Fannie Mae Offering Special Loans to Dispose of Astronomical Number of Houses it Has Acquired Through Foreclosures
Tuesday, September 27th, 2011
Many buyers disappointed with not being eligible for mortgages are not aware that Fannie Mae has launched a plan – HomePath Mortgage. It is for those buyers who purchase houses owned by Fannie Mae. The conditions are not too strict and also loans for repair are available. Agents and HomePath’s website will be able to give the details.
Recon Trust has Put Brakes on Foreclosures Awaiting Legal Resolution
Monday, September 26th, 2011
Recon Trust was asked by AG of Utah to stop foreclosures as it did not have a local identity. The AG threatened it with a legal suit if it did not comply. Recon Trust argued that being a national firm it was not bound to abide by state laws. A settlement seems to be on. The firm has stopped further foreclosing.
Mixed Response to White House’s Plan of Massive Refinancing of Mortgages to Stave off Foreclosures While Boosting the Economy
Tuesday, September 20th, 2011
White House has recently announced that it will launch a massive refinancing programme hoping to stop foreclosure and give a fillip to the economy. But the reaction has been mixed. No consensus has been reached on the hope that the money saved would lead to consumers spending on cars and shoes etc.
Fixing up Foreclosed Units is Posing Problems for Cities
Thursday, September 15th, 2011
The cities have fixed up foreclosed houses using federal funds but now it is facing problems finding buyers for the same although the prices are real bargains. It was expected that buyers from the lower and middle income group would snap them up. But this is not happening.
There is the Possibility of Foreclosures Shifting to the Courts in Oregon
Tuesday, September 13th, 2011
Oregon is a non-judicial state where it is fairly easy to run through the process by only advertising in papers. But lately the judges have started to question the lenders for not abiding by the laws of the state. They have not made proper recording of change of hands in the county offices or paid the requisite fees.
Deep Cuts Made in Programme Meant to Give Legal Aid to the Poor Facing Foreclosures
Monday, September 12th, 2011
Funds for legal aid groups have been drastically cut seriously jeopardizing the lives of those in the poverty zone. The constitution guarantees legal representation to the poor in criminal suits but not so in civil suits. At a time when demand for help from foreclosure has shot up the funds have trickled causing services of legal aid groups ineffective.
The Picture is the Same Everywhere in Oregon – South, Central and Eastern as Well as Portland, All Reeling Under Foreclosures
Monday, August 29th, 2011
It is the same story everywhere in Oregon for civilians and military personnel – foreclosures and foreclosures. The pattern is the same – the bank dangles troubled borrowers with the hope of permanent modification, strings them along a temporary phase and then stabs them on the back with sudden foreclosure, auction and eviction.
Mega Foreclosure Relief Operation Shut Down by Attorney General of California
Friday, August 26th, 2011
The attorney general of California Kamala Harris has shut down a mega so-called foreclosure relief operation in southern California run by lawyers. The latter preyed upon the anger of homeowners against the banks to take money from them promising to save them from foreclosure, modify their loans and even reduce principal.
New York Legislator Inspired by 19th Century Act to Reduce Supply of Foreclosed Houses in the Market
Thursday, August 25th, 2011
Rep Ackerman (Democrat/New York) has proposed a bill that would hit many birds with one stone – reduce number of foreclosed houses in the market, bring back cash from overseas, generate jobs and give a kick to the general economy. He has been inspired by a 19th century Act.
Church Group Gathers in Florida to Question Disbursement of Foreclosure Funds
Friday, August 19th, 2011
A church group recently organized an event in which they aired their views regarding disbursement by Florida State of Hard Hit funds. They want the conditions to be made more lenient so that others could benefit. Their contention was that the eligibility conditions were strictest in Florida compared to other states.
