A new ruling in a San Francisco circuit court has changed the law surrounding loan modification programs in that district, according to a foreclosure attorney close to the case. The ruling ends the practice some mortgage companies had been employing of using “trial refinancing” options to squeeze a few months’ extra payment out of homeowners  … Read more

In today’s tough economy, it can take just one blow to cripple a homeowner’s ability to pay their mortgage. The loss of a job, a health issue, or any number of other life events has the potential to seriously hinder the ability of even a fairly well-off homeowner to make regular mortgage payments. Many homeowners  … Read more

The Michigan State Housing Development Authority has announced a new effort to help homeowners avoid foreclosure with its tax delinquency relief program. The MSHDA hopes that this effort will reach homeowners suffering from inability to make payments, ease mortgage debt, and hopefully prevent the number of foreclosures from rising. Easing Mortgage Debt First Priority The  … Read more

New data shows promising trends in California, where the foreclosure rate is down to its lowest in years. According to information from data bureau DataQuick, the rate of foreclosure starts (the first step in the foreclosure process) is down over 50% from previous quarters and over 60% from the previous year. This is very promising  … Read more

Recently the IRS made a tax policy about-face when it announced in early 2013 that banks could write off tax expenses related to home foreclosure immediately in the year incurred. This results in more up front tax benefits for the foreclosing bank and has caused a stir in the community. IRS Deduction Law Favors Banks  … Read more

As the economy and housing market continue their rebound, new reports show that nationwide foreclosure rates are at their lowest level since 2006. While this is generally good news for homeowners struggling with mortgage debt, the reality is that foreclosure still remains a challenge for many homeowners. Approximately 57, 286 homes were foreclosed upon last  … Read more

National data shows that mortgage debt problems are alleviating for homeowners throughout the nation, but not all states are experiencing the same levels of improvement. Despite reports showing an improving housing market, Ohio experienced over 90,000 foreclosures throughout the whole of 2012. A conference was recently held in Cleveland to identify why Ohio still faces  … Read more

Homeowners with mortgages that are backed by Fannie Mae and Freddie Mac may soon be receiving help on their mortgage payments. For those borrowers who are 90 days behind, a new effort called the Streamlined Modification Initiative will help those homeowners lower their mortgage payments. The Streamlined Modification Initiative is one of the largest foreclosure  … Read more

A recent study published in the Proceedings of the National Academy of Sciences link mathematical abilities (or the lack thereof) to your risk of foreclosure. More specifically, if you lack the average math skills to divide 300 by 2, you’re far more likely to experience mortgage trouble and a foreclosure, according to the study. Five  … Read more

In the aftermath of the 2008 recession and the burst of the housing bubble, foreclosure rates skyrocketed throughout the nation. In an effort to aid its citizens, the city of Philadelphia created a foreclosure program that would become the most lauded in the nation. Thanks to the Homeowners’ Emergency Mortgage Assistance Program, 5,755 Philadelphians were  … Read more