CNN Money Reports Foreclosures Frozen During Holiday Season

Foreclosure Fiasco



By Les Christie, staff writerDecember 3, 2010: 3:34 PM ET


NEW YORK (CNNMoney.com) -- Several of the big mortgage players are playing Santa Claus again this year, saying they will not evict borrowers in default during the two weeks surrounding Christmas.Freddie Mac (FMCC) and Fannie Mae (FNMA), the two government-controlled mortgage giants, are freezing all foreclosure evictions on mortgage loans they own or back from Dec. 20 through Jan.3.
 
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MSNBC reports Plan Launched to assist Underwater Borrowers

Federal assistance for homeowners in trouble on their mortgage

By ALAN ZIBEL

WASHINGTON — The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth.

Starting Tuesday, the Federal Housing Administration will permit lenders to give these borrowers refinanced loans backed by the government. The lenders will be required to forgive at least 10 percent of the original mortgage amount. Investors who have control over the mortgages as part of their large portfolios will select which borrowers are invited to participate.
The plan was first announced in March. Its rollout represents the latest of numerous efforts by the administration to address the housing bust. So far, the government has only nibbled around the edges of the crisis, as its programs have run into numerous problems.
The lending industry was ill-prepared for a crush of distressed homeowners, the economy worsened and millions of homeowners had taken on so much debt that their financial woes have been nearly impossible to resolve.
Nearly half of the 1.3 million homeowners who have enrolled in the Obama administration's main mortgage-relief program — overseen by the Treasury Department — have already fallen out over the past year.CLICK HERE FOR FULL ARTICLE

Washington Post Reports: Be Prepared to Walk From a Short Sale

 Great article from the washington post, encouraging buyers of short sales to be prepared for a long haul... and also be prepared to eventually walk away because quite frequently they do not work out.  We had a recent situation where  A short sale actually worked out but it took 5 months and we had to pull alot of strings to get it to close.   They can work out but  we advise our clients to not become too emotionally attached, because the process is so unpredictable.

Here is the Article, a Question and answer session between a post reader and a columnist:
Be prepared to move on from a short-sale home
By Ilyce R. Glink and Samuel J. Tamkin
Saturday, August 7, 2010
Q: In January, we bid on a short sale that was three lenders deep. Every time we get an update from the banks (via the listing agent), the property is "in review" with the lender. We knew it was going to be a long process with three lenders; however, it seems that it is going nowhere. We'd really like to move forward with this property but are at a loss as to what we can do to get to the status of this sale and help move it along
A: There's nothing you can do other than to tell the lenders that they have three, five, seven or 10 business days (you decide the timeline) to take your offer or not. You have to make it clear you are moving on after that time.
Then be prepared to back off and start searching for another property. Short sales are notoriously difficult, and lenders are taking up to six months to decide what to do.

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MSNBC Real estate Video Report: Beware Of Co-Signing a Loan

Co-Signing a Loan can be very bad news...

Visit msnbc.com for breaking news, world news, and news about the economy

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CNN Money Reports: Bankruptcy Instead of Foreclosure

Bankruptcy can save your house from foreclosure

NEW YORK (CNNMoney.com) -- Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true -- or just too good to be true?
True!
Bankruptcy can bring foreclosure proceedings to a halt, end harassment from debt collectors, and give borrowers time to make up missed payments and reorganize their finances. In some cases, bankruptcy can also help mortgage borrowers save their homes permanently.

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Washington Business Journal Reports: DC Property Up for Auction This Summer

 D.C. to sell off vacant properties

Washington Business Journal - by Tierney Plumb
Read more: D.C. to sell off vacant properties - Washington Business Journal

In the second auction of its kind, D.C. will sell 18 vacant single-family homes, multi-family buildings and vacant lots located in six of the eight wards in the city.
The properties currently sit in the Department of Housing and Community Development’s portfolio, which is coordinating an auction to dish out the buildings. It will be held June 30 at the Walter E. Washington Convention Center at 2 p.m. and conducted by Alex Cooper Auctioneers Inc.
Read more: D.C. to sell off vacant properties -  Click For full article Washington Business Journal

U.S. Plans Big Expansion in Effort to Aid Homeowners

New York Times Reports:

The Obama administration on Friday will announce broad new initiatives to help troubled homeowners, potentially refinancing several million of them into fresh government-backed mortgages with lower payments.

Click HERE for Full article on Nytimes.com