How does a Northern California – based counseling agency know whom to call to get local help for struggling homeowners living half way across the country? By tapping into a national data-base of community resources operated by the MortgageKeeper referral service. Created six years ago by a college professor and a housing policy expert in foreclosure … More Mortgage Keepers – A Lifeline for Struggling Borrowers
August 30, 2011 12:45PM David Berenbaum, CPO of the National Community Reinvestment Coalition The Obama administration is giving unemployed homeowners in 27 states extra time to apply for a new $1 billion foreclosure-prevention program, due to a lack of qualified applicants, the Wall Street Journal reported. Homeowners have until Sept. 15 to apply for the … More Obama extends deadline for homeowners loan program
By: Carrie Bay The city of Chicago is set to launch a targeted new loan program to help alleviate the effects of the foreclosure crisis in local neighborhoods. Through the initiative dubbed the Micro-Market Recovery Program, the city will work to foster the reoccupation of foreclosed or vacant properties in key areas of Chicago, according … More Chicago to Launch Foreclosure Loan Program
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Florida also has an expedited foreclosure process. Under the expedited procedure, the foreclosing mortgage holder (plaintiff) files a verified complaint including all information needed to show it is entitled to foreclosure. With the filing of the complaint, the court is asked to issue an order that the debtor show cause why final judgment should not … More Florida Expedited Foreclosure Process
The powerful lobby of the Bankers Association is pushing for all foreclosure sales to be non-judicial. Currently the estimated time for a non-contested foreclosure in Florida is approximately 2 years. The Florida Clerk of the Court has increased the filing fees due to the backlog of foreclosures. Mortgages up to 50k are $295.00, up to … More Florida Foreclosure Update
Brokers be creative but sensitive when negotiating cash for keys. Rental agents in your office can assist with relocation services which often make the process much smoother. Cash for Keys can be formulated based on different aspects, like the outstanding loan-to-value, loan amount, potential of vacancy or unpaid principal balance. CFK is tiered based on … More Sensitivity helps when dealing with Cash for keys (CFK)
Proposal to bulk sell REO could hurt home prices: Radar Logic At least one housing analyst is pushing back against a government proposal to dispose of the government’s real-estate owned properties through bulk sales to investors. Quinn Eddins, director of research at data firm Radar Logic, concluded in the latest RPX Monthly Housing Market Report … More Selling REO in bulk may hurt housing market even more
Homeowners Due Cash After Foreclosures CHICAGO (CBS) — Cook County officials are looking for nearly 2,000 former property owners who are due money after a foreclosure. Newsradio WBBM’s Regine Schlesinger reports, the county’s Mortgage Foreclosure Surplus Fund holds $16 million–money that belongs to the owners of foreclosed property. If the property is sold for more … More Is there money due to you after a foreclosure?
How long will my foreclosure take? A mortgage is a written agreement between a mortgage company and a home buyer. If you do not pay the mortgage company, they can try to take your house. This process is a mortgage foreclosure. This timeline is only a general guide for a borrower who does not fight … More How long will my foreclosure take?