitiMortgage, the mortgage lending unit of Citigroup, has been improving significantly, based on its quarterly report released this week and on the statements of its chief executive Sanjiv Das.

The increasing number of bank foreclosure cases is clogging the courtrooms in several areas in the country. The pileup of foreclosure cases is partly due to the shortage of lawyers who are experienced enough to take the cudgels for the thousands of distressed homeowners who need help to save their properties from foreclosures.

It seems that the year 2009 will end worst for the commercial real estate market as more and more hotels are struggling to avoid being placed on bank foreclosure listings. Commercial properties across the country are following the path treaded by many foreclosed residential properties.

The city council of Cranston in Rhode Island has approved ordinances that would have prevented further spread of bank foreclosed home in the area. When it approved the foreclosure ordinances, the council was expecting some legal challenges. But they never expected that the city mayor would be the one to oppose the measures.

Orlando, Florida Mayor Buddy Dyer, Secretary of HUD Shaun Donovan and Congressman Alan Grayson toured a city neighborhood to highlight the success of two federal programs designed to reduce the number of bank and government foreclosures homes.

The city of High Point in North Carolina is providing federal funds to buy foreclosed homes for sale. The city has received about $2.625 million under the Neighborhood Stabilization Program (NSP).

U.S. Senator Jack Reed has proposed a law that aims to curb the growing number of properties on bank foreclosure list. The bill is proposed in an effort to abate the rapid spread of foreclosures across the country and at the same time help stabilize the housing markets.

The federal Neighborhood Stabilization Program has been helping people in Delaware in buying bank foreclosures. The program has provided federal housing funding amounting to $19.6 million to help first-time homebuyers. Under the program, about 120 families will have the chance to buy and rehabilitate vacant, foreclosure houses until next year.

The collapse of the mortgage industry turned out to be the savior for Merrill Lynch and its subsidiaries. Eastern District of Pennsylvania's U.S. District Judge R. Barclay Surrick dismissed the securities fraud lawsuit filed against Merrill Lynch and its subsidiaries.

About 17 Democratic lawmakers have issued an urgent call for measures to stave off the number of bank foreclosed homes in the country. Congresswoman Doris O. Matsui called on the Obama Administration to act quickly to address the growing housing crisis in the country today.

Last year and in the past months, taxpayer money was used to bail out the country's largest financial institutions. Now, the question of using taxpayer money to bail out the commercial real estate sector is again floating around.

Distressed homeowners can expect more aid to come their way to help them save their properties from becoming bank foreclosed home. This is what Connecticut Governor M. Jodi Rell told the audience during the ceremony for the unveiling of $2.5 million federal funds intended for the brownfield redevelopment at the Housatonic Community College.

City officials of Santa Rosa, California are planning to develop a 20-acre property on Bank Foreclosure List into 400 apartments for low-income families. The foreclosed property was once intended for market-rate houses in the southeast and southwest quadrants of the city.

With bank foreclosure listings rising every day in Hamilton County and Chattanooga in Tennessee, local officials have decided to expand assistance initiatives provided to distressed homeowners who are facing the threat of losing their homes to foreclosures.

Three bills were signed by Governor Jodi Rell to help distressed homeowners in Connecticut save their properties from bank owned homes sale. In a statement, Rell said that a growing number of families in Connecticut are struggling to pay their bills and mortgages.