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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Recent Posts in Foreclosures

  • Foreclosure Rates Decline, But Homeowners in Dallas-Fort Worth Still Face Problems

    Posted By Allmand Law Firm, PLLC || 20-Jan-2017

    America and the state of Texas experienced incredibly hard times when it came to foreclosures over the past several years. At the height of the mortgage crisis in 2008 to 2009, foreclosure rates surged a nearly unfathomable 80+ percent. Across the country, homeowners found themselves severely underwater and were forced to walk away from their homes. Although the housing market and economy has ...
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  • 5 Foreclosure Myths Debunked

    Posted By Allmand Law Firm, PLLC || 21-Mar-2016

    Falling oil prices have meant trouble for some housing markets, including many areas in Texas. In fact, foreclosure activity has jumped more than 15 percent in the state in the last year. With so many Texans seeking relief during challenging economic times, we would like to take this opportunity to set the record straight on five common myths about foreclosure: Filing for bankruptcy stops a ...
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  • Falling Oil Prices Linked to Rises in Texas Foreclosure Rates

    Posted By Allmand Law Firm, PLLC || 14-Jan-2016

    According to an article published by CNN money, plummeting oil prices may be related to problems with housing markets in Texas, Oklahoma, and North Dakota. While the national rate of foreclosure filings has dropped to a nine-year low, states heavily involved in the production of oil have not been as lucky. As oil prices have declines, foreclosure filings have increased in these three states. The ...
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  • Houston Couple Awarded $5.4M after Fraud Found in Foreclosure Case

    Posted By Allmand Law Firm, PLLC || 28-Dec-2015

    A Texas couple knew that foreclosure was imminent after they fell behind on their mortgage payments for several months. What they didn’t expect, however, was when their foreclosure notice came from a bank they had never done business with. After a lawyer looked over their mortgage records, they came to the conclusion that neither the bank (Wells Fargo) nor their mortgage loan servicer had ...
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  • Millions Misspent After Texas Receives Financial Windfall from National Mortgage Settlement

    Posted By Allmand Law Firm, PLLC || 3-Dec-2015

    Three years ago, Texas homeowners facing foreclosure were given a glimmer of hope in the form of a $25 billion national settlement from five lenders who were accused of wrongfully forcing people out of their homes: Citi, Bank of America, JP Morgan Chase, Wells Fargo, and Ally. This money was earmarked to provide relief for Texas citizens, but so far, none has been spent to help struggling ...
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  • Huge Spike in Home Repossessions During Lingering Foreclosure Crisis

    Posted By Allmand Law Firm, PLLC || 9-Nov-2015

    While the rate of new foreclosures may be returning to normal, the damage caused by the past decade’s housing disaster is still lingering. According to RealtyTrac, a foreclosure analytics and sales company, bank repossessions have jumped 66 percent over the rate from this same time last year – the largest rise the company has ever recorded. In the space of just three months, over ...
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  • Can Bankruptcy Help Me If I Am Dealing with an Eviction?

    Posted By Allmand Law Firm, PLLC || 14-Mar-2014

    In many cases you can prevent eviction from moving forward if the landlord does not have a judgment for possession. In other words, if you receive an initial notice for eviction you may be able to file bankruptcy to stop the process from moving further. In some cases there may be exceptions to consider but you can review your situation with an experienced bankruptcy attorney to get a better idea ...
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  • How Bankruptcy Can Stop Foreclosure Proceedings

    Posted By Allmand Law Firm, PLLC || 13-Feb-2014

    A bankruptcy filing can immediately stop foreclosure in most cases when proceedings have yet to be finalized. Bankruptcy may help homeowners buy more time in determining their next move including whether or not they want to keep their home. This is also a good time for debtors to review with their bankruptcy attorney about their options and their rights regarding redeeming the property (your ...
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  • Another Reason to Consider Bankruptcy to Avoid Foreclosure

    Posted By Allmand Law Firm, PLLC || 27-Nov-2013

    Why You Should Consider Bankruptcy to Avoid Foreclosure Many homeowners are aware bankruptcy can help you prevent foreclosure thanks to various advertisements that regularly promote this benefit. But, research suggests that in fact bankruptcy may help you avoid foreclosure and even provides evidence that filing is effective in preventing pending sales. Researchers at the University of North ...
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  • What Happens When Chapter 7 Bankruptcy Is Filed during a Pending Foreclosure?

    Posted By Allmand Law Firm, PLLC || 7-Oct-2013

    Many who qualify to file Chapter 7 bankruptcy may do so due to foreclosure proceedings against their home. The filing process helps stop proceedings from moving forward and it may give you more time to plan your next move and explore options. Some may wonder if the filing process will have an effect on the sale of a home, especially if a date has yet to be determined. This is often a concern for ...
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  • Get Mortgage Payments Caught Up with Chapter 13 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 9-Aug-2013

    If you're seeking an alternative option in helping you get caught up on mortgage payments, Chapter 13 bankruptcy may be a helpful solution. The plan can help you make missed payments to cure the default with your mortgage. This option has helped a large number of homeowners avoid foreclosure, while making affordable payments. Chapter 13 has also given homeowners another opportunity to obtain ...
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  • Key Points You Should Know about Bankruptcy and Foreclosure

    Posted By Allmand Law Firm, PLLC || 8-Aug-2013

    Most people are aware that bankruptcy can help you keep your home, but what some may not know is that the process can help you do this in more ways than one. In most cases, it depends on your unique situation and which chapter is filed. Aside from preventing or avoiding foreclosure, you may be able to reduce your mortgage payment and cure default payments to bring your mortgage current. Whether ...
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  • I'm Behind on Mortgage Can Chapter 7 Bankruptcy Help?

    Posted By Allmand Law Firm, PLLC || 22-Jul-2013

    Falling Behind on Mortgage Payments Filing for bankruptcy has helped many debtors save their home by giving them more time to get caught up on payments or even prevent foreclosure. But, if you are considering Chapter 7 as an option regarding missed mortgage payments, you may need to review this with your bankruptcy attorney to see if this will remedy your situation. Chapter 7 bankruptcy may give ...
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  • Can Chapter 7 Bankruptcy Stop a Foreclosure Sale?

    Posted By admin || 20-Nov-2012

    Chapter 7 bankruptcy may help stop a foreclosure sale on your home under certain conditions. If possible you may have the option to cure your default by making payments or negotiating with your lender on a solution. While there are other options to consider it is possible the sale may be completed on the home unless you take swift action. Chapter 7 bankruptcy may help temporarily stop a ...
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  • More Bankruptcy Cases Filed in October in South Florida to Halt Bank Foreclosures

    Posted By admin || 6-Nov-2012

    During the month of October Southern parts of the sunshine state Florida saw a sharp increase in bankruptcy filings due to pending foreclosures. Local attorneys claim that many homeowners are seeking bankruptcy protection because banks are pushing forward and foreclosing on mortgages that have become delinquent. The U.S. Bankruptcy Court in Miami shared interesting statistics related to recent ...
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  • Can Chapter 7 Bankruptcy Help Me Stop Foreclosure?

    Posted By admin || 10-Oct-2012

    Filing Chapter 7 Bankruptcy to Stop Foreclosure Chapter 7 bankruptcy may not stop the process permanently but it could help you gain more time to develop a solution that will help you keep your home. The filing may give you more time to come up with funds you can use to get your mortgage caught up. When Chapter 7 bankruptcy is filed the automatic stay goes into effect. The action stops or ...
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  • Why It Is Important to Continue Mortgage Payments in Bankruptcy

    Posted By admin || 25-Sep-2012

    Some debtors wonder if they need to continue making payments on their mortgage when bankruptcy is filed. Whether you file Chapter 13 or Chapter 7 bankruptcy and you have intentions on keeping your home, you still need to continue making payments. You should also continue making homeowner's association payment dues. If you stop making either payment you could lose protection under the automatic ...
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  • Learn About a Deed in Lieu of Foreclosure

    Posted By admin || 5-Sep-2012

    Deed in Lieu of Foreclosure If you're concerned about losing your home to foreclosure you may be looking at alternatives to a foreclosure. A deed in lieu of foreclosure is one option you may want to consider. First, it's important to understand that a deed in lieu of foreclosure will not help you keep your home. If you want to avoid foreclosure and keep your house you're going to have to look into ...
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  • What If I Default on My Mortgage During Bankruptcy?

    Posted By admin || 29-Aug-2012

    There are times in which a debtor may fall behind on mortgage payments due to different situations such as job loss, income reduction or medical illness. While it is understandable these things happen you'll want to keep in mind actions to avoid so you can maintain your home. You'll also want to note what you should do when and if you get behind on payments. Actions depend on which chapter you ...
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  • How Chapter 13 Bankruptcy Can Help You Catch Up on Mortgage Payments

    Posted By admin || 22-Aug-2012

    If you have fallen behind on your mortgage, Chapter 13 bankruptcy may be an option to consider to help you get caught up on missed payments. One of the most common reasons why Chapter 13 is filed is to cure a mortgage in default. The action not only helps in saving your home but in many cases, it can help reduce monthly payments allowing you to keep your home. When Chapter 13 Bankruptcy is Filed ...
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  • How Does Bankruptcy Protect Your Home When You File?

    Posted By admin || 20-Aug-2012

    Many debtors worry about what will happen to their home when they file bankruptcy. Many tend to steer away from the idea of filing in fear they will lose their home. The good news is that most people who file are able to keep their homes thanks to the homestead exemption. The exemption can be utilized in either Chapter 7 or Chapter 13 bankruptcy. The homestead exemption offers protection for your ...
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  • 4 Ways Chapter 13 Bankruptcy Can Help Homeowners

    Posted By admin || 16-Aug-2012

    Chapter 13 bankruptcy offers homeowners several options when it comes to dealing with foreclosure, a mortgage default or even a second or third mortgage. Chapter 13 is known for helping homeowners obtain affordable mortgage payments that allow them to keep their homes. The following options give more details on how struggling homeowners can utilize Chapter 13 to help them maintain their home: ...
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  • Should You File Bankruptcy Or Accept Foreclosure?

    Posted By admin || 15-Aug-2012

    Filing Bankruptcy Or Accept Foreclosure Homeowners facing foreclosure often consider bankruptcy, but is bankruptcy a better option than foreclosure? Let's take a look at a few of the factors debtors should consider: Desire And Ability To Keep Home The first question a debtor should ask before filing bankruptcy to avoid foreclosure, is if they want to keep their home. If so, does the debtor have ...
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  • FHA Working to Help Foreclosure Losses

    Posted By admin || 9-Aug-2012

    The Federal Housing Administration (FHA) knows that the housing problem across the United States is not just causing problems for homeowners but is at the core of the financial problems across the entire country. To try and remedy some of this malaise they are working to reverse some of the losses that a foreclosure can bring. Through the FHA's National Servicing Center you can find some programs ...
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  • Foreclosure to Rental Plan in the Works

    Posted By admin || 7-Aug-2012

    According to The Street the Obama Administration is going to be announcing a new program that will sell government owned foreclosures to investors as rentals. The goal is to reduce the foreclosure supply in the market which in turn will hopefully encourage housing prices in those cities to rise and will also capitalize on the demand for rental homes. While statistics show that banks repossessed ...
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  • Government Sponsored Managed Exit for Foreclosures

    Posted By admin || 23-Jul-2012

    The housing crash around the country is widely known and is probably the leading contributor to the economic problems the country faces. But this isn't all that the housing boom and subsequent crash has brought to the American public. We're now facing a foreclosure crisis fueled by illegal robo signing practices used by the banks. Summed up, this means that many Americans have faced foreclosure in ...
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  • How Does an Attorney Help with Mortgage Modification?

    Posted By admin || 18-Jul-2012

    Homeowners not familiar with loan modification may wonder what can lawyers do or why they would need legal assistance. There are multiple reasons a lawyer may be sought; not just after the process when a homeowner could be losing their home due to foreclosure but even before and during the process. A lawyer can give homeowners pertinent details relating to legal rights, review the process in ...
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  • Maintaining Your Foreclosure Home

    Posted By admin || 11-Jun-2012

    For a homeowner who is facing a foreclosure, it should come as no surprise that they may end up residing in their home for months or even years before ever even receiving their first eviction notice. Although they may know that it is coming, in the meantime their home will still need to be maintained. Whether or not the homeowner plans to use that time to save themselves from losing their home or ...
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  • What to Do if Your Mortgage is Underwater

    Posted By admin || 7-Jun-2012

    An underwater mortgage means that your home is worth less than what you owe on it. This is also sometimes referred to as being upside down on a loan. Unfortunately, the housing market today is still doing pretty poorly across America and more and more people are finding their mortgages far surpassing the actual value of their homes. There are a number of reasons for this situation, the two main ...
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  • Halt Foreclosure with a Short Sale

    Posted By admin || 4-Jun-2012

    People that are looking for a foreclosure alternative may want to try a short sale instead. While a short sale does not help you keep your home, it does help you avoid an actual foreclosure. You first must analyze your motivation before you pursue a short sale, if you want to save your home this is not the vehicle to do so. In a short sale situation the homeowner is typically underwater on their ...
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  • Mortgage Modification Tips: Knowing What to Expect in Getting Through the Process.

    Posted By admin || 31-May-2012

    Mortgage modification may be an option for homeowners unable to refinance their home or seeking foreclosure prevention. Many homeowners are often skeptical at getting a modification due to hearing myths, being misinformed or claiming it is just impossible. While the process does include multiple steps; homeowners have been successful in getting their terms adjusted. It's a matter of being honest ...
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  • How Builders Compete Against Foreclosures

    Posted By admin || 6-May-2012

    Ron Betenbough's company has been building homes in Texas for the last 20 years and has always been more than willing to compete by offering great prices. Now, however because of the number of foreclosures occurring, this has become difficult. He has now taken a new approach by creating construction that has features that save energy and that is overall, environmentally friendly. He began ...
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  • The Buzz of Foreclosures in The Beehive State

    Posted By admin || 27-Apr-2012

    The Beehive State of Utah still remains one of the top states experiencing many foreclosures within the Unites States, according to recent reports. The Midyear 2011 Foreclosure Market Report from Realty Trac places Utah as the fourth highest rate of filings in the Nation. The first three include Nevada, California, and Arizona. For the first six months of the year, the filing rate was at 1.65, ...
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  • Foreclosure Options for Military Members

    Posted By admin || 16-Apr-2012

    Foreclosures for Military Members Fannie Mae has created the KnowYourOptions.com website to help its homeowners discover their options when they're faced with foreclosure. There is a special segment dedicated to military members who are having issues with their mortgage payments to Fannie Mae. This mortgage company offers a special military hardship for some homeowners and others may get ...
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  • More Foreclosure Help from the Government

    Posted By admin || 13-Apr-2012

    When the foreclosure crisis first came to light the government attempted to provide relief to struggling homeowners. The programs designed to bail people out, HAMP, HARP and Hope for Homeowners have helped some people but in large they have failed. The outcome of the housing crisis is that more homeowners in America are losing their homes to foreclosure and it looks as if preemptive acts will not ...
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  • More Troubled Homeowners Experience Loan Modification Scams

    Posted By admin || 12-Apr-2012

    CBS News recently aired a report that reviewed loan modification scams and the increase in activity by con-artists. Many homeowners have been hurt by changes in the economy with over 1 million homeowners experiencing foreclosure. The report mentioned that more than 10 million homes in the United States may be considered underwater properties; homes in which homeowners pay more than what they are ...
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  • Judicial Foreclosures

    Posted By admin || 9-Apr-2012

    A judicial foreclosure is a little different from a non-judicial foreclosure and its one you're less likely to run across. A judicial foreclosure is not used very frequently but there are situations where a court has to step in and the foreclosure has to be processed under their guidance. A non- judicial foreclosure is done without a state court's intervention. One time when judicial foreclosures ...
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  • Most Common Questions about Bankruptcy and Foreclosure

    Posted By admin || 3-Apr-2012

    Questions about Bankruptcy and Foreclosure If you've fallen behind on mortgage payments and are facing foreclosure, bankruptcy may help you keep your home. The process can help stop debt collectors, slow down foreclosure proceedings and give borrowers more time to work out details related to their finances. In most cases, bankruptcy can help you make missed payments while giving you additional ...
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  • How to Stop Foreclosure Right This Second

    Posted By admin || 23-Feb-2012

    How to Stop Foreclosure It's finally happened. You missed a mortgage payment - and you are dreading the moment when you receive notification about foreclosure proceedings being taken against you. You feel like there's nothing else you can do to get you out of this sticky trap. Most likely if you are missing mortgage payments your other credit is suffering as well. The stress of not having enough ...
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  • If I Owe More Than My House is Worth Can Bankruptcy Help Me?

    Posted By admin || 9-Feb-2012

    Owe More Than Your House is Worth? Many homeowners can relate to having an underwater mortgage or owing more on their home than what it's worth. This can often make maintaining payments more difficult, not only on your home but on other financial obligations. If this is the case and you have more than one mortgage, Chapter 13 may be an option worth considering. Chapter 13 bankruptcy restructures ...
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  • Foreclosure: Should You File Bankruptcy To Save Your Home?

    Posted By admin || 1-Feb-2012

    Can Filing Bankruptcy Prevent Foreclosure? When your home is at risk for foreclosure, you may feel like the only thing you can do is throw up your hands and let the banks take over the house you raised your family in. But you don't have to sign over the deed just yet. There are steps you can take when trying to save your home and any one of them could stop the foreclosure proceedings and help get ...
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  • The Automatic Stay: How it Stops Creditors in Bankruptcy

    Posted By admin || 31-Jan-2012

    The automatic stay is what stops creditors from pursuing collections against a debtor when bankruptcy is filed. In most cases, it either stops or temporarily ceases collection activity which gives you more time to handle finances. The action can be powerful against those who are at risk of eviction, foreclosure, utility disconnection and it can even disrupt wage garnishment. The automatic stay is ...
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  • Can Bankruptcy Help Prevent Foreclosure on My Home?

    Posted By admin || 23-Jan-2012

    When a homeowner fails behind on mortgage payments, the lender may look to begin the legal process of getting the house sold so they can receive payment for the loan against it. Homeowners may qualify for other options such as forbearance, in helping to keep the home and stop foreclosure. If other measures have been exhausted by the homeowner, bankruptcy may be sought. Bankruptcy has helped many ...
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  • What Happens if I Fall Behind on My Mortgage Again After Getting a Loan Modification?

    Posted By admin || 16-Jan-2012

    Homeowners may experience changes to their finances that affect whether they can make mortgage payments after a loan modification. Some homeowners in this situation may find it challenging to determine a solution if their lender isn't willing to work with them, especially if foreclosure is looming. While many try to avoid filing for bankruptcy, this may be an option worth reviewing. Chapter 7 ...
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  • Strategies to Stop Foreclosure

    Posted By admin || 10-Jan-2012

    Trying to Stop Foreclosure? If you're facing a foreclosure you have to really look at your situation and decide whether you are okay with the foreclosure going through or if you want to avoid it. Then if you decide you don't want to face a foreclosure you need to determine if you want to keep the house or not. If you want to keep your home and avoid foreclosure there aren't many options available ...
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  • Can I Seek a Loan Modification and File Bankruptcy?

    Posted By admin || 9-Jan-2012

    Getting a loan modification while you are struggling to pay debt can be a major concern for homeowners. Some people even accumulate additional debt while trying to save their home or prevent foreclosure. This may happen when a homeowner uses their credit cards to make mortgage payments or skips making payments on other obligations. Bankruptcy is an option that can help save your home from ...
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  • Use Bankruptcy to Avoid Foreclosure

    Posted By admin || 6-Jan-2012

    Using Bankruptcy to Avoid Foreclosure People that have recently found themselves in a rough spot financially may be feeling overwhelmed and stressed out. At times like this it's tempting to stick your head in the sand and avoid all of your problems. But facing them head on may be the only solution out of the mess you're in. If you've let your mortgage slip for a few months and are looking at a ...
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  • Filing Bankruptcy to Avoid Foreclosure

    Posted By admin || 4-Jan-2012

    If you're facing a foreclosure but want to keep your home you may have heard that bankruptcy is a good way to do just that. Each situation is different, but there are times when a foreclosure can be stopped by a bankruptcy and then there are other situations where a bankruptcy may help your foreclosure situation. Chapter 7 Bankruptcy and Foreclosure A Chapter 7 bankruptcy can help save your home ...
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  • How to Prevent Foreclosure Through Forbearance, Loan Modification or Bankruptcy

    Posted By admin || 3-Jan-2012

    Preventing Foreclosure Through Forbearance, Loan Modification or Bankruptcy It's a story that's all too familiar in today's economic climate: you, or someone you know, have fallen behind on your mortgage payments. Whether you missed your mortgage payments due to a job loss or a skyrocketing adjustable mortgage rate, there's no denying that missing out on these payments has put you on the ...
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  • After HAMP Failure Bankruptcy Provides Relief

    Posted By admin || 30-Dec-2011

    HAMP is usually the first stop for homeowners trying to save their home. They fill out a ton of paperwork and then wait - and wait -- for a response from the lender. The lucky ones are told right off that they don't qualify for a mortgage modification under HAMP; but other unfortunate homeowners go through the largely disappointing process of temporary (trial) mortgage modifications only to face ...
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  • Can I Avoid Foreclosure Without Filing Bankruptcy?

    Posted By admin || 29-Dec-2011

    Trying to Stop Foreclosure Without Filing Bankruptcy? While some homeowners understand that bankruptcy is the best option to avoid foreclosure and discharge other debts, other homeowners are not sure if it's their best option. While there are some ways that a homeowner can avoid foreclosure without filing bankruptcy, they should carefully consider their whole financial situation before forgoing ...
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  • Exceptions to an Automatic Stay

    Posted By admin || 20-Dec-2011

    An automatic stay goes into effect the instant you file your bankruptcy petition. This may seem like a huge relief, finally those harassing phone calls will stop and you don't have to worry about your possessions being repossessed or foreclosure, at least for a while. But there are some debts that aren't subject to the automatic stay, so it's best to know what these are before you're shocked by ...
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  • Millions Of Foreclosures Face Review

    Posted By admin || 7-Nov-2011

    More than 4 million borrowers who faced foreclosure between January 1, 2009 and December 31, 2010 may have a chance to have their foreclosure reviewed by an independent body. The reviews stem from a deal forged earlier this year in which 14 servicers agreed to hire independent consultants to evaluate whether borrowers suffered financial injury during the foreclosure process. If a review finds ...
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  • Time To Revive Bankruptcy Cram Down Bill

    Posted By admin || 27-Oct-2011

    The nation is at a crossroads, 6 million Americans have already lost their homes and another 3.5 million are in the foreclosure pipeline. Currently programs are failing homeowners abysmally and as the housing market continues to suffer from devaluation, more Americans fall underwater on their mortgages. In 2009, legislation to reform bankruptcy laws making it possible for bankruptcy judges to cram ...
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  • HARP Loans vs. Bankruptcy

    Posted By admin || 25-Oct-2011

    HARP Loans and Bankruptcy The federal government is at again - they're taking another stab at the housing crisis. The Federal Housing Finance Agency is working with the Obama administration to save up to 1 million homeowners in underwater properties. The agency is aiming to revamp Home Affordable Refinance Program (HARP) to give underwater homeowners an opportunity to refinance their properties ...
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  • Why Mortgage Modification Programs Aren't Working

    Posted By admin || 24-Oct-2011

    In the world of bankruptcy news, mortgage modifications might seem like a great way to avoid filing for bankruptcy. The idea seemed like a genius one: offer struggling homeowners the chance to take advantage of lower monthly mortgage payments in order to keep their homes and avoid bankruptcy. With foreclosures on the rise more than ever before, these government programs stepped in to make a real ...
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  • Foreclosures Are Hitting Homeowners Faster

    Posted By admin || 21-Oct-2011

    In recent news, homeowners are set to experience another financial hurdle that could make all the difference between staying in their homes - and living life out on the street. According to a report released by RealtyTrac Inc and reported by MSN, the number of U.S. homes that received a first-time default notice on their mortgages from July to September skyrocketed by 14 percent, meaning that ...
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  • Handling Home Equity Default After Bankruptcy

    Posted By admin || 19-Oct-2011

    Home Equity Default After Bankruptcy Many homeowners in bankruptcy have underwater mortgages along with home equity lines of credit (HELOCs) which may be dischargeable. But what happens if after exiting bankruptcy a debtor fails to pay his/her HELOC? Let's take a look at a few facts: Legal Responsibility A debtor's legal responsibility for HELOCs after bankruptcy is determined by one factor, a ...
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  • Chapter 11 Bankruptcy News: Why The Spike in Homeowner Repossessions?

    Posted By admin || 7-Oct-2011

    Ever since the "official" start of the recession in December 2007, homeowner foreclosures and Chapter 11 bankruptcy filings have been skyrocketing across the United States and around the world - with no signs of slowing down. In fact, recent statistics released by the Council of Mortgage Lenders in the UK revealed that foreclosures could increase by up to 200 per day, which is certainly not a ...
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  • Failure To Record Assignment Prevents Bankruptcy Automatic Stay

    Posted By admin || 5-Sep-2011

    In the recent Chapter 13 bankruptcy case of a debtor whose home was foreclosed on, the bankruptcy court declined to lift the automatic stay preventing the creditor from taking possession of the home. US Bank National Association ("US Bank"), Trustee for the C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2, nonjudicially foreclosed on the residence of Debtor Eleazar Salazar ...
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  • Why Mortgage Modifications Sometimes Lead To Bankruptcy

    Posted By admin || 1-Sep-2011

    Mortgage Modifications and Bankruptcy The foreclosure prevention programs created by the government and nearly ignored by the mortgage industry were supposed to save millions of Americans' homes. But several years later we are in the same foreclosure mess we started with. A matter of fact, a disproportionate number of homeowners with mortgage modifications end up in foreclosure and even bankruptcy ...
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  • Should I Walk Away From My Mortgage, File Bankruptcy Or Do Both?

    Posted By admin || 18-Aug-2011

    The number of homeowners facing foreclosure remains elevated despite hopes that the housing market was recovering. Many homeowners who are months or even more than a year delinquent on their mortgage payments fear an eviction could come any day. But many of the homeowners facing foreclosure wonder if they should walk away from their mortgage, file bankruptcy or do both. Below are a few things ...
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  • Foreclosure Settlement Reached Between Banks And Attorney Generals

    Posted By admin || 12-Aug-2011

    The 14 largest U.S. mortgage servicers have reached an initial settlement with attorney generals saying, amongst other things, that they must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse. Officials from the Justice department, the Department of Housing and Urban Development and 10 state attorneys general met with banks today, ...
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  • Mortgage Repayment Factors For Chapter 13 Bankruptcy

    Posted By admin || 10-Aug-2011

    When a Debtor Files Chapter 13 Bankruptcy When a debtor files Chapter 13 bankruptcy, they need to figure out how much they will pay every month for the next five years if they want to keep their home. But figuring out that bottom-line figure requires the bankruptcy debtor to factor in more than the mortgage payment. Debtors must also think about the costs of delinquent payments. Late fees and ...
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  • Lawmaker Asks President To Declare A State Of Emergency To Stop Foreclosures

    Posted By admin || 21-Jul-2011

    Rep. Marcy Kaptur has submitted a resolution to the House Financial Services Committee asking President Barack Obama to declare a national state of emergency for the foreclosure crisis. The resolution sites a variety of issues troubling the housing market stating, "Whereas the United States finds its housing market in a precarious and unstable state, where homeowners' mortgage balances are ...
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  • Problems With Home Equity Loans After Bankruptcy?

    Posted By admin || 18-Jul-2011

    The Impact of a Home Equity Loan After Bankruptcy How a home equity loan (HELOC) impacts a debtor's post-bankruptcy life, is mostly determined by which type of bankruptcy the debtor filed and whether they signed a reaffirmation agreement. If a debtor has defaulted on their home equity loan, then the lender has a lien against the property. If a debtor files Chapter 13 bankruptcy, that lien can be ...
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  • Questions You Should Answer Before You Apply For Foreclosure Loan Program

    Posted By admin || 14-Jul-2011

    The Obama administration has returned to the "drawing board," in a second go of trying to curb the foreclosure crisis. After admitting that HAMP, in its present form, has failed to save enough homeowners from foreclosure, the administration is rolling out a program that is designed to help unemployed homeowners avoid foreclosure. "The biggest driver of foreclosures today remains unemployment," ...
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  • Could A HAMP Remake Reduce Foreclosures?

    Posted By admin || 8-Jul-2011

    Well, its official, the foreclosure prevention program HAMP is a dismal failure and government officials are considering closing down the program. But is closing the HAMP foreclosure prevention program the answer, or would a makeover be a better solution? Observers of the foreclosure crisis disagree on whether or not HAMP is a program worth saving. On the one hand, the basic premise of modifying ...
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  • Homeowners Facing Foreclosure Need Comprehensive Debt Relief

    Posted By admin || 5-Jul-2011

    If you thought mortgage lenders would humbly admit that they failed in their efforts to prevent foreclosure, you probably gave them too much credit. Mortgage companies Wells Fargo, JPMorgan and others have balked at the assertion that they have failed in their foreclosure prevention efforts insisting that sending out thousands of letters inviting homeowners to foreclosure counseling is the same as ...
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  • Some Homeowners Waiting Years For Foreclosure To Finalize

    Posted By admin || 27-Jun-2011

    There's a foreclosure backlog and it is huge, so huge that in some states it would take as many as 62 years to process all of the foreclosures on books of banks. In states such as Texas, it is taking as much as 2 years to for a homeowner to go from default to foreclosure eviction and many banks are moving cautiously as the backlash from the robo-signing scandal continues to haunt them. But what ...
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  • Will Debt Limits Prevent Another Foreclosure Crisis?

    Posted By admin || 17-Jun-2011

    There has been an uproar over proposed regulations that would require a homebuyer to put down 20 percent in order to qualify for the best mortgages. But now federal regulators have a new proposal that could limit even further who will be able to qualify for prime mortgage loans. Federal regulators are now proposing that prime mortgage loans be limited to debtors who are paying no more than 36 ...
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  • The Dangers Of Being Strung Along On A Mortgage Modification Charade

    Posted By admin || 16-Jun-2011

    The foreclosure crisis has ensnared even the most prepared amongst us. Many homeowners who played by the rules are facing foreclosure after being hit with a declining economy, frozen credit markets and eventually empty promises of a mortgage industry which has failed to deliver on the promises it made when accepting taxpayer handouts. Many debtors who believed that they would eventually be able to ...
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  • Major Banks Punished For Failure To Prevent Foreclosure

    Posted By admin || 14-Jun-2011

    Under the Obama Administration's new HAMP guidelines, banks participating in the voluntary mortgage modification program must adhere to certain benchmarks or face losing financial incentives. Three major banks have failed to meet guidelines and will lose financial support for their foreclosure prevention efforts until they improve. Three of the nation's biggest banks have failed to live up to new ...
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  • Avoiding Foreclosure Through Chapter 13 Bankruptcy

    Posted By admin || 10-Jun-2011

    Keeping Your Home Through a Chapter 13 Bankruptcy As the number of homes facing foreclosure continues to remain unacceptably high, many homeowners who are struggling to pay their mortgages seriously consider filing bankruptcy. But how can Chapter 13 bankruptcy help you keep your home? Let's take a look at a few facts: If you are earning an income, and you don't qualify for Chapter 7 bankruptcy, ...
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  • Will Regulating Down Payments Decrease Foreclosures and Bankruptcy?

    Posted By admin || 10-Jun-2011

    In a rare move, mortgage banking officials and consumer advocates have joined forces to urge U.S. federal regulators to rethink a proposal which could make it nearly impossible to get a mortgage unless you make a down payment of 20 percent on a home first. The groups argue that the income and down payment requirements six federal regulators proposed in March are a regulatory overreach that would ...
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  • Justice Finally Served For Homeowner In Foreclosure Fiasco

    Posted By admin || 8-Jun-2011

    The foreclosure crisis has victimized not only those who have fallen behind on their mortgage payments; but also those who haven't and especially those who have paid cash for their home. In a recent case involving a retired police officer and his wife who paid $165,000 in cash to Bank of America for a foreclosure property, the suffering seemed to go on for a nightmarish amount of time even after ...
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  • Fifty Percent Of Americans Facing Foreclosure Continue Paying Credit Cards

    Posted By admin || 24-May-2011

    TransUnion statistics on indebtedness in America has revealed that 50 percent of homeowners facing foreclosure continue to pay their credit card bills on time. One homeowner facing foreclosure explained this phenomenon and the reasoning behind the choice to pay credit card debt while allowing a home to go into foreclosure. Jeff Horton of Orlando stopped paying the mortgage on his home 19 months ...
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  • The Circle Of Housing Depleted By Foreclosure Crisis

    Posted By admin || 16-May-2011

    When you talk about foreclosure, many get the vision of families being evicted from their homes and being forced to live in the spare rooms or living rooms of family and friends, or even seeking refuge in charity run shelters. However, the other side of foreclosure is that a huge slice of housing goes onto the auction block, much of it returning to "investors" and the banks that back them. While ...
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  • Options For Keeping Or Surrendering Your House In Bankruptcy

    Posted By admin || 13-May-2011

    When a debtor files Chapter 7 or Chapter 13 bankruptcy, the bankruptcy trustee is charged with finding out how much the debtor can afford to pay to creditors, either through liquidation of assets or through a repayment plan. If the debtor has a home then there are a few options they have for handling that property in bankruptcy. Options For Keeping Or Surrendering Your Home in Bankruptcy Let's ...
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  • Is The Federal Housing Administration Failing To Protect Homeowners?

    Posted By admin || 31-Mar-2011

    It was recently discovered that the Federal Housing Administration (FHA) had been aware of some mortgage companies' fraudulent lending practices but failed to take action. The FHA, the government agency created to help increase homeownership, knew since at least October 2007 that Cambridge Home Capital posed a danger to home buyers and repeatedly violated the agency's safe-lending standards... In ...
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  • AARP Sues HUD Over Reverse Mortgage Foreclosures

    Posted By admin || 11-Mar-2011

    Reverse mortgages are suppose to help elderly homeowners keep their home while maintaining their lifestyle but the AARP filed a lawsuit against the Department of Housing and Urban Development which says that the recent changes made to reverse mortgages are pushing elderly homeowners into foreclosure. "HUD has illegally and without notice changed the rules in the middle of the game at the expense ...
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  • Do Lenders View Chapter 13 Bankruptcy More Favorably Than Foreclosure?

    Posted By admin || 11-Mar-2011

    Do lenders view Chapter13 bankruptcy more favorably than foreclosure? For the answer, let's take a look at the underwriting standards of a Fannie Mae or Freddie Mac backed loan. If you file for bankruptcy, you only need to wait four years after bankruptcy to qualify for a Fannie Mae or Freddie Mac mortgage. But if you lost your home to foreclosure, you may need to wait up to 7 years after the ...
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  • Are Foreclosure Relief Programs Coming To An End?

    Posted By admin || 8-Mar-2011

    The House Financial Services Committee has voted to kill two foreclosure relief programs. The FHA Refinance Program Termination Act (H.R. 830) targets the Federal Housing Administration's (FHA) Short Refi Program, which allows homeowners who own more on their loan than the property is worth to refinance into a new FHA-insured mortgage as long as their lender agrees to write off at least 10 percent ...
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  • Homeowners Get Another Foreclosure Reprieve

    Posted By admin || 6-Mar-2011

    HSBC Holdings, Europe's biggest bank, has suspended U.S. foreclosures after "certain deficiencies" were found in the company's processing, preparation and signing of affidavits and "other documents supporting foreclosures." In other words, it sounds like another robo-signing type scandal in which foreclosures are simply pumped as quickly as possible through the court system. In response to the ...
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  • Who's Undeserving? The Source Of HAMP's Failure In The Foreclosure Crisis

    Posted By admin || 18-Feb-2011

    Back in 2008 when the foreclosure crisis first began to obliterate communities and families, the promise of helping homeowners avoid foreclosure seemed to be bright less than a year later. HAMP, a program specifically designed to stop foreclosures came onto the scene promising to help up to 5 million homeowners remain in their homes. But as we all know, the HAMP program has failed to deliver on ...
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  • Why Are We Still Debating Mortgage Modification In Bankruptcy?

    Posted By admin || 15-Feb-2011

    Why is it that every few months a new battle over mortgage modification in bankruptcy pops up only to be crushed by the long reaching power of mortgage industry lobbyists? The mortgage industry can't be convinced that we the people don't understand that the foreclosure crisis is directly related to homeowners being stuck with mortgages which are wildly inflated far beyond the true value of the ...
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  • Will New HAMP Rules Help To Prevent Foreclosures?

    Posted By admin || 8-Feb-2011

    Starting June 1 st mortgage servicers offering mortgage modifications will be required to get borrowers' financial documents upfront before they grant a trail modification. Right now, borrowers facing foreclosure can receive temporary mortgage modifications based on the stated income they give the mortgage servicer over the phone. The problem has been that while this will stall the foreclosure ...
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  • When Does Foreclosure Warrant A Bankruptcy Filing?

    Posted By admin || 28-Jan-2011

    Many debtors facing foreclosure consider bankruptcy, especially as the foreclosure seems imminent. But when does a foreclosure warrant a bankruptcy filing? First of all let's talk about how foreclosure works in Texas. In Texas, the bank can choose whether they want to use the judicial foreclosure process or the non-judicial foreclosure process. If they use the judicial foreclosure process, they ...
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  • Lending Industry Fears Coming Foreclosure Crisis Amongst Elderly Borrowers

    Posted By admin || 26-Jan-2011

    The National Mortgage Lenders Association and the National Council on Aging are training 125 counselors and will launch counseling projects in four cities designed to help elderly reverse mortgage borrowers avoid foreclosure related to the failure to pay property taxes and homeowners insurance. The group will also try to work with private insurance firms to convince them to cover reverse loan ...
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  • Foreclosure Rescue Scams Closed Down Only To Reappear

    Posted By admin || 20-Jan-2011

    The news headlines are dotted with announcements of attorney generals around the country cracking down on foreclosure rescue scammers who charge upfront fees and then disappear without doing any of the things they promised. But what we don't hear about is the fact that many of these foreclosure scammers shut down by authorities simply resurface under a different business name. What can we do about ...
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  • How To Cure The Foreclosure Crisis

    Posted By admin || 20-Jan-2011

    How To Cure The Foreclosure Crisis--Image via Wikipedia The foreclosure crisis is refusing to budge. Large volumes of foreclosures plague Texas and just about every other state in the union. But what can we do? Mortgage modifications have failed. Mortgage servicer incentives have failed. And of course, bank bailouts have failed. But maybe government-owned mortgage giants Fannie Mae and Freddie Mac ...
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  • Court Rules That Foreclosure Victims Have A Right To Demand Proof Of Authority

    Posted By admin || 18-Jan-2011

    In a recent court ruling regarding the right of mortgage lenders to file foreclosure, the court said that mortgage lenders are required to make sure that they have the authority foreclose."What banks are going to have to do is make sure they've dotted their I's and crossed their T's before going through with a foreclosure," said Stuart Rossman, director of litigation at the National Consumer Law ...
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  • Why HAMP Continues To Fail Despite Changes To Program

    Posted By admin || 11-Jan-2011

    The Congressional Oversight Panel has issued a report, the HAMP mortgage modification program is failing and failing miserably. But this is of course something that most homeowners facing foreclosure already know. But the report went on to say: Instead of helping 3 million to 4 million struggling mortgage borrowers keep their homes, as originally projected, HAMP will prevent only about 700,000 to ...
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  • Planning For The Worst-Case Scenario When Trying To Fight Foreclosure

    Posted By admin || 11-Jan-2011

    So you've finally been approved for trial mortgage modification after fighting with the mortgage lender for months. But what does that trial mortgage modification really mean to the future of your home and the prospect of avoiding foreclosure. Here's a reality check: When a mortgage company says that they are giving you a temporary mortgage modification what they are really saying is that "after 3 ...
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  • Foreclosure Relief Services Offer Little, Charge Steep Fees

    Posted By admin || 10-Dec-2010

    As the foreclosure crisis presses forward, the number of companies offering so-called "foreclosure relief" and "foreclosure rescue" services has increased significantly. But to the chagrin of most homeowners trying to avoid foreclosure, theses services offer very little help but charge excessive fees. Here's what you need to know: You don't need foreclosure relief companies to do what you can do ...
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  • Changes To Truth In Lending Laws Could Fuel Foreclosure Crisis

    Posted By admin || 6-Dec-2010

    The Federal Reserve Board is proposing changes to Truth in Lending mortgage regulations that some consumer groups say would hurt homeowners facing wrongful foreclosure. Currently homeowners have the right to undo illegal mortgage loans for up to three years after the loan was signed. But the proposed changes to the regulations would require homeowners to pay the entire amount demanded by the ...
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  • Major Mortgage Lenders Pass The Buck On Foreclosures

    Posted By admin || 2-Dec-2010

    Mortgage lenders Fannie Mae and Freddie Mac passed the buck of responsibility during congressional hearing on the foreclosure crisis. If you listened to Fannie Mae and Freddie Mac you would believe that it is the mortgage servicers who are solely responsible for the high number of foreclosures still griping the nation. "I want to underscore that Fannie Mae does not service loans. We rely on the ...
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  • Are Mortgage Servicer's Manipulating Homeowners Into Foreclosure?

    Posted By admin || 28-Nov-2010

    Mortgage servicers are not particularly motivated to modify mortgages. Why? The reason is simple enough; mortgage servicers can earn far more money on a foreclosure than a mortgage modification. And as with any business, profit is a strong motivator. This is how it works: Mortgage servicers manage the paperwork of a mortgage, send out the mortgage bill and collect mortgage payments from the ...
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  • Could You Be Jeopardizing Your Homestead Exemption?

    Posted By admin || 27-Nov-2010

    This recession has pushed many homeowners to get creative about where they live, especially after losing their home to foreclosure. But in the bankruptcy case of Gregoria Villarreal and Estalla Villarreal, that creativity cost them their homestead exemption during their bankruptcy case: In 2005, Debtors' prior family home was foreclosed upon. They moved into their only other property, their place ...
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  • How To Make A Mortgage Modification and Bankruptcy Work For You

    Posted By admin || 24-Nov-2010

    Are you facing foreclosure and a stubborn mortgage lender who won't come to the negotiating table? Filing bankruptcy just may be the type of motivation your mortgage lender needs. Many debtors filing bankruptcy are often successfully able to get their mortgages modified because lenders really don't want to take the property back if they don't have to. Below are few tips about getting the most out ...
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  • Foreclosure "Wolves" Scam Desperate Homeowners

    Posted By admin || 23-Nov-2010

    There is a sad tale developing in America's foreclosure crisis, desperate homeowners who owe small amounts of cash for taxes or who are only slightly delinquent on their mortgage are being mauled by foreclosure "wolves." These foreclosure wolves are seeking out desperate homeowners facing foreclosure and saddling them with "commercial" loans so that they can get around state regulations and ...
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  • Will Congressional Hearings On Foreclosures Produce More Empty Promises?

    Posted By admin || 21-Nov-2010

    More Congressional Hearings On Foreclosures If there is one thing that the congressional hearings on robo-signing and foreclosures has revealed is that many of our leaders have a lot of energy and flare for talking. For the past two years, we have been nearly talked to death about how the leaders in this country with the "cooperation" of the bailed out banks (let's not forget that) plan on ...
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  • Why Delaying A Bankruptcy Filing Could Cost You Your Home

    Posted By admin || 17-Nov-2010

    When it comes to stopping foreclosure, time is the enemy of the Texas homeowner. Because Texas is a non-judicial foreclosure state, every day that a homeowner delays filing bankruptcy to save their home could be putting them at greater risk for foreclosure. Here's what you need to know: Once you miss a payment and the mortgage lender decides to foreclose on your property they can send you a notice ...
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  • BofA Wants To Settle Foreclosure Robo-Signing Scandal - But Shouldn't Someone Go To Jail?

    Posted By admin || 16-Nov-2010

    Bank of America Corp Chief Executive Brian Moynihan has announced that a quick settlement of the 50-state attorneys general probe of the foreclosure crisis is the best solution for all involved. Oh really? Well let's take a look at some of the facts; very real homeowners lost their homes fraudulently because of this robo-signing scam. But of course the words fraud and scam are being carefully ...
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  • Could The Foreclosure Crisis Push Countrywide Into Bankruptcy?

    Posted By admin || 9-Nov-2010

    When Bank of America purchased Countrywide in 2008 for $4 billion it consolidated its power and dominance in the mortgage industry; but with the purchase came the many problems that has some speculating that BofA may put Countrywide into a Chapter 11 bankruptcy to protect the rest of its assets. Credit Agricole Securities analyst Mike Mayo laid out the long-shot scenario in a research note this ...
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  • Government Drags Feet As Banks Fleece Homeowners Facing Foreclosure

    Posted By admin || 7-Nov-2010

    Edward DeMarco, who heads the Federal Housing Finance Agency, doesn't want to make any harsh moves against the mortgage industry which has proven itself incompetent and untrustworthy. Instead he wants to avoid rocking the boat too much in his efforts to prevent further harm to the housing industry. DeMarco said in an interview that officials were working to find a "tailored" response to the ...
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  • Bankruptcy Trustee Joins Debtors In Fight Against Mortgage Companies

    Posted By admin || 7-Nov-2010

    U.S. bankruptcy trustee Locke Barkley has joined forces with a Chapter 13 bankruptcy family who lost their home to foreclosure. The family and the bankruptcy trustee are suing a mortgage servicer accusing them of allegedly charging the family fees that were improper, illegal and not properly disclosed to the bankruptcy court. The couple alleged the firms engaged in "illegal" fee-splitting, or ...
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  • Is Your Mortgage Company Acting In Bad Faith?

    Posted By admin || 29-Oct-2010

    As the foreclosure crisis presses on, there have been many lawsuits related to mortgage companies acting in bad faith when homeowners attempt to get mortgage modifications under the HAMP program. The vast majority of those lawsuits revolve around the idea that mortgage companies are deliberately deceiving, misleading and manipulating homeowners facing foreclosure for their own financial benefit. ...
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  • Things You Must Do When Surrendering Your Home

    Posted By admin || 28-Oct-2010

    Many debtors choose to surrender their home before or during bankruptcy so they can get a complete financial start without all the mortgage debt associated with their home. But what are some of the things a debtor must do before they surrender their home? Below are a few tips: If you are surrendering your home to the lender outside of bankruptcy, you need to make sure that you will not be pursued ...
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  • Mortgage Companies Accused of Fraudulent Foreclosures Face Lawsuits and Congress

    Posted By admin || 26-Oct-2010

    JPMorgan Chase & Co., Bank of America Corp. and Ally Financial Inc. are defending allegations of fraudulent home foreclosures from customers, several attorney generals and Congress. Authorities in at least seven states are probing whether lenders used false documents and signatures to justify hundreds of thousands of foreclosures, and the number of these inquiries will grow, according to state ...
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  • Thousands Of Homeowners Fighting To Avoid Foreclosure Camp Out In Tents Seeking Help

    Posted By admin || 24-Oct-2010

    Thousands of people showed up in the wee hours of the morning to get help from a homeowner advocacy group dedicated to helping homeowners avoid foreclosure. The program, called "Save The Dream" is set up almost like a job fair; but instead of jobs, it is home mortgage modifications that homeowners are looking to win. Shirley McCoy became the 1,117th person in line when she arrived at 6:10 a.m. ...
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  • 3 Foreclosure "Prevention" Traps Homeowners Must Avoid

    Posted By admin || 22-Oct-2010

    Every so-called cure to the foreclosure mess is not a true remedy. As many homeowners have discovered, some medicine is actually worse than the disease. This is proving to be more fact than fiction in the foreclosure crisis than ever before; so-called foreclosure prevention programs are destroying financial lives. Below are three foreclosure prevention traps which homeowners must avoid: ...
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  • The Decision To Avoid Foreclosure Sometimes A Slow Financial Suicide

    Posted By admin || 21-Oct-2010

    The decision to allow your home to go into foreclosure is a very serious one; but sometimes holding onto a home facing foreclosure could in fact being doing more financial harm than good. Below are a few signs that your avoidance of foreclosure could be a form of slow financial suicide: Your home is worth significantly less than your mortgage. If you're mortgage is significantly more than the ...
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  • Facing Foreclosure: Suing Your Mortgage Lender vs. Filing Bankruptcy

    Posted By admin || 20-Oct-2010

    Thinking About Suing Your Mortgage Lender or Filing Bankruptcy? As we face a possible third year in this recession (which is officially over if you believe some politicians and economists) many homeowners are still struggling to keep their homes out of foreclosure. Many of them are using controversial tactics such as filing a lawsuit against the mortgage lender in an effort to delay or stop the ...
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  • Will My Texas Foreclosure Be Delayed Due To Investigations?

    Posted By admin || 19-Oct-2010

    Attorney Generals in 50 states have opened investigations into allegations that mortgage companies are engaging in illegal foreclosure tactics such as robo-signing. But how will these investigations impact the processing of a foreclosure in Texas? Robo-signing, the processing of foreclosure related documents without proper review and notarization is allegedly a huge problem in the 23 states that ...
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  • Family Of Nine Retakes Home After Foreclosure Debacle

    Posted By admin || 18-Oct-2010

    One of the surprising and to some mortgage companies, alarming outcomes of the foreclosure crisis has been the rise in the number of people who are refusing to vacate their homes after foreclosure, or in the case of one family breaking back in even after their home has been sold. Jim and Danielle Earl and their nine children lost their six-bedroom home to foreclosure; but after learning that the ...
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  • How Will Filing Bankruptcy Affect My Mortgage?

    Posted By admin || 17-Oct-2010

    Bankruptcy Effect on Mortgage Debtors facing foreclosure and other money issues choose bankruptcy for relief. But how does bankruptcy affect the mortgage of a debtor? Let's take a look at a few facts: The most important effect a bankruptcy filing has on a mortgage is that it stops any foreclosure filing in its tracks. So if a debtor is delinquent on their mortgage payments, after they file ...
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  • A National Moratorium On Foreclosures?

    Posted By admin || 14-Oct-2010

    The foreclosure crisis has reached a new level as banks that have seized over 100,000 homes in September alone are now accused of engaging in illegal methods to repossess homes. The alarm over "robo-signing" and other illegal foreclosure tactics has risen so high that attorney generals in all 50 states have launched investigations into the alleged illegal foreclosure tactics used by mortgage ...
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  • Is Your Foreclosure Inevitable? What You Ethically Owe Your Tenants

    Posted By admin || 11-Oct-2010

    About a year ago we began hearing about the grief and financial loss that many renters were facing because of foreclosure. The federal government responded by implementing rules designed to protect renters facing foreclosures such as requiring 90 days notice before renters could be evicted and forcing new owners to honor the lease of the existing tenants until they vacated the property. But what ...
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  • How Can We Strengthen Foreclosure Prevention Programs?

    Posted By admin || 10-Oct-2010

    Recent news of yet another mortgage servicer throwing homeowners under the proverbial bus by filing scores of possibly fraudulent foreclosures has placed the failure of HAMP and other foreclosure prevention programs into the spotlight. Ally Financial, the nation's fourth-largest home lender, halted evictions in 23 states this week after it was revealed that a document processor signed off on ...
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  • How Not To Fight Foreclosure - Rule#1 No Fake Involuntary Bankruptcy Petitions

    Posted By admin || 9-Oct-2010

    In the involuntary Chapter 7 bankruptcy case of TRED Holdings, L.P., a few debtors and an attorney learned there is a high price to pay when trying to avoid foreclosure by forcing your mortgage company into a unjustified involuntary bankruptcy. TRED, a mortgage servicing company had been fighting to foreclose on the property of several borrowers. The debtors felt that the foreclosure on their ...
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  • 3 Things You Should Know About Foreclosure Deficiency Judgments

    Posted By admin || 8-Oct-2010

    Many homeowners facing foreclosure don't understand that even after their home is sold at auction the mortgage company can come after them for the balance of their mortgage. When a mortgage company comes after a homeowner for payment after foreclosure, it's with what's called a deficiency judgment. Here's what you need to know about Foreclosure Deficiency Judgments: In the state of Texas a ...
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  • Right To Rent Programs Good News For Homeowners Facing Foreclosure?

    Posted By admin || 2-Oct-2010

    With the HAMP program winding down as almost a total failure; many homeowner advocates are proposing a new idea that's gaining support. The "right to rent" programs which would give homeowners facing foreclosure the right to remain in their home and pay rent to the mortgage servicer for a period of up to five years. The "Right To Rent Act" which is being promoted to legislators, would not only ...
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  • Why A Short Sale May Not Save You From Foreclosure

    Posted By admin || 1-Oct-2010

    As the foreclosure crisis drags on, record numbers of Americans are turning to short sales to save themselves from foreclosure. A short sale is when a homeowner sells their home for less than their mortgage. Usually short sales are done because they homeowner owes significantly more than the value of their home and/or can no longer avoid their mortgage. In the hope of avoiding foreclosure a ...
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  • 3 Things You Should Consider Before Taking Out Debt To Avoid Foreclosure

    Posted By admin || 27-Sep-2010

    The Obama administration and Federal Housing Administration are taking steps to help homeowners avoid foreclosure by offering loans to unemployed borrowers facing foreclosure. But should unemployed homeowners really take out more debt to avoid foreclosure? Here a few things you should consider before taking out a loan to avoid foreclosure: Do you have other debts besides your mortgage? Oftentimes, ...
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  • Foreclosure Prevention Company Takes Homeowners' Money Then Disappears

    Posted By admin || 24-Sep-2010

    Homeowners Legal Assistance promised Texas homeowners that they could stop foreclosure; but what thousands of homeowners discovered is that the company could not deliver on its promises. Valladares paid the business $3,000. In April, Valladares received a letter from his mortgage company stating his loan modification would be approved pending some needed documentation. Then weeks later, he ...
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  • Dallas-Fort Worth Hotel Foreclosures Continue To Increase

    Posted By admin || 22-Sep-2010

    Hotels in the Dallas-Fort Worth area are facing an increase in foreclosures this year. Hotel foreclosures in the Dallas-Fort Worth area have already tripled since 2009 and some analysts are predicting that more are to come. "They have done everything they can to keep the property going - they've used reserves and deferred maintenance," Keeling said. "The ones most in trouble are the properties ...
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  • GMAC's Foreclosure Suspension Yet Another Sign That All Has Not Been "Above Board"

    Posted By admin || 22-Sep-2010

    GMAC Mortgage recently announced that it is temporarily suspending evictions and real-estate owned (REO) closings related to certain foreclosures that have been challenged in court. The company is supposedly investigating those foreclosures to make sure that they were done correctly. Earlier this week it was announced that GMAC had called a moratorium on foreclosures in 23 states due to fears that ...
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  • Four Ways Mortgage Modifications Can Harm Homeowners Facing Foreclosure

    Posted By admin || 20-Sep-2010

    It's unfortunate that a good idea such as mortgage modifications has gone bad in the hands of greedy mortgage lenders. What was designed to give homeowners facing foreclosure a chance to save their homes, has in many cases done more harm than good. Below are four ways that so-called mortgage modifications are harming many borrowers trying to fight foreclosure: Some of the temporary mortgage ...
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  • Foreclosure Crisis Destroying Thousands Of Churches

    Posted By admin || 14-Sep-2010

    Economists are finding the foreclosure crisis is spreading like a cancer into one of the most unlikely places, houses of worship. According to the Thomson Reuters Westlaw legal database, foreclosure proceedings against U.S. churches have nearly tripled since December 2007 and within the last year alone, more than 100 churches have filed bankruptcy in an effort to stop foreclosure. So what's behind ...
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  • 4 Signs That Foreclosure Is Destroying You Health

    Posted By admin || 7-Sep-2010

    Nearly one in 10 American households with a mortgage are behind on their payments, according the Mortgage Bankers Association. And nearly 38 percent of those facing foreclosure reported a significant decline in their physical and/or mental health according to some reports released by county public health departments around the nation. Unfortunately, many homeowners facing foreclosure do not seek ...
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  • Facing Foreclosure? Don't Let This Happen To You

    Posted By admin || 6-Sep-2010

    Bogus lawsuits designed to avoid foreclosure will not work. This needs to be said first, foremost and often because too many desperate and vulnerable homeowners facing foreclosure are falling prey to "debtor predators" who leech off of the deeply indebted just to make a profit. This is what happened to 2,000 homeowners who were conned by attorney Mitchell Roth, who claimed he could stop ...
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  • Paying Credit Cards While Neglecting Mortgage Payments Can Hurt Your Future

    Posted By admin || 2-Sep-2010

    Credit card delinquencies have dropped slightly while foreclosures continue to rise; but one of the reasons cited for this shift is debtors' neglect of mortgage payments in favor of keeping their credit cards current. Current high levels of unemployment and financial uncertainty have conspired to create an incentive for debtors to neglect their mortgages while making payments on their credit ...
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  • HOA Fees Deliver Double Whammy For Homeowners Hit By Foreclosure

    Posted By admin || 2-Sep-2010

    The foreclosure crisis has special significance for homeowners with properties governed by homeowner associations which often charge large monthly fees for the general maintenance of the common areas. Many homeowners who have lost their condos and planned community homes to foreclosure are finding that they are indebted to homeowner associations for thousands of dollars long after they have lost ...
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  • How The Triple Threat Foreclosure Crisis Is Fueling The Rise Of Bankruptcy

    Posted By admin || 31-Aug-2010

    The truth is out, the housing industry is not recovering and the economy may be facing a double dip recession. Sales of previously occupied homes plunged to their lowest level in 15 years and that's despite the presence of some of the lowest mortgage rates we've seen in decades. But what is driving this perfect storm of economic malaise? And why are the current conditions driving even more people ...
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  • Homeowner Are Still Suffering From ARMs But Bankruptcy May Help

    Posted By admin || 29-Aug-2010

    When the foreclosure crisis first began we heard a lot about the devastating effects of adjustable rate mortgages (ARMs) which were financially crippling millions of homeowners whose interest rates had reset. Unfortunately for many homeowners, ARMs are still pushing many into foreclosure causing a silent crisis on the thousands of communities across the nation. At the height of the housing boom ...
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  • New Efforts To Aid Unemployed Homeowners Avoid Foreclosure Misguided?

    Posted By admin || 29-Aug-2010

    The newest foreclosure prevention scheme to come out of the White House is a $3 billion loan program that's intended to help unemployed homeowners avoid foreclosure. But some homeowner and consumer advocate groups are crying foul saying that the only people guaranteed to benefit will be the banks. Right now, the government is targeting states hardest hit by the foreclosure crisis (Texas is not ...
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  • Bankruptcy Automatic Stay Protection and Post-Foreclosure Proceedings

    Posted By admin || 29-Aug-2010

    Bankruptcy Automatic Stay Post-Foreclosure Has your mortgage servicer already filed a foreclosure against your property? Has the mortgage servicer already won a foreclosure judgment for possession and is just waiting to evict you from the property? You may still be able to reap limited and temporary protections from the foreclosure eviction after filing bankruptcy. Here's what you need to know: ...
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  • Foreclosures Continue To Rise Because Of Ineffective Programs

    Posted By admin || 28-Aug-2010

    The foreclosure crisis is threatening to enter a third year as the Tarrant County foreclosure rate for September showed an increase of 36 percent from August and Dallas County foreclosure postings jumped by 19 percent from a year ago. The root of the foreclosure crisis is not just unemployment and toxic mortgages but also the ineffective foreclosure prevention programs that the government ...
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  • Mortgage Servicers Failing To Follow Foreclosure Laws?

    Posted By admin || 23-Aug-2010

    There's something fishy in the foreclosure industry, and yes it is an industry. Millions of Americans are facing foreclosure but many of the rules designed to protect homeowners are being circumvented for the convenience of mortgage servicers and the lawyers who represent them in foreclosure court. Housing advocates have unearthed a growing trend where mortgage servicers fail to get an "assignment ...
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  • How To Counteract Credit Score Hits Due To Foreclosure And Bankruptcy

    Posted By admin || 22-Aug-2010

    Whether you lose your home to foreclosure, return it to the lender in bankruptcy or unload it in a short sale, your credit score could drop anywhere from 85 to 160 points. The higher your credit score, the harder the hit you will take. But there are some things you can do to position yourself better before or even after a foreclosure or bankruptcy. Don't let credit report errors go unchallenged. ...
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  • How Foreclosure May Impact Your Kids and What You Can Do About It

    Posted By admin || 22-Aug-2010

    A study released in May 2008 predicted that nearly two million children would be impacted by foreclosure by 2010. Sun Belt states such as Arizona, California, Texas and Nevada are losing vast numbers of children due to foreclosure which is causing schools in some communities to shut down completely. But it's not just the communities as a whole being impacted; the individual kids are suffering from ...
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  • World Progress Report Educates Consumers With PBS Series About Scams

    Posted By admin || 21-Aug-2010

    In a new Public Television series by World Progress Report, Joan Lunden will help consumers identify scams and hopefully avoid them. With the economy as it is, scams have become common especially scams that prey on vulnerable homeowners facing foreclosure, credit card debtors facing lawsuits and just about anyone facing any type of financial issue. While many scams take place over the internet, ...
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  • Mortgage Modification In Bankruptcy In Not New To Foreclosure Debate

    Posted By admin || 20-Aug-2010

    We're two years deep in the foreclosure crisis and many opponents of mortgage cramdowns in bankruptcy are ardently insistent that allowing mortgage modifications in Chapter 13 bankruptcy will somehow spell the end of consumer lending as we know it. But allowing cramdowns in bankruptcy is not a solution that is new. In the 1980's during the farm foreclosure crisis, legislators saw that mortgage ...
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  • Executive Director Of Housing Authority In Foreclosure?

    Posted By admin || 19-Aug-2010

    It what appears to be a strange twist of fate, Carl R. Greene, executive director of the Philadelphia Housing Authority (PHA) is facing foreclosure on his $615,035 home in an upscale development of the city. Ironically, Greene has won accolades from HUD for quickly putting to use economic-recovery money by buying and renovating 1,200 housing units in the past two years. But Greene's foreclosure ...
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  • 2010 Foreclosures Poised To Outstrip 2009 Numbers

    Posted By admin || 17-Aug-2010

    In 2009 there were 900,000 foreclosures, but already this year has experienced 528,000 foreclosures since January putting us on course to outstrip 2009's foreclosure numbers. Analysts are predicting that more than 1 million American homeowners are likely to lose their homes to foreclosure this year as mortgage servicers pick up the pace in clearing out the backlog of homes already slated for ...
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  • Foreclosure Aid Coming To The Unemployed Soon

    Posted By admin || 17-Aug-2010

    The Obama administration has just announced that they will extend another $3 billion in aid to support foreclosure prevention programs and that a third of that money will go directly to unemployed homeowners trying to avoid foreclosure. The current loan modification programs have failed to prevent foreclosures because of unmotivated mortgage servicers but also because of the high rate of long-term ...
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  • How Mortgage Servicers Have Bungled Foreclosure Prevention

    Posted By admin || 12-Aug-2010

    For those of us who remember, in 2009 HAMP was touted as the foreclosure prevention savior that would help three to four million homeowners remain in their homes. But that never happened. Here we are in 2010 and only 8 percent of all foreclosures in 2009 were stopped by the HAMP program. That's 230,000 permanent mortgage modifications, falling way short of the program's stated goals. Meanwhile, ...
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  • Strategic Foreclosure The Smart Way

    Posted By admin || 11-Aug-2010

    The number of prime mortgages facing foreclosure has shot up 425 percent since 2008 due to falling home values and rising unemployment. Many of those prime borrowers facing foreclosure are choosing to "strategically default" on their home mortgages. But how does a homeowner facing foreclosure strategically default the smart way? First let's take a look at some of the problems homeowners face when ...
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  • Facing Foreclosure? What You Need To Do When Applying For A Modification

    Posted By admin || 9-Aug-2010

    If you're facing foreclosure then you have probably considered a loan modification or bankruptcy. First off, it's important that every debtor be fully prepared when applying for a loan modification and that they mentally and financial prepare themselves for the possibility of not winning the mortgage modification. What this means is that if you find that your loan modification process is taking ...
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  • FTC Bans Eight Companies From Selling Foreclosure Rescue Services

    Posted By admin || 7-Aug-2010

    The Federal Trade Commission has banned eight individuals and companies from selling foreclosure rescue services and ordered them to return $29.2 million in fees that they collected from distressed homeowners under the guise of rescuing their home from foreclosure. The following companies and individuals have been sanctioned by the FTC: Steven Oscherowitz, and the firm he is affiliated with, ...
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  • Can Bankruptcy Reform Save 6 Million Homeowners From Foreclosure?

    Posted By admin || 6-Aug-2010

    Currently, bankruptcy judges do not have the power to modify the principal of residential mortgages during Chapter 7 or Chapter 13 bankruptcy. But many on Capitol Hill are suggesting that the Senate may revisit mortgage modifications that include the reduction of principal (aka cramdowns) in the near future. Many analysts are saying that bankruptcy cramdowns may be the only way to effectively ...
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  • Three Things You Shouldn't Do To Save Your Home From Foreclosure

    Posted By admin || 2-Aug-2010

    When facing foreclosure, homeowners can become desperate and do things that not only fail to save their home from foreclosure; but that could also further damage their finances. Below are three things that you should never do to save your home from foreclosure: Liquidate your retirement account. While it may seem to make sense when you liquidate your retirement account to pay for delinquent ...
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  • Foreclosure Crisis Pushes Renters Into Homelessness

    Posted By admin || 28-Jul-2010

    Despite the enactment of the Protecting Tenants at Foreclosure Act of 2009 ("PTFA"), which provides important federal protections for tenants in foreclosed properties, many renters are still being unfairly evicted after foreclosure according to a report released by the National Low Income Housing Coalition. PTFA, which was suppose to guarantee that renters received at least a 90 day notice before ...
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  • No Opportunity To Redeem Property After Foreclosure - That's Why You Must Act Now

    Posted By admin || 27-Jul-2010

    In the state of Texas, there is no opportunity to for a homeowner to redeem their property after a foreclosure sale. That's why it's important that homeowners facing foreclosure act quickly to stop foreclosure before their home is on the auction block. Before a property can go to foreclosure, the lender sends a notice to the borrower telling them that they have about 20 days to pay up the ...
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  • What Happens When Homeowners Face Foreclosure?

    Posted By admin || 23-Jul-2010

    When a homeowner faces foreclosure there is often a lot of anxiety about losing their home and also about the foreclosure process itself. So what exactly happens when a lender considers a property for foreclosure? When a mortgage servicer finally decides to consider a property for foreclosure, the homeowner is seriously delinquent on their mortgage, at least about 6 months. The first thing the ...
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  • Bank of America Bail Out Never Panned Out For Homeowners Facing Foreclosure

    Posted By admin || 23-Jul-2010

    Bank of America, which is the largest mortgage servicer in the nation, has failed to do its part to thwart the foreclosure crisis, according to many homeowner advocacy groups. A report which was recently released, revealed that Bank of America has completed only 630,000 mortgage modifications for homeowners facing foreclosure since January 2008. Furthermore, the report claims that Bank of America ...
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  • Why Chrysler's Post-Bankruptcy Incentives Could Be Your Pre-Bankruptcy Blues

    Posted By admin || 23-Jul-2010

    Chrysler has shown a lot of improvement since it exited Chapter 11 bankruptcy, but a weak sales showing in June hasn't just spooked Chrysler, it has spooked the entire automotive industry. That's why Chrysler is offer incentives that are so rare it will probably attract even those who know that buying a brand new car could land them in bankruptcy, sooner rather than later. Chrysler will pay up to ...
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  • Apartment Dwellers Suffer From Foreclosure

    Posted By admin || 22-Jul-2010

    Residents of the Bristol Pointe Apartment complex in Arlington received a brief reprieve this week after an electricity shut off was thwarted and a pending foreclosure was postponed until next month. Initially, gas service was shut off at the complex for three weeks, resulting in the issuance of 124 citations because of the lack of hot water. The series of utility shutoffs was caused by ...
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  • Three Lender Practices Driving Americans Into Foreclosure

    Posted By admin || 21-Jul-2010

    The foreclosure crisis has continued and for many Americans it seems that it is only getting worse. But what started the foreclosure crisis and how can we avoid this type of catastrophe in the future? Below are three banking practices that are driving Americans into foreclosure: Lender dishonesty is driving Americans into foreclosure. Many borrowers signed up for adjustable rate mortgages and were ...
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  • Four Questions About Underwater Mortgages and Bankruptcy

    Posted By admin || 19-Jul-2010

    Question #1 - Will bankruptcy stop a foreclosure on my underwater home? Answer: Yes, bankruptcy's automatic stay will stop all collections actions by creditors as soon as you file. If a creditor has filed a foreclosure against your home, even if it has an underwater mortgage, the creditor must stop all foreclosure proceedings once the bankruptcy is filed by the debtor. Question #2 - How much time ...
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  • Solving The Underwater Mortgage Crisis With Bankruptcy

    Posted By admin || 19-Jul-2010

    When we think about foreclosure and financial crisis we often think of homeowners who are about to lose their home to foreclosure because they can't afford payments and/or they have suffered a job loss which has made them vulnerable to foreclosure. But there is a whole new bred of homeowners who are sinking financially; but not facing foreclosure. Instead, they are facing the prospect of paying on ...
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  • Mortgage Lenders Eager For Deeds-In-Lieu-Of-Foreclosure

    Posted By admin || 15-Jul-2010

    Many of the largest mortgage lenders in the country are launching campaigns targeting carefully selected borrowers facing foreclosure, offering them cash incentives if they sign over the title of their deed in what is called a deed-in-lieu-of-foreclosure. Bank of America alone has mailed out 100,000 deed-in-lieu-of foreclosure solicitations and deed-in-lieu-of-foreclosure transactions completed is ...
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  • Fannie Mae To Punish Homeowners Who Use "Strategic Foreclosures"

    Posted By admin || 15-Jul-2010

    According to some estimates, 1 in 4 homeowners have under-water mortgages and 12 percent of home foreclosures are "strategic" or purposely induced because a house is worth less than the mortgage owed on it. Fearing that "strategic" foreclosures will continue to rise, Fannie Mae has announced that they will lock out borrowers from receiving a new mortgage for seven years if they default on a ...
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  • Should Foreclosure Scams Be Treated As Hate Crimes?

    Posted By admin || 13-Jul-2010

    There's an interesting criminal case taking place in New York that could set a precedent for charging scam artists who target struggling homeowners facing foreclosure with a hate crime. The case involves five people who were charged and/or convicted of a hate crime for targeting senior citizens with nonviolent crimes such as mortgage fraud. The case involved several women who would target elderly ...
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  • HAMP Foreclosure Program Needs Teeth

    Posted By admin || 12-Jul-2010

    The latest reports from the Treasury Department is showing that only 340,000 homeowners have received permanent loan modifications as part of the HAMP foreclosure prevention program, far fewer than many had hoped would receive help. Unfortunately far more homeowners facing foreclosure receive temporary loan modifications and then are booted out of the program. About 466,000 homeowners facing ...
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  • FTC Cracks Down On Foreclosure Scam Artists Impersonating Government Programs

    Posted By admin || 11-Jul-2010

    The Federal Trade Commission is taking legal action against several foreclosure scam artists who are accused of falsely claiming they can modify homeowners' mortgages and offer other types of foreclosure relief. Many of the companies have even gone as far as impersonating government programs such as the Making Home Affordable program and Hope Now mortgage alliance program. Among the defendants ...
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  • Seniors Holding Reverse Mortgages Could Face Foreclosure For Unpaid Taxes

    Posted By admin || 10-Jul-2010

    In a move that could create a horrible public backlash, the Federal Housing Administration, which runs the largest reverse-mortgage program in the country, has decided to begin foreclosing on homeowners who have failed to pay their property taxes. Reverse mortgages are for seniors who are at least 62 years old and allows seniors to remain in their home without making a mortgage payment until they ...
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  • Victims Of Ugly Foreclosure Scams Losing Homes

    Posted By admin || 6-Jul-2010

    Many homeowners losing their homes today are the victims of ugly foreclosure scams that involve the homeowner signing over their home to a con and then "buying" it back with an astronomical mortgage attached. Francis Blackman, a 55 year old victim of foreclosure lost her home because of one of these scams. Blackman said she was duped by a woman who came to her door in 2006 claiming to be a ...
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  • Being Unemployed Doesn't Mean Foreclosure Is Inevitable

    Posted By admin || 4-Jul-2010

    The foreclosure crisis, once mostly restricted to the lower and working classes has now descended upon even high income earners and those in the middle-class. The high unemployment rate and reluctance of mortgage companies to provide flexible mortgage modifications for homeowners facing foreclosure has increased the number of foreclosures all economic class are facing. But how does an unemployed ...
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  • Three Reasons Why Upside Down Homeowners Should Consider Bankruptcy

    Posted By admin || 28-Jun-2010

    Already in the first half of 2010, 20 percent of the homeowners facing foreclosure in Dallas-Fort Worth are upside down on their mortgage. And that number is expected to grow. With so many homeowners in upside down mortgage facing foreclosure, should more of them consider filing bankruptcy? Below are a few reasons why considering bankruptcy, may be a wise choice for upside down homeowners: Even if ...
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  • Four Seasons Resort and Club Dallas Sold At Foreclosure Auction

    Posted By admin || 28-Jun-2010

    Lenders who had been threatening to foreclose on the posh Four Seasons Resort and Club Dallas at Las Colinas finally foreclosed on the property and purchased it themselves for $122 million. Mortgage holders sold the 431-room luxury Irving golf course hotel, conference center and spa at auction Tuesday morning. The foreclosure comes seven months after lenders first posted the 400-acre property for ...
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  • How To Get Rid Of A Deficiency Judgment After Foreclosure

    Posted By admin || 28-Jun-2010

    Getting Rid Of A Deficiency Judgment After Foreclosure Many debtors who are walking away from their homes are finding that they have a deficiency judgment after the lender fails to recoup the entire amount of the mortgage after the foreclosure auction. Generally speaking, a mortgage lender can pursue a debtor for the balance of the mortgage even if they repossessed the home in foreclosure or if ...
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  • Texas Needs Harsher Penalties For Sloppy Bankers

    Posted By admin || 23-Jun-2010

    It has become so common that it barely shocks even the most sensitive of us, a homeowner has spent months negotiating and waiting on a home modification only to discover that their home has be sold at foreclosure. This is the type of disconnect that is impacting thousands of homeowners in Texas and especially in the Dallas-Fort Worth area. They end up in foreclosure because of a job loss, toxic ...
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  • Could The Commercial Real Estate Foreclosure Crisis Reach 1980's Levels?

    Posted By admin || 27-May-2010

    North Texas commercial foreclosure filings have increased by more than 60 percent so far this year. Since January nearly 1400 commercial property foreclosure filings have been posted in the Dallas-Fort Worth area alone-compare that to last year's 900 commercial real estate foreclosure filings in the same period. When the commercial real estate foreclosure crisis first hit, it initially impacted ...
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  • Foreclosures Impact Dallas County Home Values

    Posted By admin || 26-May-2010

    Eighty percent of the approximately 360,000 residential properties reappraised this year will show decreases or no change in value, according to the Dallas Central Appraisal District. This is the second year in a row that the majority of homes in Dallas County have either decreased in value or remained stagnate. Last year 55 percent of the residential properties reappraised decreased in value, ...
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  • Homeowner Association Foreclosures Becoming More Common In Texas

    Posted By admin || 25-May-2010

    The number of foreclosures filed by homeowner associations (HOAs) and home equity lenders has risen dramatically this year. Already 350 Dallas-Fort Worth area homes are facing foreclosure sale in May because the owners owe money to homeowners associations or home equity lenders. "Especially from the homeowners associations, we have seen significant increases in postings," said Roddy, whose firm ...
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  • Why Mortgage Servicers Have Little Incentive To Modify Toxic Mortgages

    Posted By admin || 25-May-2010

    This month the Treasury Department will begin paying mortgage servicers $1,500 for approving the sale of homes for less than the balance of the mortgage, also known as a short sale. Also, if the mortgage servicer modifies a mortgage under the HAMP program, they will receive $1,000, plus additional money over the course of three years if they homeowner doesn't fall into foreclosure during that time ...
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  • Homeowners Associations Using Foreclosure To Grab Equity Rich Homes?

    Posted By admin || 23-May-2010

    A group of angry homeowners told a Texas House panel they've been threatened with huge fines and possible foreclosure for what they described as minor infractions of association rules. A Houston couple may wind up having to pay more than $20,000 after a feud over a $50 ticket for having gray - instead of black - tape on exterior water lines, leaders of a property owners' rights group told the ...
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  • Tackling Mortgage Debt And Bankruptcy

    Posted By admin || 21-May-2010

    Now that many Americans are desperately struggling with debt, there has been a brand new crop of debt and wealth "gurus" who are imparting advice that may not be the best thing for many Americans struggling with debt troubles and considering bankruptcy. One of the most often repeated pieces of advice for homeowners is the suggestion that a home mortgage should be paid off as soon as possible. ...
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  • HAMP Is Failing - Time To Give Bankruptcy Courts More Power

    Posted By admin || 20-May-2010

    The HAMP foreclosure prevention program is suppose to help four million homeowners facing foreclosure; but the program is far from reaching its goal. The second wave of foreclosures is already upon us and the HAMP foreclosure prevention program is failing to make major progress in convincing lenders to modify toxic mortgages. The Treasury reported recently that as of March, nearly 228,000 troubled ...
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  • America Faces A Second Wave Of Foreclosures

    Posted By admin || 19-May-2010

    Last year we talked about how the (now failed) HAMP program and various foreclosure moratoriums were the only thing standing between homeowners and a second wave of foreclosures. Well, the time has come and that second wave of foreclosures is now upon us. Just in the first three months of 2010 more homes were lost to foreclosure than any other time since 2005. The number of homes taken in ...
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  • Bankruptcy Court Rules House Worth Only What Buyers Will Pay

    Posted By admin || 18-May-2010

    In the bankruptcy case of Lewis, Kevin L. and Kathy A.; In re (Lewis v. State Street Bank) , the bankruptcy court ruled that the value of a home was only what buyers were willing to pay for it despite what an appraiser may claim. The details of the bankruptcy case: The Chapter 13 bankruptcy debtors said their home was worth $85,000. They owed $69,534 on the first deed of trust, $16,981 on a second ...
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  • Commercial Real Estate Developers Chose Bankruptcy To Thwart Foreclosure

    Posted By admin || 18-May-2010

    David Bagwell, a Colleyville luxury home developer has placed the partnerships that own three of his subdivisions into Chapter 7 bankruptcy so that he can avoid foreclosure on the undeveloped land. The group of creditors who hold the debt for the partnerships called Old Grove Ltd, Broughton Ltd. and Broadland Ltd., demanded payment from Bagwell, forcing him to file bankruptcy or face foreclosure. ...
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  • Former Detroit Piston Files Chapter 7 Bankruptcy

    Posted By admin || 16-May-2010

    Former Detroit Piston Derrick Coleman filed for Chapter 7 bankruptcy with $4.7 million in debts and a little over $1 million in assets. Coleman, whose 15-year NBA career ended with the Pistons in 2005, had interests in a wide range of real estate, retail and restaurant companies. His interests included a stake in Detroit's Sweet Georgia Brown restaurant, which closed in February, and franchises in ...
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  • More Rich And Famous Homeowners Succumb To Foreclosure

    Posted By admin || 15-May-2010

    Just when financial pundits claim that the economy is improving many rich and famous individuals are losing their homes to foreclosure. Just this week, a Tudor mansion in Bel-Air belonging to film star Nicolas Cage was in foreclosure auction and reverted to the lender. On Wednesday, Richard Fuscone, a former top Wall Street executive, declared personal bankruptcy, forestalling a foreclosure ...
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  • Is Help On The Way For Unemployed Homeowners Facing Foreclosure?

    Posted By admin || 3-May-2010

    The government has announced that the HAMP foreclosure prevention plan will now provided unemployed homeowners facing foreclosure to apply for three to six months of financial aid. The new measures come on the heels of a stiff criticism of the foreclosure prevention plan which is being described as a failure in many circles. One of the most notable failures of the program is that over $75 billion ...
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  • Bank Of America May Forgive Part Of Your Mortgage

    Posted By admin || 3-May-2010

    Bank of America Corp. has announced that it may forgive a part of the mortgage balance for borrowers who are facing foreclosure The bank, the largest mortgage servicer in the country, said Wednesday that it will forgive up to 30 percent of some customers' total mortgage balance. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their ...
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  • Texas Unemployment Numbers Remain Stagnant

    Posted By admin || 3-May-2010

    Many analyst watching Texas unemployment had shown a glimmer of hope when job gains were posted in January. However, a loss of 13,000 jobs in February erased January's meager gains. Currently, many of Texas' employers are implementing job losses and Texas' unemployment rate remains stagnant at 8.2 percent as of February. "The Texas unemployment rate remained at 8.2 percent for the fourth month in ...
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  • HAMP Rules Take On A New Twist For Bankruptcy Filers

    Posted By admin || 2-May-2010

    The government has just announced new guidelines for the HAMP foreclosure prevention program. Borrowers who are being evaluated for HAMP suitability will not face a foreclosure sale during that evaluation period. However, they may still receive eviction notices and letters regarding their pending foreclosure. Borrowers who in an active bankruptcy case may still be able to apply for and participate ...
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  • HAMP Foreclosure Prevention Program May Lower You Credit Score

    Posted By admin || 1-May-2010

    Many homeowners facing foreclosure who sign up for the HAMP foreclosure prevention program are often faced with a lower credit score afterwards. And in many cases the credit score can drop as much as 100 points especially for homeowners who had not become delinquent on their mortgage despite financial difficulties. To enroll in the Obama administration's $75 billion "Making Home Affordable" ...
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  • Mortgage Modification Offers Now A Measure Of Progress?

    Posted By admin || 1-May-2010

    In a report issued by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the Obama administration is measuring the performance of the foreclosure prevention program by a questionable standard. At the program's launch in February 2009, Obama officials said it would help 3 million to 4 million homeowners. But with only 170,000 borrowers completing the program so far, ...
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  • Five Ways To Avoid Foreclosure

    Posted By admin || 28-Apr-2010

    Homeowners fighting foreclosure often feel overwhelmed by the magnitude of their situation. When trying to save their home, the choices available can often seem confusing or even inaccessible. Below we take a look at five ways that a homeowner can save their home from foreclosure. If you're facing foreclosure and want to remain in your home, you may consider arranging a forbearance with your ...
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  • Is The Newest Foreclosure Prevention Program Just Another Failure Waiting To Happen?

    Posted By admin || 28-Apr-2010

    Starting April 5, 2010, homeowners facing foreclosure will have an additional program to access that is designed to prevent foreclosure. Then newest foreclosure prevention program designed by the Obama administration, homeowners facing foreclosure will be encouraged to sell their home their home for less than what they owe on the mortgage (short sale). Under the new program, the servicing bank, as ...
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  • Foreclosures Set Another Record For Dallas-Fort Worth

    Posted By admin || 2-Apr-2010

    Foreclosures in the Dallas-Fort Worth area have soared again, setting a new monthly record for the Dallas-Fort Worth area. Mortgage lenders posted 6,168 foreclosures scheduled for the month of April. This is the only the second time that foreclosures in the Dallas-Fort Worth area have topped 6,000, the last time was last July when 6,072 foreclosures were posted. April's foreclosure posting are an ...
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  • Voluntary Foreclosure Property Must Comply With City Code

    Posted By admin || 1-Apr-2010

    Chapter 7 bankruptcy debtors who surrender their property during bankruptcy may still be bound by the code and regulations enforced by their city or municipality until the secured creditor takes action to regain title of the property. Until the creditor legally holds the title to the property the homeowner may still liable for complying with code and could be subject to fines if found to be in ...
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  • Treasury Department Admits Foreclosure Prevention Program Not As Successful As Hoped

    Posted By admin || 25-Mar-2010

    The Treasury Department has admitted that the Making Home Affordable (HAMP) foreclosure prevention program has not made the type of impact that was expected. In response the Treasury Department is instituting new rules that will take effect on June 1, 2010. The new HAMP requirements will force servicers to have in hand all the needed documents from borrowers before they extend a three-month trial ...
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  • Celebrity Bankruptcy: Nicholas Cage Update

    Posted By admin || 25-Mar-2010

    Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006. Could Nicholas Cage have saved his home ...
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  • Foreclosures in Dallas-Fort Worth Rise Again

    Posted By admin || 24-Mar-2010

    5,548 Dallas-Fort Worth area homes were posted for forced sale in March's foreclosure auctions. Concerning foreclosures, the Dallas-Fort Worth area is definitely not out of the woods yet. There has been somewhat of a turnaround in the economy, but many people are continuing to struggle. According to Dallas area-based Foreclosure Listing Service Inc., 5,548 homes were posted for forced sale in ...
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  • Mortgage Fraud Could Cause More Foreclosures

    Posted By admin || 23-Mar-2010

    A former loan officer in the Dallas-Fort Worth area has been sentenced to over 3 years in a federal prison and ordered to $751,075 for falsifying mortgage documents sent to the U.S. Department of Housing and Urban Development. Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt in a scheme that cost HUD $964,814 after 21 mortgages defaulted, according to HUD and court documents. ...
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  • Job Losses Lead To A Sluggish Housing Market

    Posted By admin || 19-Mar-2010

    Home sales were down in January, another sign that the housing market may not be recovering as quickly as many had hoped. Sales of previously owned homes fell by 7.2 percent bringing the number of homes sold to its lowest level since summer. "Most of the improvement that we've seen in housing over the past year has been tied to some sort of stimulus program," said Wells Fargo economist Mark ...
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  • Four Reasons Why Foreclosures May Skyrocket

    Posted By admin || 18-Mar-2010

    Re-defaults on loan modifications. Many homeowners who attempted to avoid foreclosure by signing up for a 3 month trial in the HAMP program may end up falling into default again. Presently, the number of defaults in the HAMP program has exceeded 60 percent and many analysts expect that number to rise. Upside-down mortgages. One of the biggest causes of foreclosure now is the large number of ...
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  • Why HAMP Is Failing To Stop The Foreclosure Crisis

    Posted By admin || 18-Mar-2010

    Is the Making Home Affordable Modification Program Working? When the Obama administration launched the Making Home Affordable Modification Program (HAMP) many homeowners thought they would finally have access to modification tools that would help them avoid foreclosure. However, HAMP has failed to deliver on its promises and many view the $75 billion invested in the foreclosure prevention program ...
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  • Can I Convert My Chapter 13 To Chapter 7 Bankruptcy?

    Posted By admin || 8-Mar-2010

    Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time. However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments. This reason alone has been major factor is scaring off some debtors from filing ...
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  • Dallas-Forth Foreclosures Continue To Rise

    Posted By admin || 8-Mar-2010

    Foreclosures in the Dallas-Fort Worth area rose again by 18 percent compared to last month's foreclosure filings. But compared to last year's foreclosure filings in the same month, the foreclosures increased by a whopping 37 percent. Many analysts believe that many foreclosures that were on hold at the end of 2009 are now being released causing the most recent rise in foreclosures. Also, many ...
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  • How Bankruptcy Can Help Reduce Foreclosure Rate

    Posted By admin || 2-Mar-2010

    About one in every 10 Texas homeowners are delinquent on their mortgage and facing a possible foreclosure. Currently, the percentage of Texas homeowners who are delinquent and facing a possible future foreclosure is 10.3 percent, only slightly less than the national average of 10.44 percent. Last year, a record 61,000 homeowners in Texas lost their home to foreclosure and that number is feared to ...
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  • Federal Trade Commission Takes Steps To Protect Homeowners

    Posted By admin || 1-Mar-2010

    The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called "foreclosure prevention" companies from charging up-front fees for their services. "Homeowners facing foreclosure or struggling to make mortgage payments shouldn't have to contend with fraud­ulent companies that don't provide what they promise," FTC Chairman Jon Leibowitz said. "The proposed rule would ...
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  • Dallas-Fort Worth Commercial Real Estate Foreclosures Surge

    Posted By admin || 26-Feb-2010

    Approximately 250 commercial real estate properties in the Dallas Fort-Worth area are facing foreclosure. Foreclosure filings for about 250 properties include buildings, hotels, shopping centers, warehouses and commercial land. In total, the foreclosures represent more than $900 million in debt. Some of the biggest foreclosures were the Four Seasons Resort and Club with more than $183 million in ...
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  • Many Debtors Following Disturbing Trend

    Posted By admin || 24-Feb-2010

    A study released by TransUnion has revealed that a new "payment hierarchy" has emerged with debtors becoming more current on their credit cards while allowing their mortgage become delinquent. "Conventional wisdom has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages," said Sean Reardon, a TransUnion consultant ...
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  • HAMP Foreclosure Prevention Changes Coming Soon

    Posted By admin || 24-Feb-2010

    As of June 1, 2010, the way that homeowners facing foreclosure apply to the HAMP (Making Home Affordable) program will change. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a trial basis without providing pay stubs and other financial documents. Banks and other mortgage customer-service providers were supposed to collect that information ...
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  • FHA Loans Threaten Another Wave Of Foreclosures

    Posted By admin || 22-Feb-2010

    Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing ...
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  • Foreclosure and Chapter 13 Bankruptcy - What You Need To Know

    Posted By admin || 16-Feb-2010

    Saving your home from foreclosure is a very real possibility, even if your income is small and fixed. But for many homeowners battling foreclosure with Chapter 13 bankruptcy, maintaining payments and keeping their home can still be a struggle a recent study revealed. Foreclosure Listing Service in Addison analyzed post-bankruptcy cases of homeowners in 60 Texas counties. It found that in 2009, ...
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  • Why More Commercial Real Estate Foreclosures Could Hamper A Recovery

    Posted By admin || 4-Feb-2010

    Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see. Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders. It's becoming a common headline to hear about some "poor" real estate developer who lost his/her shirt because a loan became due and no ...
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  • How Bankruptcy Helps Seniors Enjoy Their Golden Years

    Posted By admin || 3-Feb-2010

    Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles. More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living. The result is that many more are deciding to file bankruptcy so that they can survive and thrive in their golden years. According to the ...
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  • Foreclosure Rates Reminiscent Of The Great Depression

    Posted By admin || 3-Feb-2010

    Frank Nothaft, the chief economist for the mortgage firm Freddie Mac has issued a warning stating that foreclosures have not peaked yet and that foreclosure rates for prime mortgages haven't been this high since the Great Depression. "I think mortgage delinquency rates haven't peaked yet...We see them peaking at some point in the second half of 2010...You have to go back to the 1930s to see ...
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  • Foreclosure Crisis Hits A Dallas Landmark

    Posted By admin || 2-Feb-2010

    One of Dallas' oldest skyscrapers, the 52-story Elm Place tower at 1401 Elm Street, is closing down due to a foreclosure and an extremely low occupancy rate. [Guerrino] Savio [who represents the owners] said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower. "It got to the point it was impossible to keep operating," he said. "For every dollar ...
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  • More Dallas-Fort Worth Homeowners Face Foreclosure

    Posted By admin || 2-Feb-2010

    More than 5.7 percent of Dallas-Fort Worth homeowners are more than 90 days delinquent on their mortgage and facing a possible foreclosure. Plus, another 1.41 percent of Dallas-Fort Worth homeowners are already in foreclosure. The irony of this is that we are constantly being told that the recession is clearing and that things are getting better. But all the while Dallas-Fort Worth homeowners are ...
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  • Facing Foreclosure: Should You Do A Short Sale Or File Bankruptcy?

    Posted By admin || 1-Feb-2010

    Should You Short Sale or File Bankruptcy? When facing foreclosure, a homeowner who can no longer afford his/her home is faced with many difficult decisions. One of the most important decisions will be whether the homeowner should do a short sale or file bankruptcy. Here are a few questions you should ask yourself when deciding to do a short sale or file bankruptcy: Do You Have Other Debts That You ...
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  • Foreclosure Prevention Programs Not Working For Those With Underwater Mortgages

    Posted By admin || 25-Jan-2010

    What good is it to modify a mortgage, only to owe three times what the house is actually worth? Well for many homeowners facing foreclosure, it's just not worth the paper the modification is written on. For them, foreclosure looks better than the false hope of mortgage modifications that don't truly-well, modify the mortgage. The problem is that many homeowners are sitting in houses that are only ...
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  • Good People, Bad Loans and Foreclosure

    Posted By admin || 25-Jan-2010

    When the foreclosure crisis first began, there was a lot of finger pointing mostly at the supposedly "irresponsible" homeowners who "bought too much house" in a quest to keep up with the Joneses. We were even treated to televised rants about how "good people" shouldn't be forced to pay for their bad neighbors' financial decisions by saving them from foreclosure. Now that was back in 2008. Since ...
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  • FHA Rules To Change As Foreclosure Crisis Worsens

    Posted By admin || 21-Jan-2010

    The Federal Housing Administration (FHA) has been hit pretty hard by the foreclosure crisis. The agency, which insures 30 percent of new loans in the U.S. against default, has suffered heavy losses due to a high rate of foreclosures. More than 18 percent of FHA loans are at least delinquent by 30 days. That's more than the national average of 14 percent. The foreclosure crisis has even caused the ...
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  • Why Rental Units May Be The Next Victims In The Foreclosure Crisis?

    Posted By admin || 19-Jan-2010

    The Dallas-Fort Worth area is experiencing the highest vacancy rates for its apartment communities in about 20 years. Only 88.8 percent of Dallas-Fort Worth apartments were rented in 2009, compared to 91.6 percent rented in 2008, which could spell imminent foreclosure for many landlords. You might suspect that homeowners who suffered foreclosure would move into apartments thus boosting the ...
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  • Foreclosure, Home Appraisal And Bankruptcy

    Posted By admin || 19-Jan-2010

    Could your neighbor's foreclosure affect your ability to resell you home even though you are not personally facing foreclosure? Maybe. Many homeowners are finding that the large amounts of foreclosures in their neighborhood are having an indirect affect on their ability to resell their home at a profitable price or to break even. When a mortgage lender has a home appraisal done, the value of that ...
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  • "SWAT" Teams To Swoop Down On Mortgage Servicers?

    Posted By admin || 18-Jan-2010

    Is this real or just more "hot air"? The Treasury Department claims that is ready to send in the police if mortgage servicers don't shape up and help stop more foreclosures. Well not exactly the POLICE, more like the financial police. The Treasury Department announced that they might send in financial "SWAT" teams to police the performance of mortgage servicers who are collectively failing to stop ...
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  • Dallas-Fort Worth Commercial Real Estate Foreclosures Rise More Than 25 Percent

    Posted By admin || 11-Jan-2010

    There were 2,431 Dallas-Fort Worth commercial real estate foreclosures in 2009, that's up from 1,900 commercial foreclosures in 2008. The biggest rise in commercial foreclosure filings in 2009 was in postings for office - up 121 percent - and retail buildings, up 20 percent. Foreclosure filings for commercial land also increased by 71 percent compared with 2008. Apartments were near the top of the ...
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  • When Will Homeowners Facing Foreclosure Get The Help They Need?

    Posted By admin || 11-Jan-2010

    Well it's official, according to the latest pundits and economists, the recession is behind us and we're well on our way to another boom. But of course they aren't basing this assessment on the reality faced by ordinary Americans; but on the fact that the banks are doing better, filling their pockets and many are repaying the bailout loans given to them by the American taxpayer. In the eyes of ...
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  • Four Things You Need To Know About Avoiding Foreclosure

    Posted By admin || 8-Jan-2010

    Many Homeowners Misunderstand Foreclosure They believe that foreclosure begins when the bank decides to send out a notice and begin the process of auctioning off their home. But in reality, the foreclosure process begins at your first missed payment. When you miss your mortgage payment you are already on the road to foreclosure and that is when you need to act to avoid it. Foreclosure Does Not ...
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  • Three Reasons Why A Short Sale May Be A Horrible Idea

    Posted By admin || 6-Jan-2010

    Many homeowners facing foreclosure seriously consider a short sale as a way out of their mortgage and a way to avoid foreclosure. When a homeowner does a short sale on their property they are selling the property for less than their mortgage balance and probably for less than what the house is really worth. They avoid foreclosure and someone else gets the house for cheap. However, there are three ...
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  • Will We Experience A January Spike In Foreclosures?

    Posted By admin || 5-Jan-2010

    Dallas-Fort Worth residential foreclosures schedule for January remain on the high end. In Dallas County, there were 2,502 foreclosure postings for December while Tarrant County experienced 1,500 foreclosure postings. But many mortgage lenders and servicers are holding back a backlog of foreclosures for the holiday which many suspect they will unload come January 2010. Many homeowners who have not ...
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  • Legislators Refuse To Empower Bankruptcy Judges -- Again

    Posted By admin || 29-Dec-2009

    Our legislators have once again refused to give bankruptcy judges the power to modify toxic mortgages during bankruptcy. Legislation that would have allowed bankruptcy judges to modify toxic mortgages by resetting the mortgage terms, extending prepayment periods, redefining interest rates/fees or decreasing the principal balance of a toxic mortgage failed to pass into law last week. It is ...
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  • Mortgage Bankers Association Battles Homeowners Facing Foreclosure

    Posted By admin || 22-Dec-2009

    Shhh! Mortgage bankers don't want you to file bankruptcy. They don't want you to file bankruptcy and they definitely don't want you to have the power to modify a toxic mortgage in bankruptcy. In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy "cram-down" amendment in the Wall Street Reform and ...
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  • Million Dollar Homes In Texas Hit Hard By Foreclosure Crisis

    Posted By admin || 22-Dec-2009

    Million dollar homes are beginning to feel the sting of the foreclosure crisis. According to a recent report the number of million dollar homes hit with foreclosure has jumped 24 percent since last year. And while homeowners in lower-priced homes (under $250,000) are still the primary victims of foreclosure, the numbers higher-end homeowners facing foreclosure in Dallas-Fort Worth are on the rise. ...
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  • 27 Percent Of Homeowners In Making Home Affordable Program Are Delinquent On Mortgage

    Posted By admin || 21-Dec-2009

    The Making Home Affordable foreclosure prevention plan was suppose to help millions of homeowners avoid foreclosure, however the foreclosure program has failed to attain it goals. According to a Treasury Department report, 27 percent of homeowners taking part in mortgage modification trails are delinquent on their mortgage payments. And while the foreclosure prevention plan was designed to help ...
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  • Are TARP Funds Coming Your Way?

    Posted By admin || 14-Dec-2009

    One of the biggest controversies surrounding the use of TARP funds (aka bailout money) has been that none of that money was used to directly benefit homeowners facing foreclosure. Proponents of funneling money into the banking industry as opposed to homeowners claimed that the benefits of the bailout would trickle down to homeowners facing foreclosure. However, many months later we have found that ...
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  • Mortgage Modifications In Bankruptcy? Maybe This Time Around!

    Posted By admin || 11-Dec-2009

    The Wall Street Reform and Consumer Protection Act (H.B. 4173) is under consideration by Congress. One of the most important aspects of this proposed legislation is the changes to bankruptcy law that will allow bankruptcy judges to modify toxic mortgages. A similar proposal was defeated in the Senate earlier this year; but we're hoping that this time legislators will give American homeowners a ...
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  • Over 61,000 Dallas-Fort Worth Homeowners Face Foreclosure

    Posted By admin || 20-Nov-2009

    Despite claims that the recession has ended, foreclosures in the Dallas-Fort Worth area continue to rise. Rising job losses and prolonged unemployment are major factors contributing to the foreclosure crisis. More than 61,000 homeowners are facing foreclosure, an increase of 23 percent since 2009. And despite efforts to slow the wave of foreclosures, most experts fear that the problem is ...
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  • Loans For Unemployed Homeowners May Not Slow The Foreclosure Crisis

    Posted By admin || 19-Nov-2009

    Unemployed Homeowners Facing Foreclosure Left High and Dry Unemployed homeowners facing foreclosure have been left out in the cold with the government's foreclosure prevention program. Since unemployment insurance benefits don't provide enough income to cover most mortgage payments and many unemployed homeowners don't qualify for mortgage modifications, many find themselves facing imminent ...
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  • Mediation In Lieu of Foreclosure?

    Posted By admin || 12-Nov-2009

    According to an article in the Star-Telegram, some legislators are pushing mandatory mediation to resolve lender/borrower foreclosure disputes. Will it work in Dallas-Fort Worth? The article examined the case for it in Florida: "Florida's courts are currently trying to cope with more than 290,000 foreclosure cases... A majority on the high court's Task Force on Residential Mortgage Foreclosures ...
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  • Goldman Sachs New Subprime Player In Foreclosure Crisis

    Posted By admin || 10-Nov-2009

    According to an article in the Star-Telegram, the Goldman Sachs Group which is now the owners of thousands of subprime mortgages facing foreclosure is finding itself battling homeowners in bankruptcy court. The article said: "Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into ...
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  • Senate Reaches Compromise On Home Buyer Tax Credit Extension

    Posted By admin || 9-Nov-2009

    According to an article in the Star-Telegram, the Senate reached a compromise on extending the $8,000 tax credit for first-time home buyers which was devised to combat the effects of the foreclosure crisis. The article said: "Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still ...
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  • Historic Ridglea Theatre Avoids Foreclosure In Bankruptcy

    Posted By admin || 9-Nov-2009

    According to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called "deed in lieu of foreclosure." Using the "deed in lieu of foreclosure" process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan default. The Maulsby Trust, which owned the theater, filed ...
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  • Fannie Mae Offers Homeowners Facing Foreclosure An "Opportunity" To Rent Not Own?

    Posted By admin || 6-Nov-2009

    According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process. The article said: "The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after ...
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  • Foreclosure Crisis Headed To A Mall Near You?

    Posted By admin || 6-Nov-2009

    Have you noticed the commercial centers near you growing a little quieter lately? If so, you're not alone. Commercial real estate nationwide has taken a beating that has many experts fearing the worse. Vacancy rates have soared while rents have hit rock bottom. And many property owners are struggling to avoid foreclosure. Some have even filed for bankruptcy. According to the report Emerging Trends ...
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  • Free Foreclosure Prevention Workshop Saturday November 7th

    Posted By admin || 6-Nov-2009

    The Star-Telegram has announced a free foreclosure prevention workshop. Date: Saturday, November 7, 2009. Time: 9am - 2pm Location: Dallas Convention Center, 650 S. Griffin St. The workshop is designed to help homeowners facing foreclosure discover their options for preventing foreclosure. Homeowners will also have an opportunity to meet with their mortgage servicing company and/or a housing ...
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  • Foreclosure Crisis Turns Violent

    Posted By admin || 5-Nov-2009

    According to an article at ABC News, the foreclosure crisis has just taken an ugly and violent turn as two mortgage loan agents claim that they were attacked, tortured and robbed by disgruntled homeowners facing foreclosure. The article said: "A California couple and three accomplices were charged in the case. They are accused of beating and torturing the two loan-modification agents, whom they ...
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  • Foreclosure Crisis Continues To Batter Home Prices

    Posted By admin || 5-Nov-2009

    According to an article in the Dallas Morning News, the foreclosure crisis is still depressing Dallas-Fort Worth home prices, which have decreased 1.2 percent in August from a year ago. Many analysts are considering that an improvement. However, before the foreclosure crisis, Dallas-Fort Worth home prices had reached their peak in June 2007 and have declined by 4 percent since then. Nationwide, ...
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  • A Response To The Critics Of Foreclosure Victims

    Posted By admin || 30-Oct-2009

    As the foreclosure crisis worsens, many homeowners facing foreclosure are finding themselves the target of sensationalists, whiners and finger-pointers. The foreclosure crisis, some say, is the result of irresponsible, greedy homeowners who have taken on more than they could handle and now they're experiencing the consequences of their extravagance. But is that really true? The foreclosure victim ...
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  • If Bankers Would Do Their Part To Stop The Foreclosure Crisis

    Posted By admin || 30-Oct-2009

    There's an interesting article in the Huffington Post, which suggests a unique (well not so unique) solution to the foreclosure crisis. The author said: "Let's have a federal bill that states that any bank that took a bailout loan and hasn't paid it back yet isn't permitted to foreclose on anybody's primary residence. In addition, bonuses for senior officers at lending institutions will be reduced ...
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  • NCLC Reports: Mortgage Servicers Profit From Foreclosure

    Posted By admin || 30-Oct-2009

    According to an article in Reuters, the National Consumer Law Center (NCLC) just released a report finding that mortgage servicers have favored foreclosure over loan modification because it's cheaper and even more profitable to the servicer. The article said: "Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the ...
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  • Write Checks To The Mortgage Industry? or Help Homeowners Facing Foreclosure?

    Posted By admin || 28-Oct-2009

    There is currently a huge push to extend the expiration date on the $8,000 federal "tax credit" for first-time homebuyers and even expand its scope. But should we really spend an additional $16.7 billion lining the pockets of the mortgage industry while millions of Americans face the prospect of foreclosure? Some "experts" say yes. An article in the Star-Telegram, says that lawmakers are pushing ...
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  • Foreclosures Increase By 35 Percent

    Posted By admin || 28-Oct-2009

    According to an article in the Star-Telegram, the number of foreclosures in Tarrant County have increased by 35 percent since November 2008. The article said: "At this pace, and with only December's postings remaining to be filed, I fully expect D-FW residential postings for 2009 to top 60,000, which will be an all-time record high," Roddy said in a statement. The number of foreclosures in the ...
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  • 2010 Census May Be Impacted By Foreclosure Crisis

    Posted By admin || 26-Oct-2009

    According to an article in the Star-Telegram, the foreclosure crisis is having an impact on the 2010 Census as more families become homeless due to foreclosure. The article said: "Director Robert Groves said he expects some of the census questionnaires mailed out in 2010 will land at empty homes in areas hard hit by the housing crisis...Job losses have left more than 13 percent of American ...
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  • Dallas-Fort Worth's Condo Glut Could Fuel Foreclosure Crisis

    Posted By admin || 21-Oct-2009

    According to an article in the Star-Telegram, Dallas-Fort Worth has one of the worst oversupply of condos in the country. Dallas alone has a five-year supply of million-dollar condo units sitting empty. The high priced condos account for 1 out of every 4 condos in foreclosure The glut of condos have been hurting prices and forcing many condo owners into foreclosure because they simply can't sell ...
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  • No Compassion For Homeowners Facing Foreclosure?

    Posted By admin || 20-Oct-2009

    According to an article in the Star-Telegram, a Florida appeals court chastised a judge for granting extensions in a foreclosure case for compassionate reasons. The article said: "The Third District Court of Appeal ruled last week that Circuit Judge Valerie Manno Schurr could not grant extensions solely on grounds of benevolence or compassion. Schurr had given a Miami couple an extra month to sell ...
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  • Foreclosure Prevention Plan: It's Just Not Working

    Posted By admin || 19-Oct-2009

    According to an article in the Star-Telegram, the Congressional Oversight Panel which is responsible for making regular assessments of the $700 billion financial bailout of banks has reported that the foreclosure plan "Making Home Affordable" has failed to hit the mark. The committee recommended that the Treasury Department either improve the program or adopt a new program that directly addresses ...
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  • The Poor Often Face Foreclosure Alone

    Posted By admin || 13-Oct-2009

    According to an article in USA Today, most low-income homeowners facing foreclosure try to fight foreclosure without the help of an attorney. And while there are lawyers and centers committed to helping the nation's poor fight foreclosure, many of these legal assistance centers are overwhelmed. The article said: "A study to be released today by the Brennan Center for Justice found that many people ...
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  • Bankruptcy Court Rules Foreclosure Sale Valid

    Posted By admin || 12-Oct-2009

    In the bankruptcy case of Beasley, Leonard; In re, The bankruptcy court ruled that a foreclosure sale held before the debtor's bankruptcy filing was valid. The details of the bankruptcy case: "The debtor's home was sold at a foreclosure sale held on Nov. 13, 2008. After filing for Chapter 13 relief on Feb. 9, 2009, the debtor asserted that the sale was improper because the debtor had been ...
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  • More Than Half Of Modified Mortgages Face Foreclosure Again

    Posted By admin || 7-Oct-2009

    According to an article in the Star-Telegram, a recent report revealed that more than 50 percent of homeowners who received mortgage modifications were at least two mortgage payments delinquent within a year, making them vulnerable to foreclosure. The report also revealed that homeowners who received mortgage modifications that reduced their monthly payments were less likely to become vulnerable ...
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  • Commercial Real Estate Foreclosure

    Posted By admin || 7-Oct-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth's commercial real estate industry may face another year of foreclosures as more properties lose value and financing. The article said: "The vast majority of buildings bought after 2005 are absolutely not worth the debt," said Paul Whitman, president of commercial real estate firm Jones Lang LaSalle's Dallas office. "Don't be ...
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  • Voluntary Mortgage Modification Program Fails America, Time For Bankruptcy Cramdowns

    Posted By admin || 7-Oct-2009

    How Voluntary Mortgage Modification Program Failed America It's time to face the ugly reality of this foreclosure crisis, the administration's Making Home Afford­able program had failed terribly. Not only have we not stopped the foreclosure crisis, it has worsened. The program was supposed to help 3 to 4 million Americans facing foreclosure; but so far only 360,000 homeowners have received ...
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  • Commercial Foreclosure Tsunami Heading Our Way

    Posted By admin || 3-Oct-2009

    According to an article in the Star-Telegram, an increasing number of commercial property loans may face foreclosure in the next few months, as interest-only loans that were issued in the past several years reset. The article said: "There's a massive amount of these loans ready to hit market," said Ben Loughry, managing partner of Integra Realty Resources in Fort Worth and Dallas. "The commercial ...
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  • Foreclosure Crisis Awaits Second Wave

    Posted By admin || 29-Sep-2009

    According to an article in the Bloomberg, the foreclosure crisis is likely to worsen as more than 7 million properties facing imminent foreclosure hit the housing market in the next year or two. The article said: "The "huge shadow inventory," reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman ...
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  • Federal Housing Administration Shaken By Foreclosure Crisis

    Posted By admin || 25-Sep-2009

    According to an article in the Star-Telegram, the Federal Housing Administration (FHA) has been terribly weakened by the foreclosure crisis and many analysts fear that the housing agency may need a taxpayer bailout. The article said: "On Friday, the FHA said its financial reserves had sunk below mandatory levels for the first time in its 75-year history. While officials insist the agency won't ...
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  • Foreclosure Scammer Sentenced To Federal Prison

    Posted By admin || 24-Sep-2009

    According to an article in the American Chronicle, Rosario Divins, a self-proclaimed foreclosure prevention specialist was sentenced to 350 months in a federal prison for milking homeowners out of thousands of dollars. This foreclosure scammer was also ordered to pay $83,600 in restitution to her victims and will be placed under supervision for three years after she is released from jail. The ...
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  • Unemployment Rates Push Foreclosures And Bankruptcies Higher

    Posted By admin || 24-Sep-2009

    According to an article in Reuters, America's high unemployment rate is causing a surge in the number of foreclosures and bankruptcy filings nationwide. The article said: "Among U.S. homeowners with mortgages, a record 7.58 percent were at least 30 days late on payments in August, up from 7.32 percent in July...By comparison, 4.89 percent of mortgages were 30 days past due in August 2008...The ...
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  • Over 200 Dallas-Fort Worth Commercial Properties Face Foreclosure

    Posted By admin || 23-Sep-2009

    According to an article in the Dallas Morning News, more than 250 Dallas-Fort Worth area commercial and investment properties are facing foreclosure in October. The properties have more than $400 million in debt attached to them and included in the foreclosure filings are several large developments. The article said: "The just-completed Two Addison Circle office building on the Dallas North ...
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  • Dallas-Fort Worth Foreclosures Increase By 34 Percent

    Posted By admin || 23-Sep-2009

    According to an article in the Dallas Morning News, the number foreclosures scheduled for next month in the Dallas-Fort Worth area increased by 34 percent from a year ago. The article said: "Much of the increase is due to loan modification programs, which have delayed foreclosures from previous months. Almost 6,000 homes are scheduled to be sold at foreclosure next month..." And some of the ...
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  • Redevelopment Project In North Dallas Faces Foreclosure

    Posted By admin || 20-Sep-2009

    According to an article in the Dallas Morning News, lenders have filed foreclosure on the 42 acre redevelopment site located at the northwest corner of North Central Expressway and Walnut Hill Lane. The hillside property was slated to become an urban village with housing, retail and office space. But the development of the site stalled after the credit crunch cut off funding needed to complete the ...
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  • Downtown Luxury Townhouses Face Foreclosure

    Posted By admin || 20-Sep-2009

    According to an article in the Star-Telegram, Le Bijou, the luxury residential complex in downtown Fort Worth, was foreclosed on by their lender on September 1 st. The lender blamed the economic downturn for the foreclosure while praising the complex luxurious design. The article said: "When it hit the market, Le Bijou boasted the most units priced at more than $1 million and the largest units, ...
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  • Foreclosure Crisis Hits Homeowners Associations Hard

    Posted By admin || 17-Sep-2009

    According to an article in the Star-Telegram the rising number of foreclosures and unemployed residents are creating a budget crisis for homeowners associations, especially in Dallas-Fort Worth area. With many properties vacant and other homeowners failing to pay their dues, the associations are struggling to provide basic maintenance. The article said: "To increase collections and balance their ...
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  • As Foreclosure Crisis Worsens Banks Take Bigger Risks

    Posted By admin || 17-Sep-2009

    According to an article in the Star-Telegram, despite the growing foreclosure crisis, the nation's largest banks such as Goldman Sachs and JPMorgan Chase have not changed their reckless behavior. Many of the banks who have received tens of billions of dollars in federal bailout money are still up to their old tricks and risky investments. The article said: "That Wall Street is making money again ...
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  • Making Home Affordable Program Fails Homeowners Facing Foreclosure

    Posted By admin || 15-Sep-2009

    According to an article in the Star-Telegram, the Making Home Affordable program continues to fail to hit the mark in preventing foreclosures on any significant scale. The article said: "As of last month, more than 360,000 borrowers were enrolled in three-month trial loan modifications, out of about 570,000 who received offers. Only about 85,000 homeowners have had their loans refinanced under the ...
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  • Tarrant County's Foreclosure Crisis Hits City Budgets Hard

    Posted By admin || 14-Sep-2009

    Cities in Tarrant County are being hit hard by the foreclosure crisis which has slowed down property value increases this year. According to an article in the Star-Telegram, because of foreclosures and slow property sales, Tarrant County's property values rose only 2.4 percent this year, the smallest increase in 15 years. The article said: "The overall 2.4 percent increase falls well short of ...
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  • Will the Federal Housing Tax Credit Increase Foreclosures?

    Posted By admin || 12-Sep-2009

    The December 1st deadline for securing the $8,000 tax credit for buying a new home (if you're a first-time buyer) is quickly approaching. But is this program just a government sponsored no-money down scheme that could increase the number of foreclosures in the long-term? According to an article in the Star-Telegram, the tax credit has already had a big influence on the housing market encouraging ...
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  • Saving Your Home: Frustration Continues Over Foreclosure Reform

    Posted By admin || 10-Sep-2009

    Lawmakers concerned that change is not fast enough for the crisis. The foreclosure crisis is still wreaking havoc on communities. The Star Telegram published updated foreclosure statistics this week. The article noted the highs and lows, stating that, "Residential foreclosure postings for the August Tarrant County auction are down significantly from the July 7 auction, but still higher than they ...
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  • Foreclosure Crisis Takes a Toll on City Budgets

    Posted By admin || 5-Sep-2009

    According to an article in the Star-Telegram, America's foreclosure crisis is hitting cities hard, forcing them to cut back on services and implement job losses. Unfortunately, Dallas-Fort Worth is amongst the foreclosure casualties. The article said: "...NLC research director Christopher Hoene warned that cities including Los Angeles, Dallas and Chicago have explored cuts to public safety as a ...
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  • Texas Legislators Crack Down on Criminals Who Target Seniors

    Posted By admin || 5-Sep-2009

    According to an article in the Dallas Morning News, Texas legislators have created stiffer criminal penalties for those who defraud senior citizens. The influential group, the Texas Silver-Haired Legislature urged that decisive action be taken against criminals who target senior citizens for foreclosure scams, credit card scams, identify theft and other types of financial abuse. The article said: ...
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  • FTC to Terminate "Robocalls" September 1st

    Posted By admin || 1-Sep-2009

    According to an article in the Dallas Morning News, starting September 1st the Federal Trade Commission will ban telemarketer "robocalls" made to consumers without their express written permission. The article said: "FTC Chairman Jon Leibowitz said American consumers have made it "crystal clear that few things annoy them more than the billions of commercial telemarketing robocalls they receive ...
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  • Driven by Federal Tax Incentive -- Housing Sales Surge

    Posted By admin || 30-Aug-2009

    According to an article in the Dallas Morning News, sales of new homes surged 9.6 percent in July, an increase driven by the $8,000 federal tax incentive for buyers. The article said: "The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, ...
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  • Congress Passes Anti-Foreclosure Bill

    Posted By admin || 26-Aug-2009

    According to an article from the Associated Press, Congress sent legislation to the President earlier this week that would encourage lenders to save homeowners from foreclosure. The lending industry helped block an earlier, tougher measure that would have required lenders to reduce monthly payments for those homeowners going through bankruptcy. Support for the new legislation was widespread in ...
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  • 1 in 10 Texas Homeowners Delinquent or In Foreclosure

    Posted By admin || 24-Aug-2009

    According to an article in the Dallas Morning News, Texans continue to fall behind on their mortgage payments and face foreclosure at a rate that's outpacing many other states. In the 2nd quarter of 2009, more than one in ten Texas mortgages were either late or already in foreclosure and Texas ranked 17th nationally among states ranked by the percentage of late mortgage payments. The article said: ...
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  • Luxury Apartment Foreclosure Surprises Residents

    Posted By admin || 24-Aug-2009

    According to an article in the Dallas Morning News, most residents in the high-end apartment complex located in the West End are unaware of the recent foreclosure filing on the property. The article quoted one of the tenants; "I've got a lease through August 11 next year," said Linda Melcher, a 1001 Ross Avenue tenant. "So, what does that mean for me, obviously, but what does it mean to everybody ...
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  • Foreclosures Making America Sick

    Posted By admin || 23-Aug-2009

    According to an article in US News, the foreclosure crisis may be making American homeowners sick--literally. There was a study done on 250 Philadelphia homeowners facing foreclosure and 50 percent of them reported being depressed, while 60 percent reported skipping meals because they could not afford food and another 48 percent said that they could no longer afford to pay for their prescription ...
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  • Mortgage Delinquency Rises by 53 Percent

    Posted By admin || 20-Aug-2009

    According to an article in the Star-Telegram, the number of homeowners who were late making their mortgage payments shot up by 53 percent in the fourth quarter of 2008 from the same period in 2007. The percentage of homeowners facing foreclosure was 4.58 at the end of 2008 compared to 2.99 percent in 2007 and analysts predict 2009's mortgage delinquencies will rise significantly indicating that an ...
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  • Mortgage Lenders Feel No Shame?

    Posted By admin || 20-Aug-2009

    It has been a little more than a month since the government began their "shame the mortgage lender" program by publishing the names and results of mortgage lenders' foreclosure prevention efforts. According to an article in the Star-Telegram, approximately 2.7 million American homeowners are at least 2 months behind on their mortgage and facing the possibility of foreclosure, yet only 9 percent of ...
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  • Foreclosure Sales Decline Foreclosure Postings Are Up

    Posted By admin || 19-Aug-2009

    According to an article in the Dallas Morning News, the number of homes sold at foreclosure auctions has declined by 17 percent; but the number of homes succumbing to foreclosure continues to rise. So far, foreclosure posting rose by 35 percent compared with 2008; but many homes remain in foreclosure limbo while homeowners fight to get mortgage modifications. The article said: "The lenders are ...
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  • High-Profile West End Complex Succumbs to Foreclosure

    Posted By admin || 17-Aug-2009

    According to an article in the Dallas Morning News, the high-profile 1001 Ross Avenue apartment block with retail space on the ground floor was posted for foreclosure. The article said: "The downtown Dallas apartment project is one of 184 commercial and investment properties threatened with forced sale at next month's foreclosure auctions in Dallas, Tarrant, Collin and Denton counties." Nearly 50 ...
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  • Home Sales Declined 19 Percent for 2009

    Posted By admin || 16-Aug-2009

    According to an article in the Dallas Morning News, North Texas home sales have declined by 19 percent in 2009. But July home sales show a little promise with a decline of only 7 percent, the smallest year-over-year decrease since last fall. The article said: "Real estate agents sold 7,127 single-family homes in July, the highest sales total in 11 months. And the number of pending home sales - a ...
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  • Facing Foreclosure Many Homeowners at Mortgage Servicers' Mercy

    Posted By admin || 14-Aug-2009

    Millions of homeowners are at least 60 days past due on their mortgages and facing imminent foreclosure; but they're having a hard time taking advantage of mortgage modifications that could help them avoid foreclosure. The government's Making Home Affordable program has experienced sub par involvement from mortgage servicers and only 9 percent of eligible borrowers facing foreclosure have been ...
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  • Mortgage Servicers Abusing Homeowners Facing Foreclosure?

    Posted By admin || 12-Aug-2009

    According to an article in the Star-Telegram, at least 30 mortgage servicers have faced lawsuits accusing them of harassing borrowers, imposing illegal fees, charging for unnecessary insurance and failing to quickly aid homeowners facing foreclosure despite billions of dollars invested in foreclosure prevention by the government. But despite the lawsuits and controversy surrounding mortgage ...
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  • The Foreclosure Crisis' Wall of Shame

    Posted By admin || 10-Aug-2009

    According to an article in the Star-Telegram the government has released the first list of mortgage lenders who have failed or succeeded to make a significant impact with the foreclosure prevention plans implemented by the government. According to the article, only 9 percent of eligible borrowers have reduced their mortgage payments with modified loans and 10 mortgage lenders have failed to modify ...
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  • Tiny Fraction of Homeowners Facing Foreclosure Offered Help

    Posted By admin || 8-Aug-2009

    According to an article in the Star-Telegram, only 15 percent of homeowners facing foreclosure have been offered assistance through the government's $50 billion loan modification program. Many mortgage lenders such as American Home Mortgage Servicing and PNC Financial Services Group Inc. have not modified a single toxic mortgage--not one with other mortgage lenders modifying as most 1 in every 4 ...
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  • More Homeowners Faced Foreclosure in June

    Posted By admin || 7-Aug-2009

    According to an article in the Dallas Morning News, the number of North Texas homeowners facing possible foreclosure grew in June. In June 4.5 percent of Dallas-Fort Worth homeowners were 90 days or more late with their mortgage payments. That's an increase of 1.1 percentage points from a year ago. The article said: "During the last year, foreclosure filings in the Dallas area have occurred at the ...
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  • Dispelling Three Bankruptcy Myths

    Posted By admin || 6-Aug-2009

    The decision to file for bankruptcy is typically a last resort for consumers who find themselves plagued with debt. While bankruptcy may offer a fresh start and relief from bills incurred from divorce, unemployment and uninsured medical costs, many consumers worry about how the decision will ultimately impact their financial future. Myth #1 - Filing for bankruptcy will permanently ruin my credit. ...
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  • Consumer Protection Agencies Report Rise in Foreclosure Scams Targeting Elderly

    Posted By admin || 5-Aug-2009

    According to an article in the Star-Telegram, Consumer protection agencies nationwide have experienced a rapid increase in the number of foreclosure "rescue" scams targeting senior citizens. The article said: "The report says that home foreclosure scams, which often target the elderly, were the most serious complaints last year. They were so bad, said Pastor Herrera Jr., the director of the Los ...
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  • Federal Task Force to Fight Foreclosure Fraud

    Posted By admin || 5-Aug-2009

    According to an article in the Star-Telegram, Federal authorities are creating a foreclosure fraud task force to investigate scams that continue to contribute to the economic crisis and the growing tide of foreclosures. The article said: "The task force will focus on "foreclosure rescue" schemes and "short sale" schemes. Foreclosure rescue schemes prey on desperate homeowners by persuading them to ...
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  • Congressman Threatens Lenders Who fail to Prevent Foreclosure

    Posted By admin || 4-Aug-2009

    According to an article in the Star-Telegram, Congressman Barney Frank threatened to revive legislation that would allow bankruptcy judges to write down a person's monthly mortgage payment if the number of loan modifications remain low. The article said: "People in the servicing industry and in the broader financial industry must understand that if this last effort to produce significant ...
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  • Dallas/Ft. Worth Home Price Declines Continue

    Posted By admin || 4-Aug-2009

    According to an article in the Dallas Morning News, Dallas-area home prices have declined 4.1 percent in May from a year ago; but the decline has slowed compared to other cities. The article said: "Nationwide, the rate of home price decline is less dramatic than in recent months. "The pace of descent in home values appears to be slowing," Standard & Poor's David Blitzer said in the just ...
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  • FHA Homeowners Will Qualify for Loan Modification

    Posted By admin || 3-Aug-2009

    According to an article in the Star-Telegram, homeowners facing foreclosure who have loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's "Making Home Affordable" foreclosure prevention program. The article said: "Effective Aug. 15, financially troubled homeowners who have an FHA-insured loan can apply for a modification ...
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  • Foreclosures Reduce Taxable Property Values

    Posted By admin || 31-Jul-2009

    According to an article in the Star-Telegram, the rise in foreclosures has slowed Tarrant County's net taxable property values putting many cities on a tight budget. The article said: "Tarrant County's net taxable property values increased the smallest amount in 15 years, creating fear among many local government officials as they prepare their budgets for next year. The data released Monday shows ...
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  • Job Losses Don't Need to Equal Foreclosure

    Posted By admin || 29-Jul-2009

    When a homeowner suffers a job loss, the most immediate fear is foreclosure. It's natural to believe that foreclosure is imminent after a job loss; but a job loss doesn't need to equal foreclosure. There are a few things a homeowner can do to avoid foreclosure after a job loss: #1 - Contact you lender immediately after a job loss. Be honest with them and explain the situation to them and make it ...
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  • Foreclosure Road Rules

    Posted By admin || 28-Jul-2009

    Facing foreclosure can be one of the most nerve-wracking experiences for even the most financially seasoned amongst us. But if you're facing foreclosure, there a few simple rules that can help you navigate the process. Rule #1 - Don't delay in seeking help. Don't wait until you receive the foreclosure notice to seek help, as soon as you realize that you can no longer afford to pay your mortgage ...
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  • Anatomy of The Commercial Real Estate Foreclosure Crisis

    Posted By admin || 27-Jul-2009

    Well, it's official...it looks like the commercial real estate industry is plunging into a foreclosure crisis due to reduced lending, stagnant consumer spending and a whole lot of bad loans. According to an article in the Star-Telegram, the commercial real estate foreclosure crisis is getting so bad that even Morgan Stanley reported a loss of more than $1.2 billion mostly caused by commercial real ...
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  • More Commercial Real Estate Foreclosures Predicted for Dallas-Fort Worth

    Posted By admin || 25-Jul-2009

    According to an article in the Dallas Morning News, some advocates for Dallas-Fort Worth's low-wage workers accused the Texas Workforce Commission of stalling a payout of 13 additional weeks of unemployment benefits to workers who have been unemployed for more than a year. The Texas Workforce Commission claims that they must indefinitely delay unemployment benefit extension checks due to technical ...
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  • More Commercial Properties Face Foreclosure

    Posted By admin || 23-Jul-2009

    According to an article in the Star-Telegram, two shopping, residential and office developments in the growing Alliance Corridor in far north Fort Worth are facing foreclosure, another casualty of the credit crisis. The article said: "Plans for the open-air development included 1.6 million square feet of retail, and medical and office space. Trophy completed engineering and environmental studies, ...
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  • Foreclosure Crisis Continues

    Posted By admin || 23-Jul-2009

    According to an article in the Dallas Morning News, the number of Dallas-Fort Worth foreclosures have dropped below 5,000 for the first time in five months; but analysts say that number is still too high. The article said: "But filings in the four-county area are still 5 percent higher than a year ago. August's foreclosure auctions will include 4,796 properties in Dallas, Tarrant, Collin and ...
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  • High-Profile Shopping Center in Foreclosure

    Posted By admin || 22-Jul-2009

    According to an article in the Dallas Morning News, the high-profile Opus West owned shopping center and apartment complex near the Galleria is facing foreclosure. The article said: The Broadstone Parkway development on Inwood Road just north of LBJ Freeway is one of several North Texas properties built by Opus West Corp. The Phoenix developer is in bankruptcy and plans to auction off many of its ...
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  • Foreclosure Scammers Ordered to Cease and Desist

    Posted By admin || 22-Jul-2009

    According to an article in the Star-Telegram, prosecutors nationwide have filed 189 cease and desist orders against foreclosure scammers who market themselves as "loan-modification consultants." Prosecutors accuse these foreclosure scammers of bilking homeowners out of thousands of dollars while falsely claiming that they could negotiate with mortgage lenders to make mortgage payments more ...
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  • Over 1.9 Million Foreclosures Nationwide

    Posted By admin || 21-Jul-2009

    According to an article in the Star-Telegram, more than 49,000 homeowners in Texas faced foreclosure since January of this year, up 6.25 percent from the previous six months. That's 1 out of every 192 Texas homeowners facing foreclosure. The numbers worsen on a national scale as 1 out of every 84 homeowners nationwide faced foreclosure in the first six months of 2009. The article said: ...
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  • New Rules Regulating Lender Appraisals Fought By Mortgage Industry

    Posted By admin || 16-Jul-2009

    According to an article in the Dallas Morning News, three months after the new rules regulating the appraisal of homes were implemented the changes are now being fought by the mortgage industry, realtors, homebuilders and the appraisal industry itself. The article said: "The new guidelines essentially put a firewall between lenders and home appraisers. They also ended the practice of lenders using ...
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  • Is It Time for Uncle Same to Stamp Out Foreclosures?

    Posted By admin || 14-Jul-2009

    The foreclosure crisis has reached a feverish pitch. With nearly 10,000 foreclosures per day, more and more Americans are losing their homes to foreclosure despite billions of dollars invested in foreclosure prevention schemes. Job losses, restricted credit, exploding APRs and a mortgage industry that has adopted a "delay the inevitable" attitude towards loan modifications and pending foreclosures ...
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  • Homeowners Facing Foreclosure Have Very Little Time to React

    Posted By admin || 13-Jul-2009

    Homeowners facing foreclosure often work hard to save their homes, contacting the mortgage lender, sending in requested paperwork and waiting patiently for a response. But because of the current backlog faced by many mortgage lenders, homeowners facing foreclosure are also faced with a nerve-racking wait that could jeopardize their home. In judicial states like California, foreclosing on a home ...
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  • Texas Homes Sales Decline in June

    Posted By admin || 13-Jul-2009

    According to an article in the Star-Telegram, Texas has experienced a steady decline of home sales mostly due to a large number of foreclosures, job losses and lack of available credit. In June, Texas only sold 6,782 single-family homes, a 14 percent decline from June 2008. The article said: "Buyers are still finding it hard to borrow money, unless they have spotless credit and a 20 percent down ...
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  • Foreclosure Prevention Plans Offer Little Help to Homeowners

    Posted By admin || 13-Jul-2009

    According to an article in the Star-Telegram, many mortgage companies are putting in very little effort to prevent foreclosures. Many homeowners facing foreclosure approach their mortgage lender for assistance but their pleas for help are often met with silence or "help" that's offered has very little tangible benefit. The article said: "Celina Gallegos of Arlington has taken a second, part-time ...
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  • Commercial Property Foreclosures Rise 12 Percent

    Posted By admin || 10-Jul-2009

    According to an article in the Star-Telegram, commercial property foreclosure postings rose by 12 percent in North Texas from a year ago. The article said: "There have been 384 postings in Tarrant County through July, down 27 percent from a year ago, according to Addison-based Foreclosure Listing Service. In Dallas County, postings are up 27 percent. Those two counties account for 77 percent of ...
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  • Forty-Seven Percent of Americans Say Foreclosure Prevention Plan Not Working

    Posted By admin || 9-Jul-2009

    According to article in the Star-Telegram, a new poll revealed that 41 percent of Americans said that the government's foreclosure prevention plan which gave $50 billion to banks as in incentive to lower borrowers' monthly payments, has failed to reduce the number of foreclosures. Only 28 percent of those surveyed said that the foreclosure prevention plan is working. Those numbers aren't ...
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  • Dallas-Fort Worth Home Price Declines May Be Here to Stay

    Posted By admin || 8-Jul-2009

    According to an article in the Dallas Morning News, home price declines may be here to stay for at least the next two years. And in certain areas of the country the possibility of long-term housing price declines is astronomically high. The article said: ""Increasing unemployment and foreclosure rates - coupled with continued high excess housing supply and pressure from the severe recession - ...
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  • A Foreclosure Plan That's Working

    Posted By admin || 6-Jul-2009

    According to an article in Reuters, there's a successful foreclosure prevention program that has saved almost 60 percent of its participants from losing their homes to foreclosure. The article said: "Philadelphia's Mortgage Foreclosure Diversion Pilot Program, seen as a national model to stem the foreclosure crisis, resulted in 2,776 properties permanently or temporarily saved from [foreclosure] ...
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  • Adjustments to Government Foreclosure Prevention Program

    Posted By admin || 1-Jul-2009

    According to an article in the Dallas Morning News, the Obama administration is expanding the foreclosure prevention program to include borrowers who owe more than their homes are worth. The article said: "Housing secretary Shaun Donovan says borrowers who owe up 25 percent more than their home's market value will qualify for government help refinancing their mortgages. The program currently is ...
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  • Are Government Foreclosure Prevention Programs Failing the American Homeowner?

    Posted By admin || 1-Jul-2009

    The government has already "invested" over $75 billion to prevent a millions of foreclosures. But has that plan actually reduced the amount of foreclosures? The short answer is no. The long answer is a little more complicated. Originally, the government's foreclosure program was supposed to save over a million American homeowners from foreclosure; but so far, only about 190,000 homeowners have ...
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  • Dallas-Fort worth Foreclosures Rise and Apartments Sit Empty

    Posted By admin || 1-Jul-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth area apartment rents are seeing declines by as much as 8 percent in some Dallas-Fort Worth neighborhoods. Also, Dallas-Fort Worth apartment vacancy rates are at 10 percent, despite the rise in foreclosures throughout the community. The article said: "So far this year, North Texas tenants have moved out of more than 6,900 ...
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  • Homeowners with Good Credit Scores Facing Foreclosure

    Posted By admin || 29-Jun-2009

    According to an article in the Star-Telegram, Americans' with good credit scores are facing foreclosure as their finances take a beating. The article said: "Americans carry $2.56 trillion in consumer debt, up 22 percent just since 2000, according to the Federal Reserve. The average household's credit card debt is $8,565, up almost 15 percent from 2000. And a report out last month said borrowers ...
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  • Are You A Renter Facing Eviction Because Of Foreclosure?

    Posted By admin || 26-Jun-2009

    We've heard a lot about how homeowners are affected by foreclosure; but much less about the renters who also fall victim to foreclosure. There are 95 million renters in America and every last one of them is vulnerable to eviction because of the current foreclosure crisis. Many renters are just as financially vulnerable when facing foreclosure as their homeowner neighbors, if not more vulnerable. ...
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  • Financial Industry Rails Against Proposed Foreclosure Prevention Regulations

    Posted By admin || 25-Jun-2009

    According to an article in the Star-Telegram, the financial industry is gearing up to fight proposed regulations aimed to prevent a future foreclosure crisis and curb abuse of credit consumers. The article said: "Republicans and industry groups are railing against much of his proposal. They say there already are enough regulators policing the market and that holding those regulators more ...
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  • Are You in Financial Limbo Because of a Pending Foreclosure that Never Comes?

    Posted By admin || 24-Jun-2009

    If you're in financial limbo because of a pending foreclosure that never comes, you're not alone. According to an article in the Washington Post, about 1 million borrowers are waiting in the shadows of pending foreclosures that never happen. This is a dangerous situation because many homeowners facing foreclosure can't pay their mortgage yet the bank takes "forever" to foreclose on the house. The ...
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  • President Obama Hopes to Create Government Approved Mortgages

    Posted By admin || 22-Jun-2009

    According to an article in the Star-Telegram, President Obama wants to create a package of government approved loans that will present less risk and confusion for borrowers and possibly prevent another foreclosure crisis. The article said: "If the Obama plan for simplifying the mortgage process is approved, here's how it might work: The government would give its seal of approval to a handful of ...
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  • Dallas-Ft. Worth Home Values Reset to 1990's

    Posted By admin || 22-Jun-2009

    According to an article in the Dallas Morning news, the foreclosure crisis is pushing home values down so far that they are comparable to the Dallas-Fort Worth home values in the 1990's. The article said: "Harvard researchers said that the U.S. housing business is in its worst slowdown since the 1940s... Dallas-Fort Worth is among many markets where home prices are now back to 1990s levels in real ...
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  • Second Wave of Foreclosures Coming Soon

    Posted By admin || 22-Jun-2009

    According to an article in the Star-Telegram, experts are warning of an explosion of foreclosures that will rival the subprime foreclosure crisis. The article said: The mortgages in question are $230 billion of option adjustable-rate mortgages, creative lending products that flourished at the height of the housing boom. In an option ARM, a borrower can opt to pay less than his or her monthly ...
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  • A 62 Percent Jump in Foreclosure Filings in Dallas-Fort Worth

    Posted By admin || 22-Jun-2009

    According to an article in the Dallas Morning News, there are more than 6,000 properties posted for foreclosure in the Dallas- Fort Worth area. That's a 62 percent jump from just a year ago. Dallas-Fort Worth has already experienced more than 35,000 foreclosure filings in 2009 alone and we're only at the mid-point in the year. And despite foreclosure prevention funds given to mortgage companies, ...
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  • Foreclosure Scammer Faces 140 Years in Prison

    Posted By admin || 19-Jun-2009

    According to an article in the Star-Telegram, a 55-year-old Rosario Divins was convicted of scamming desperate homeowners who were hoping to escape foreclosure. Divins promoted herself as a foreclosure specialist who could work miracles in helping homeowners secure new loans needed to avoid foreclosure. But Divins never made good on her promises, even after taken more than $100,000 from homeowners ...
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  • More Money Given to Banks for Anti-Foreclosure Programs

    Posted By admin || 19-Jun-2009

    According to an article in the Star-Telegram, the government is handing out another $3.1 billion to a group of mortgage servicing companies as an incentive to modify loans to combat foreclosures. The article said: The department (Tresury Department) also added one company, Residential Credit Solutions of Fort Worth, Texas, to the program. It is scheduled to receive up to $19.4 million, and joins ...
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  • High-Rise Development in Foreclosure

    Posted By admin || 17-Jun-2009

    According to an article in the Dallas Morning News, an LBJ Freeway property that was planned for high-rise development is now in foreclosure. The article said: The 15-acre tract next to the Galleria previously housed an automobile dealership. Last year, developers announced plans for a $1 billion complex on the land that was to include office buildings, a hotel, condominiums and a shopping center. ...
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  • Is Your Homeowners Association Foreclosing On You?

    Posted By admin || 12-Jun-2009

    There are approximately 59 million Americans living in association governed communities and according to an article in the Star-Telegram, many of them are facing foreclosure because of past due homeowners association dues. The article said: Thousands of Americans who have generally kept up with their mortgages are still in danger of losing their homes because they made a fateful trade-off in this ...
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  • Foreclosures Increase By 18 Percent

    Posted By admin || 11-Jun-2009

    According to an article in Reuters, foreclosures rose by 18 percent in May from 2008, marking the third highest month on record. The article said: "There were almost one million foreclosure filings in a three-month period, and that's simply unprecedented," Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview. One in every 398 households with a mortgage ...
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  • Persistence and Information Pays Off When Facing Foreclosure

    Posted By admin || 10-Jun-2009

    If you're facing foreclosure, then you already know that getting the right people on the phone can be nearly impossible when calling your mortgage lender. The important thing any homeowner facing foreclosure can do is be persistent and come armed with the right information. Many homeowners don't know that mortgage servicing companies usually have two groups of people who handle borrowers facing ...
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  • Facing Foreclosure? Here's How You Can Fight Back

    Posted By admin || 10-Jun-2009

    Thousands of Texans facing foreclosure want to save their homes; but they simply don't know how. If you're facing foreclosure here's what you should to do to fight back and try to save your home: Don't ignore the envelopes with the "window." Many times when homeowners are facing foreclosure, they feel overwhelmed and decide to avoid the problem instead of facing it head-on. That's a mistake. Don't ...
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  • Members of Congress on Foreclosure Headlines

    Posted By admin || 8-Jun-2009

    According to an article in the Star-Telegram, congressmen are getting up-close and personal with mortgage lenders on behalf of homeowners facing foreclosure. The article said: Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their ...
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  • Foreclosures Force Price Cuts

    Posted By admin || 5-Jun-2009

    According to an article in the Dallas Morning News, more than 30 percent of Dallas-area home sellers have been forced to cut their prices at least once. That percentage is even higher for home sellers with houses priced at $1 million or more. The article said: "Everyone wants to think they are getting the best deal available, and price reductions are helping to spark a renewed interest in the U.S. ...
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  • Alleged Foreclosure Scammer Entraps Texas Couple

    Posted By admin || 3-Jun-2009

    According to an article in the Keller Citizen, a Harris County district judge has frozen the assets of an alleged foreclosure scam company after a local couple accused them of taking $1500 in a foreclosure scam. The article said: One complaint was by a young couple who found themselves in financial straits after buying a house in the Westfork at Heritage subdivision in far north Fort Worth a year ...
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  • Number Of Delinquent Homeowners Rise

    Posted By admin || 3-Jun-2009

    According to an article in the Star-Telegram, the number of borrowers who were 60 days or more delinquent on their mortgage payments rose to 5.22 percent for the first three months of 2009. That's 62 percent higher than last year. This is a smaller percentage than reported by the Mortgage Bankers Association; but still alarmingly high. Most homeowners who have become delinquent on their mortgage ...
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  • State Legislation Designed To Protect Renters Shot Down--Federal Law Comes To Rescue

    Posted By admin || 3-Jun-2009

    According to an article in the Star-Telegram, state legislation designed to protect renters from the fallout of foreclosures was shot down, along with similar bills; but new federal legislation has come to the aid of renters affected by foreclosure. The article said: The federal measure requires banks that gain control of homes to honor tenants' leases if they're current on their rent, or to give ...
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  • Billions Invested In Foreclosure Prevention Programs That Don't Work -- Now What?

    Posted By admin || 2-Jun-2009

    It has been three months since the new foreclosure prevention program went into affect. And of the four million homeowners facing foreclosure the program was suppose help only 100,000 homeowners have received mortgage modification offers. No word yet on how many of those offers were actually accepted. According to the Mortgage Bankers Association, nearly 5.4 million mortgage were nearing ...
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  • No End In Sight For Foreclosure Crisis

    Posted By admin || 1-Jun-2009

    According to an article in Reuters, we haven't seen the bottom of the foreclosure crisis yet. Foreclosures are expected to rise as housing prices plunge, job losses increase and a new wave of foreclosures are set to hit the market over the course of the next two years. The article said: "We're not at the bottom and anybody that's trying to call the bottom right now is crazy," said Jack McCabe, a ...
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  • Almost 8 Percent Of Texans At Least One Month Late On Mortgage

    Posted By admin || 28-May-2009

    According to an article in the Dallas Morning News, almost 8 percent of Texans are behind on their mortgage payments and nearly 4 percent of all home loans nationwide were in foreclosure at the end of March. But the sub-prime market in Texas is still taking a brutal blow. The article said: In Texas, more than 21 percent of so-called subprime loans are now past due. That compares with a 4 percent ...
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  • Many Texas Residents Face Rising Property Taxes Despite Foreclosures

    Posted By admin || 26-May-2009

    According to an article in the Star-Telegram, many middle-class homeowners are facing rising property taxes while some higher-end property owners receive lower property tax assessments. One such resident, Richard Humphries, a 77-year-old retired railroad worker recently received a property appraisal that showed an increased value of $55,000 while his neighbor's property value remained the same. ...
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  • Save Your Home Using Bankruptcy

    Posted By admin || 21-May-2009

    Is your home at risk of foreclosure ? Many homeowners facing foreclosure fail to understand their rights and the tools available to them to prevent foreclosure. One of those tools is bankruptcy. Bankruptcy is designed to protect the primary residence of the debtor by using what's called the homestead exemption. The Texas homestead exemption is available for Texans who have lived in the state for ...
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  • Foreclosures And Credit Crisis Cause Abandoned Communities

    Posted By admin || 21-May-2009

    There's an interesting article in the Dallas Morning news about how some subdivisions in the Dallas-Fort Worth area are being hit hard by the foreclosure and credit crisis. The article said: Hacienda del Sol never turned into the community homeowners say they were promised. Homeowners expected the southeast Dallas subdivision, tucked between a busy street and lush trees, to flourish into a ...
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  • Foreclosure Prevention Legislation Sent To President

    Posted By admin || 20-May-2009

    According to an article in the Star-Telegram, Congress sent the president legislation designed to prevent foreclosure. Legislators hope that "Helping Families Save Their Homes Act" will encourage lenders to modify the mortgages of homeowners facing foreclosure. The article said: The bill would expand an existing $300 billion program that encourages lenders to write down an individual's mortgage if ...
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  • After A Half Century, Shopping Center Faces Foreclosure

    Posted By admin || 19-May-2009

    According to an article in the Dallas Morning News, Richardson Heights Shopping Center which has been in business for over 50 years is facing foreclosure. The article said: The owner of the 220,000-square-foot retail center is in default on more than $32 million in debt, according to information from Addison-based Foreclosure Listing Service. The Richardson shopping center is not alone; nearly 200 ...
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  • Foreclosures And Sagging Economy Hit Construction Industry

    Posted By admin || 19-May-2009

    According to an article in the Star-Telegram, the number of foreclosures coupled with rising job losses and cautious consumers has lowered the number of new home and apartment construction by 12.8 percent last month to an annual rate of 458,000, units. That's the lowest number of new construction on record going back 50 years. And the low number of new building permits gives us a glimpse into what ...
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  • Almost 30,000 Dallas-Fort Worth Foreclosures Since January...And Counting

    Posted By admin || 18-May-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth has experienced nearly 30,000 foreclosure filings since the beginning of 2009 and that's not expected to decrease anytime soon. For foreclosures scheduled for next moth Dallas County has the largest total with 2,150 foreclosure filings scheduled to take place in June. The article said: Counting June's scheduled foreclosures, the ...
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  • Foreclosures Continue To Pressure Housing Market

    Posted By admin || 12-May-2009

    According to an article in the Dallas Morning News, the growing numbers of foreclosure sales have dragged down Dallas-Fort Worth home prices since the first quarter of 2009. Because of foreclosures, Dallas-Fort Worth suffered a 4.7 percent decline in home prices since the first quarter of 2008. But even with the foreclosures decreasing home values, Dallas-Fort Worth is still fairing better than ...
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  • More Dallas-Fort Worth Homeowners Facing Declining House Values

    Posted By admin || 7-May-2009

    According to an article in the Dallas Morning News, one in five Dallas-Fort Worth area homeowners with mortgages now owe more than their house is worth. The article said: At the end of the first quarter, about 17 percent of D-FW-area mortgage holders were "upside down" in their debt...That's a slightly higher share than at the end of 2008, according to a new report released Wednesday. This loss of ...
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  • Foreclosure Tsunami May Hit Commercial Properties Next

    Posted By admin || 6-May-2009

    According to an article in the Star-Telegram, the commercial real estate industry may be next on the foreclosure hit list. The article said: Thousands of commercial mortgages valued at hundreds of billions of dollars are approaching a renewal date. By some estimates, two out of every three will no longer meet the original loan conditions and won't be able to refinance. And with prices for ...
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  • America's Foreclosure Crisis Empties Neighborhoods

    Posted By admin || 6-May-2009

    According to an article in the Star-Telegram, the foreclosure crisis is emptying many neighborhoods, leaving behind literal ghost towns. Federal legislators are so worried about the amount of empty homes being left by foreclosures that they have set aside nearly $6 billion for local governments to fight blight by rehabilitating or demolishing vacant property. The article said: The federal money ...
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  • Foreclosure Crisis Makes Lenders Cautious

    Posted By admin || 6-May-2009

    According to an article in the Dallas Morning News, many banks are making it more difficult for potential homeowners and those who want to refinance to borrow. The article said: The Fed's new quarterly survey found that about 50 percent of U.S. banks tightened their lending standards on prime mortgages, up from about 45 percent in the survey issued in early February. Meanwhile, 65 percent of banks ...
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  • Bankruptcy Reform Bill Defeated In The Senate

    Posted By admin || 4-May-2009

    According to an article in the Dallas Morning News, a bankruptcy bill that would allow homeowners facing foreclosure to modify their toxic mortgages in bankruptcy was defeated in the Senate on Thursday. The Senate shot down the bankruptcy bill by a 45-51 vote against the law. The article said: "The banks that are too big to fail are saying that 8 million Americans facing foreclosure are too little ...
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  • The Foreclosure Crisis Is Poised To Get Worse

    Posted By admin || 27-Apr-2009

    With a combination of factors, including increased job losses, persistent unemployment and a ticking time bomb of subprime mortgages that have yet to reset, the foreclosure crisis will probably get worse before it gets better if legislators don't take action now. It was during 2005 and 2006 that mortgage lenders began to increasingly give borrowers interest-only adjustable rate mortgages that are ...
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  • Good News For Texas Homeowners

    Posted By admin || 27-Apr-2009

    According to an article in the Star-Telegram, legislation was just passed in the Texas Senate that would allow Texans facing foreclosure more time to save their homes. Under the current law, the foreclosure process can move rapidly, giving Texas homeowners only 20 days to fix loan defaults before a mortgage lender foreclosures on them. If the new legislation also passes the Texas House of ...
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  • More Legal Aid For The Poor?

    Posted By admin || 23-Apr-2009

    According to an article in the Star-Telegram, over two-thirds of Americans surveyed by the American Bar Association said they would support increased federal funding for poor people needing legal assistance. Currently there is legislation making its way through Congress to increase legal aid funding for the poor. The article said: Legislation introduced in March by Sen. Tom Harkin, D-Iowa, would ...
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  • Americans Call Lawmakers For Financial Help

    Posted By admin || 23-Apr-2009

    According to an article in the Star-Telegram, many Americans facing foreclosure and bankruptcy are calling their congressional representatives for help on financial issues. The article said: Rep. Mel Watt is used to dealing with constituents who need help with government agencies. But once Congress passed a $700 billion bailout of the banking system, some people started turning to the Charlotte ...
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  • Warning Signs That It's A Foreclosure Scam

    Posted By admin || 23-Apr-2009

    As more homeowners face foreclosures, the number of foreclosure scammers looking for a quick buck has increased. Here are some telltale signs that you may be dealing with a foreclosure scammer: They claim to have approved you for a mortgage modification that can help prevent foreclosure; but they are not your bank. Only your bank can guarantee mortgage modifications; so if you receive an email or ...
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  • Homeowners Facing Foreclosure Hits Record High

    Posted By admin || 23-Apr-2009

    According to an article in the Dallas Morning News, foreclosure filings in the Dallas-Fort Worth area have risen by 25 percent, with 5,500 homes facing foreclosure in May. The article said: Worsening economic conditions have caused more homeowners to fall behind in their mortgage payments. But analysts with Foreclosure Listing Service say the biggest reason for the increase in postings in the last ...
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  • Banking Class Claim Job Losses The Cause Of Foreclosure Not Toxic Loans

    Posted By admin || 16-Apr-2009

    There's an "interesting" article over at CNN that features the findings of a "study" done by the Boston Federal Reserve that claims that it's not toxic, exploding mortgages that triple in cost after a few years, causing foreclosure but the fact that people are experiencing job losses. The article said: Borrowers are more likely to default on their payments because they have lost their jobs or ...
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  • Is The Government's Making Home Affordable Program Right For You?

    Posted By admin || 16-Apr-2009

    There's an interesting article in the Star-Telegram that explains some of the advantages, disadvantages and tax implications of refinancing or modifying a home mortgage using the new Making Home Affordable government program. The Making Home Affordable program is basically designed to stimulate the economy and avoid future foreclosures by encouraging homeowners to refinance high interest rate ...
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  • President Obama Urges Homeowners To Refinance, Should You Take His Advice?

    Posted By admin || 10-Apr-2009

    According to an article in the Dallas Morning News President Barack Obama urged families to take advantage of low mortgage rates by refinancing their home loans. The article quoted the President: "The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates," Obama said in a photo opportunity in the ...
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  • Obama Administration Cracks Down On Foreclosure Scammers

    Posted By admin || 10-Apr-2009

    According to an article in the Star-Telegram, the Obama administration plans a major crackdown on scams targeting homeowners facing foreclosure. The article said: As part of the new enforcement effort, the Treasury Department's Financial Crimes Enforcement Network will provide an advisory to financial institutions to help them spot and report questionable loan-modification schemes. "What today's ...
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  • Dallas-Fort Worth New Home Sales Fall 40 Percent

    Posted By admin || 10-Apr-2009

    According to an article in the Dallas Morning News, new home sales in the Dallas-Fort Worth area have fallen 40 percent in the first quarter of 2009. Only 4,200 new home sales were recorded in the first quarter, the lowest number of new homes sold in North Texas in more than a decade. Many potential buyers are simply not looking at new homes, especially with the glut of foreclosures on the market. ...
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  • Foreclosed Homes Magnet For Crime

    Posted By admin || 6-Apr-2009

    According to an article in the Star-Telegram, foreclosed homes and commercial buildings in the Dallas-Fort Worth area are remaining vacant for a lot longer which may cause a rise in crime. The article said: "One of the worst things you can have in your neighborhood is a boarded-up building," said Brandon Bennett, director of Fort Worth's code enforcement department. "It attracts crime." Mr. ...
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  • You May Need To File Bankruptcy

    Posted By admin || 6-Apr-2009

    In February of 2009, personal bankruptcies experienced their biggest year-over-year jump - 37 percent - since the 2005 bankruptcy law changes. With the economy on the downward trend and many Americans overleveraged with unaffordable debt, bankruptcy is looking like the only way they can put their debts behind them and gain a fresh financial start. If you are feeling the financial pinch, here are a ...
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  • Commercial Real Estate Foreclosures Rise Again

    Posted By admin || 3-Apr-2009

    According to an article in the Dallas Morning News, the number of Dallas-Fort Worth commercial properties facing foreclosure rose by 14 percent during the first four months of 2009 compared with the same period of time last year. The article said: So far in 2009, 658 commercial properties have been posted for foreclosure in the Dallas-Fort Worth area, Addison-based Foreclosure Listing Service said ...
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  • Dallas-Fort Worth's Office Space Occupancy Drops In 2009

    Posted By admin || 1-Apr-2009

    According to an article in the Dallas Morning News, office leasing in the Dallas-Fort Worth area has declined by almost 800,000 square feet in the first quarter of 2009. It's the first large drop in commercial real estate leasing Dallas-Fort Worth has experienced in six years. Many companies are facing slowing sales and the prospect of closing some locations to avoid bankruptcy, making them ...
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  • Foreclosures Continue To Rise In Dallas-Fort Worth

    Posted By admin || 1-Apr-2009

    According to an article in Biz Journals, despite national efforts and programs designed to stem the tide of foreclosures, Dallas-Fort Worth's foreclosure postings rose 27 percent this month compared to last year. Basically, our voluntary foreclosure-prevention plans are not working as many had hoped they would. Foreclosures continue to rise in Dallas-Fort Worth and nationwide as more homeowners ...
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  • Tips For Seniors Facing Foreclosure

    Posted By admin || 25-Mar-2009

    As the economy continues to sour many Senior Citizens are finding themselves facing foreclosure. A job loss and/or medical debt is usually the main reason homeowners face foreclosure; but in the case of Senior Citizens, devaluation of their retirement savings is leaving many short on cash and without enough income to even pay the mortgage. The biggest symptoms of a pending foreclosure is reduction ...
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  • Elm Place Tower Foreclosure

    Posted By admin || 23-Mar-2009

    According to an article in the Dallas Morning News, one of downtown Dallas' largest office skyscrapers is facing foreclosure. The article said: The 52-story Elm Place tower at 1401 Elm St. has been posted for forced sale by lenders who are owed more than $22 million for the office tower and other downtown properties. As we have noted on previous posts, the commercial real estate markets are ...
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  • Moratoriums End - Foreclosures Surge

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, the surge in April foreclosures may be the result of foreclosure moratoriums ending. Both Fannie Mae and Freddie Mac have ended their foreclosure moratoriums helping to push up the number of foreclosures posted for an April auction. Foreclosures have increased 32 percent since last year and 27 percent since last month. As the government has rolled out ...
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  • Legislation Being Introduced To Protect Renters Facing Foreclosure

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, there are at least three bills being presented to the Texas Legislature that would give renters more rights when their landlords are foreclosed on. The article said: The bills would require earlier notification about foreclosures and give tenants more time before they have to move out. Other bills would provide more rights for renters, such as: Barring ...
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  • Foreclosure Scammers Rarely Get Jail Time, But Maybe They Should

    Posted By admin || 18-Mar-2009

    According to an article in Star-Telegram, foreclosure scammers falsely claiming that they can save homeowners from foreclosure for a fee rarely face jail time, leaving civil lawsuits as homeowners' only recourse. The article said: While some states have recently toughened penalties for perpetrating the booming business of foreclosure scams, and some prosecutors have used existing fraud statutes to ...
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  • 40 Percent Of Foreclosures Handled By A Few Banks

    Posted By admin || 18-Mar-2009

    According to an article in the Dallas Morning News a handful of banks are responsible for as much as 40 percent of all the home foreclosures in the Dallas-Fort Worth area in 2008. The article said: Two financial firms - Wells Fargo and Deutsche Bank - were responsible for about a quarter of the residential foreclosure filings, according to a study of residential property foreclosure sales in 2008. ...
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  • School Districts Suffer Because Of Foreclosures

    Posted By admin || 16-Mar-2009

    There's an interesting article at USA Today about the affects of the foreclosures crisis on school district funding nationwide. The article said: Census data show the districts' education budgets also are especially reliant on local property tax revenue, which is likely to slide at a time when thousands of residents in the districts are losing their homes and falling off the property tax rolls. As ...
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  • Texas Homeowners Receive Justice

    Posted By admin || 13-Mar-2009

    According to an article in the Star-Telegram, 351 Texas homeowners have been paid restitution by a Florida firm accused of fraudulently promising to help them avoid foreclosure. Foreclosure Assistance Solutions (FAS) paid 351 Texas homeowners more than $390,000 (total, not per person) and is banned from doing business in Texas in the future The article said: FAS was accused of defrauding ...
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  • Good News For Homeowners

    Posted By admin || 12-Mar-2009

    The Office of the Comptroller of the Currency and the Office of Thrift Supervision want to uncover the truth about voluntary loan modifications during 2008. The offices will collect mortgage performance data from the largest national banks and thrifts and will review loan modifications which: increased borrowers' monthly principal and interest payments brought no change to homeowners' payments ...
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  • Foreclosures Push Down The Value Of North Texas Pre-Owned Homes

    Posted By admin || 11-Mar-2009

    According to an article in the Dallas Morning News the sales and value of North Texas pre-owned homes continues to fall as much as 28 percent for single family homes and 31 percent for condos and townhouses. The massive amounts of foreclosures on the market is said to be contributing to the decline of sales and value of homes in North Texas. The article said: About 7 percent of homes listed for ...
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  • Job Losses And Foreclosures Make Americans Vulnerable To Investment Scams

    Posted By admin || 11-Mar-2009

    According to an article in the Star-Telegram, many Americans are falling victim to Ponzi and pyramid schemes after experiencing a job loss, foreclosure or some other financial hardship. An estimated $6 trillion in wealth has already been lost since the crisis began and many Americans facing foreclosure and/or job losses are looking for quick and easy ways to earn money. The article said: And the ...
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  • Foreclosure Crisis Causing A Surge In Child Homelessness In Texas

    Posted By admin || 11-Mar-2009

    According to an article in the Star-Telegram, the foreclosure crisis is contributing to the increasing number of homeless children in Texas. In a report released by National Center on Family Homelessness, Texas' children are becoming homeless more often. Five percent of Texas' children are homeless. The article quoted Ken Martin, executive director of the Texas Homeless Network: "... the ...
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  • Foreclosures Hitting Renters Hard

    Posted By admin || 11-Mar-2009

    According to an article in the Star-Telegram, 40 percent of people facing eviction because of a foreclosure are renters. Those numbers have been further exacerbating by the shaky financial condition of millions of Americans, especially those who are low-income and working class. Many renters don't have enough income and/or savings to find suitable housing after an eviction due to foreclosure and ...
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  • Foreclosure Relief Scammers Charged By Federal Trade Commission

    Posted By admin || 5-Mar-2009

    The Federal Trade Commission has charged National Foreclosure Relief Inc. with falsely claiming that it would stop foreclosures or fully refund consumers' money. The foreclosure "rescue" company would target homeowners facing foreclosure with postcards that claimed to have approved them for a "Fresh Start Program" that could save them from foreclosure. The postcard said: "We are happy to inform ...
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  • The Number Homeowners With Negative Equity Increase

    Posted By admin || 5-Mar-2009

    According to an article in the Dallas Morning News, the number of Dallas-area residents who owe more than their houses are worth has grown to 21.1 percent. One out of every five Dallas-Fort Worth homeowners owe more on their home than it is worth. The article said: "The accelerating share of negative equity, combined with deteriorating economic conditions, means that mortgage risk will continue to ...
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  • Luxury Home Foreclosures Double

    Posted By admin || 5-Mar-2009

    According to an article in the Star-Telegram, foreclosures of luxury homes more than doubled in North Texas. The article said: Of the homes posted for foreclosure, the number valued at more than $1 million jumped 175 percent in the first quarter... Among homes valued at $1 million or more, there were 77 foreclosure postings in the first quarter, compared with 28 postings a year earlier. We know ...
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  • Mortgage Delinquencies Increase Rapidly

    Posted By admin || 4-Mar-2009

    According to an article in the Star-Telegram, the number of people delinquent with their mortgage payments shot up 53 percent indicating a future sharp rise in foreclosures. The article quoted figures from TransUnion LLC: The credit reporting agency said its database shows delinquencies - or the percentage of mortgage holders at least 60 days behind on payments, considered a precursor to ...
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  • County May Declare Itself A Disaster Area Because Of Foreclosures

    Posted By admin || 4-Mar-2009

    According to an article in the Star-Telegram, Port St. Lucie, Florida is considering declaring itself a disaster area because of destruction caused by massive, uncontrolled foreclosures in the county. Could Dallas-Fort Worth be the country's next foreclosures disaster zone? The article said: Just five years ago, Port St. Lucie was America's fastest-growing large city. Then the foreclosure crisis ...
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  • Foreclosures Spare No Neighborhood In Dallas-Fort Worth

    Posted By admin || 27-Feb-2009

    According to an article in the Dallas Morning News, over 21,000 Dallas-Fort Worth area homes were lost to foreclosure in 2008. Foreclosures even hit many high-priced properties. The article said: The average debt on homes foreclosed on here last year was just over $138,000, according to data from Foreclosure Listing Service. But lenders also took almost 100 homes with $1 million or more in debt. ...
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  • Mortgage Lobbyists Shut Down Bankruptcy Vote

    Posted By admin || 27-Feb-2009

    As we announced earlier this week, the House of Representatives were scheduled to vote today on the bankruptcy reform bill that would have allowed homeowners facing foreclosure to modify their mortgage in bankruptcy. But according to an article in the Star-Telegram, powerful mortgage lobbyists have welded their clout and convinced House Democratic leaders to abruptly cancel today's scheduled vote ...
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  • Bankruptcy Does Not Destroy Future Financial Health, Crushing Debt Does

    Posted By admin || 24-Feb-2009

    According to an article in the Dallas Morning News, an opponent of bankruptcy reform that would help homeowners save their homes from foreclosure claims that bankruptcy is a "black mark" against borrowers and unlikely to help them. David Kittle, Chairman of the Mortgage Bankers Association said: "Our fear is that any borrower who can't be helped by this [Obama mortgage relief] program will have a ...
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  • Proposed Bankruptcy Changes May Force Mortgage Companies To Play Fair

    Posted By admin || 24-Feb-2009

    Bankruptcy Changes May Force Mortgage Companies To Play Fair For a long time, the mortgage game has been skewed in favor of the lenders with homeowners taking more than their fair share of risks. For the past ten years mortgage companies have made profits off of "new" and "creative" lending schemes that have left many homeowners "holding the bag" and teetering on the edge of foreclosure. But now ...
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  • Bankruptcy Reform Bill Headed To The House of Representatives

    Posted By admin || 24-Feb-2009

    Bankruptcy reform legislation that would give bankruptcy courts the power to modify toxic mortgages in bankruptcy is heading to the House of Representatives on Thursday. The bill will allow bankruptcy courts to help homeowners avoid foreclosure by decreasing interest rates on their mortgage, decreasing the principal of the mortgage and/or extending the life of the mortgage to up to 40 years. But ...
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  • Struggling Homeowners Are Not "Losers" Mr. Rick Santelli

    Posted By admin || 24-Feb-2009

    For those who have been watching the latest responses to the stimulus package designed to save homeowners from foreclosure, you may have seen Rick Santelli's rant about "loser" homeowners who are facing foreclosure because of toxic mortgages. Mr. Santelli accused the President and Congress of "promoting bad behavior" and riled up the Chicago Mercantile Exchange as he went on a rant against ...
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  • The Housing Stimulus May Not Have The Desired Effect On Foreclosures

    Posted By admin || 23-Feb-2009

    As much as the recent housing stimulus package has been promoted as a tool that will slash the rate of foreclosures by millions, the reality may be much bleaker. As the current housing stimulus is written, mortgage lenders still have no direct incentive to modify the mortgages of homeowners who are facing foreclosure and there is no punishment if they do nothing. The process to modify a mortgage ...
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  • Bankruptcy Changes Will Give Homeowners More Rights

    Posted By admin || 23-Feb-2009

    The foreclosure crisis has been devastating every area of the economy; but changes to the bankruptcy law allowing homeowners to modify toxic mortgages is receiving stiff opposition from the mortgage industry and their powerful lobbyists But what they don't mention is why the mortgage industry would be opposed to measures that reduce the number of foreclosures--profits and power. According to an ...
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  • Homeowners May Qualify For Help Under The Homeowner Affordability And Stability Plan

    Posted By admin || 19-Feb-2009

    The Homeowner Affordability And Stability Plan According to an article in the Star-Telegram, struggling homeowners facing foreclosure may qualify for help under the Homeowner Affordability and Stability Plan. Homeowners who qualify for the program include: Homeowners facing foreclosures Homeowners delinquent in their mortgage payments with no imminent foreclosure Homeowners who live in the ...
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  • Government Gives $200 Billion More To Mortgage Companies

    Posted By admin || 19-Feb-2009

    According to an article in the Star-Telegram, in addition to the homeowner's program designed to stop foreclosures, the Obama administration announced that is giving another $200 billion in bail out funds to Fannie Mae and Freddie Mac as part of a plan to reduce foreclosures nationwide. The article quoted Sheila Bair, Chairman of the Federal Deposit Insurance Company: "There will still be some ...
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  • President Obama Unveils Plan To Stop Foreclosures

    Posted By admin || 18-Feb-2009

    According to an article in the Dallas Morning News, President Obama's $75 billion Homeowner Stability Initiative is expected to save 9 million American homeowners from foreclosure. The article said: Headlining Obama's plan was a $75 billion Homeowner Stability Initiative, which would provide a set of incentives to lenders to cut monthly mortgage payments to sustainable levels. It defines this at ...
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  • Mortgage Industry Fights Mortgage Modification In Bankruptcy With Myths

    Posted By admin || 18-Feb-2009

    The mortgage industry is fighting with its very last breathe trying to defeat the " Helping Families Save Their Homes in Bankruptcy Act of 2009 " by spreading myths and untruths about how the new bankruptcy law would affect the economy, future mortgages and the mortgage industry itself. If the bankruptcy law passes it would give bankruptcy courts the power to modify toxic mortgages of homeowners ...
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  • Major Banks Halt Foreclosures And Await Government Plan To Help Homeowners

    Posted By admin || 18-Feb-2009

    According to an article in the Dallas Morning News, JPMorgan Chase & Co., Morgan Stanley and Bank of America announced that they would halt all foreclosures on owner occupied homes until a government plan devised to stem foreclosures is finalized or until March 6th, whichever comes earlier. The article also said that Citigroup will extend its current foreclosure moratorium until the ...
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  • The Federal Reserve Board Wants To Hear Your Voice

    Posted By admin || 16-Feb-2009

    Has your bank signed you up for costly " over-draft protection " that is costing you dearly? The Federal Reserve Board wants to hear your comments ( No Gotcha Fees ). Many consumers who are often facing foreclosure and bankruptcy are also discovering, the hard way that they have been signed up for "over-draft protection" programs without their knowledge an option many customers don't want. How It ...
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  • Foreclosure Filings Rise In Dallas-Fort Worth

    Posted By admin || 15-Feb-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth area foreclosure filings have increased by 3 percent for February. Over 13,000 foreclosure postings have been recorded since 2009 began and 4,200 Dallas-Fort Worth area homes are scheduled for auction at the next foreclosure sale in early March 2009. These foreclosure numbers speak to the failure of the voluntary mortgage ...
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  • Bank of America To Payout Millions To Texans

    Posted By admin || 12-Feb-2009

    According to an article in the Star-Telegram, Bank of America has agreed to pay $7.46 million to over 3,000 Texans who lost their homes in foreclosure because of subprime mortgages issued by Countrywide Financial, which is now owned by Bank of America. Each household will receive approximately $2,330 in restitution as part of the settlement. Just enough money for first and last month's rent on the ...
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  • Federal Regulator Pleads With Thrifts To Suspend Foreclosures

    Posted By admin || 12-Feb-2009

    According to an article in the Dallas Morning News, John Reich, director of the Office of Thrift Supervision urged over 800 thrift institutions to suspend all foreclosures pending the release of President Obama's plan designed to combat foreclosures. The article quoted Reich: "We're urging them to do it, but we're not going to try to force anyone to comply," said William Ruberry, a spokesman for ...
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  • Pending Legislation Would Allow Homeowners Facing Foreclosure To Reduce Interest

    Posted By admin || 11-Feb-2009

    The pending legislation "Helping Families Save Their Homes In Bankruptcy Act of 2009" which is designed to help homeowners avoid foreclosure will allow homeowners to modify interest on an existing mortgage. The legislation, if passed would allow a mortgage loan interest modification on toxic loans such as subprime and adjustable rate mortgage (ARMs) in a Chapter 13 bankruptcy. Homeowners facing ...
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  • Bankruptcy The Most Effective Tool In Helping Homeowners Facing Foreclosure

    Posted By admin || 11-Feb-2009

    Since the foreclosure crisis began and came to the attention of the general public in 2007, homeowners, advocacy groups and government officials have been trying to discover a way to stem the tide of foreclosures. Up until now, the most widely used tool has been voluntary mortgage modification programs that are run and controlled by the very mortgage companies that created unaffordable and often ...
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  • Housing Sector Continues To Lose Jobs

    Posted By admin || 10-Feb-2009

    According to an article in the Star-Telegram, Beazer Homes USA Inc. has experienced sharp revenue declines due to plunging home closings and new orders. To avoid facing bankruptcy amidst rising foreclosures and a shrinking credit market, Beazer Homes recently implemented 300 job losses. The article quoted a Beazer executive: "While such decisions are not taken lightly it has been necessary to ...
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  • Dallas-Fort Worth Foreclosures Increase By 17 Percent

    Posted By admin || 9-Feb-2009

    According to an article in the Dallas Morning News over 50,000 homes in North Texas went into foreclosure, a 17 percent increase from 2007. And currently an estimated 3.7 percent of Dallas-Fort Worth area home mortgages are at least 90 days delinquent. Experts predict that foreclosures will continue to rise as delinquent homeowners and those who face job losses are unable to catch up on payments. ...
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  • Loan Modifications Done By Mortgage Companies Not Reducing Foreclosures

    Posted By admin || 9-Feb-2009

    The Office of the Comptroller of the Currency and the Office of Thrift Supervision reported that the number of loan modifications increased 17 percent but that 37 percent of modified mortgages were 30 or more days delinquent within just three months and that 55 percent of the modified mortgages were 30 or more days delinquent within six months. Obviously these modifications aren't putting the ...
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  • Dallas-Fort Worth Homeowners Owe More Than Their House Is Worth

    Posted By admin || 9-Feb-2009

    According to an article in the Dallas Morning News, nearly 16 percent of homeowners in the Dallas-Fort Worth area owe more on their home than they are worth. In 2008 Dallas-Fort Worth homeowners lost nearly $4 billion in home value. Nationwide, residential home values dropped $3.3 trillion last year and 17 percent of American homeowners are under water on their mortgage. And many of those ...
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  • Should You Modify Your Mortgage With The Bank?

    Posted By admin || 3-Feb-2009

    Modifying Your Mortgage With The Bank So many homeowners are on the edge of foreclosure as they try to pay for mortgages that are quickly becoming unaffordable. Many homeowners facing foreclosure want to know if they should attempt to modify their mortgage with the bank or file for bankruptcy. It's a tough call. Your decision to modify your mortgage through your bank depends on a few factors. Are ...
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  • Lost Your Home To Foreclosure? Now You Can Rent It.

    Posted By admin || 3-Feb-2009

    According to an article in the Star-Telegram, Freddie Mac announced that it will allow homeowners who lost their homes to foreclosures to pay rent and remain in the property. The article said: Mortgage finance company Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure...Under Freddie Mac's new policy, tenants and former property owners need to ...
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  • Federal Reserve Taking Steps To Curb Foreclosures

    Posted By admin || 29-Jan-2009

    According to an article in the Dallas Morning News, the Federal Reserve is taking steps to help homeowners facing foreclosures save their homes. Under the Federal Reserve program, qualified homeowners facing foreclosure will be provided several options to avoid foreclosure such as: lowering the principal amount owed on the mortgage reducing the interest rate on the mortgage lengthening the term of ...
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  • Foreclosure Crisis -- An Epidemic That Must Be Contained

    Posted By admin || 26-Jan-2009

    There's a MUST READ article at American Progress that compares the current foreclosure crisis to an outbreak of smallpox in the early part of the 20th Century and discusses how a small town was quarantined and mandated to be vaccinated so that the epidemic would not spread to other towns. The article suggests that we take similar measures to contain the foreclosure crisis by taking radical steps ...
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  • Uncle Sam Has Some Pleasant Surprises For Homeowners This Year

    Posted By admin || 26-Jan-2009

    An article in the Star-Telegram highlights some great tax savings in store for taxpayers this year: Property Tax deductions that allow homeowners to deduct state property taxes paid for 2008. For single filers, you can deduct up to an additional $500 and for joint filers you can deduct up to an additional $1000 on your Federal income tax refund. The amounts listed should be added to your standard ...
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  • Voluntary Foreclosure Prevention Programs Failing Homeowners

    Posted By admin || 26-Jan-2009

    According to a report by the National Association of Consumer Bankruptcy Attorneys, foreclosure prevention programs currently being implemented by mortgage companies are failing to prevent foreclosures for a significant number of homeowners. Here's an excerpt from the report: According to data collected by Valparaiso University School of Law Professor Alan White, voluntary programs reduce the ...
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  • New Home Construction Plunges 15.5 Percent

    Posted By admin || 26-Jan-2009

    According to an article in the Dallas Morning News, the Commerce Department reported that new home construction declined by 15.5 percent, a record low. As of December 2008 annual new home construction fell to 550,000, the lowest record since new home construction began being recorded in 1959. On the surface this may look like a bad event--less new home construction means less jobs, less money ...
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  • Has 2005 Bankruptcy Law Increased The Number Of Foreclosures?

    Posted By admin || 23-Jan-2009

    The Federal Reserve Bank of NY researchers report that the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [BAPCPA] contributed to the rise in subprime foreclosures. "For a state with average home equity exemption, the average subprime foreclosure rate over the seven quarters after [BAPCPA] was 12.6 percent higher than the average subprime foreclosure rate ...
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  • FTC Clamps Down On Foreclosure Scams

    Posted By admin || 23-Jan-2009

    The Federal Trade Commission has filed two lawsuits against individuals and businesses falsely claiming to homeowners that they will stop foreclosure. One of the lawsuits was filed in Texas. Some of the false claims made by the foreclosure scammers include: "We are so confident of our abilities to provide you with a solution in stopping your foreclosure that we guarantee our services in writing to ...
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  • Mortgage Fraud Cases On The Rise

    Posted By admin || 21-Jan-2009

    According to an article in the Star-Telegram, as the number of foreclosures continue a steady trend upward, the number of mortgage fraud cases in Texas and nationwide have skyrocketed. The article says: According to the FBI, the number of mortgage-fraud suspicious-activity reports nationwide jumped from about 7,000 in 2003 to more than 62,000 last year. Since 2007, the number of Texas loan ...
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  • Freddie Mac and Fannie Mae Moratorium Decreases Foreclosures - Temporarily

    Posted By admin || 20-Jan-2009

    According to an article in the Star-Telegram, a foreclosure moratorium implemented by Freddie Mac and Fannie may have decreased foreclosures in the Dallas- Fort Worth area by 8 percent. With over 2,000 foreclosures, Dallas County still has an extremely elevated level of foreclosures; but not as bad has it would be without the foreclosure moratorium. As most already know, Freddie Mac and Fannie Mae ...
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  • Housing Sales Continue To Decline Amid Glut Of Foreclosures

    Posted By admin || 20-Jan-2009

    According to an article in the Dallas Morning News, the housing sales continue to drop as foreclosures glut the market and potential buyers move cautiously in the turbulent market. The article said: The nationwide housing recession finally caught up with North Texas in 2008. Prices were down in most Dallas neighborhoods, and across the board, median home sales prices in the area dropped 3 percent ...
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  • An 81% Increase In Foreclosures Rock The Economy

    Posted By admin || 19-Jan-2009

    More than 2.3 million American homeowners faced foreclosure in 2008, an 81 percent increase from 2007. Over 860,000 properties were actually seized during foreclosure in 2008 which was twice as many as in 2007. The article said: Moody's Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly ...
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  • President-Elect Obama Requests 2nd Phase Of Bail Out

    Posted By admin || 15-Jan-2009

    This week President-elect Barack Obama requested that the $350 billion remaining federal bailout fund be released by congress; but many on both sides of the aisle are leery about releasing another bailout package with few strings attached and little accountability of financial institutions. Congressman Virginia Fox is leading efforts to pass a resolution blocking the release of bailout funds to ...
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  • Foreclosure Moratorium Extended

    Posted By admin || 15-Jan-2009

    Fannie Mae and Freddie Mac have extended a moratorium on foreclosures until January 31, 2009. The foreclosure moratorium which has been in effect since November 26, 2008 was previously scheduled to end January 9, 2009. Over 6,000 homeowners facing foreclosure will receive another reprieve in an effort to give them time to take advantage of the companies' Streamlined Modification Program designed ...
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  • Will Dallas-Fort Worth Suffer From Massive Shopping Center Foreclosures?

    Posted By admin || 15-Jan-2009

    Last year gave the shopping center business a serious beating and 2009 is set to see massive contractions in the retail sector as retail leasing plummets 50 percent. Dallas-Fort Worth has over 1.7 million square feet of retail space for rent; but retail leasing levels are at their lowest in a decade. But if that wasn't enough to make the retail leasing sector stumble, developers have added 4.7 ...
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  • Commercial Real Estate, Overleveraged, Overbuilt and On The Verge Of Bankruptcy?

    Posted By admin || 15-Jan-2009

    The Star-Telegram featured an interesting article about the commercial real estate industry, its vulnerability to massive foreclosures and the potential impact on job losses and foreclosures. The article featured an excerpt from The Urban Land Institute: "The commercial faces its worst year since the wrenching 1991-92 industry depression. Values will drop substantially, foreclosures and ...
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  • Homeowners May Get Much Needed Financial Relief

    Posted By admin || 13-Jan-2009

    Homeowners facing foreclosure know that the mortgage bill isn't the only bill pushing them to the brink of foreclosure. Property taxes and insurance bills are stressing homeowners financially as many struggle to pay the mortgage and avoid foreclosure. Currently the Texas legislature is looking at legislation that will help lower property tax and insurance expenses for Texas homeowners. According ...
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  • Bailed Out Banks Being Held Accountable--Well Maybe

    Posted By admin || 13-Jan-2009

    The FDIC are asking banks who received bail out funds to monitor how they are using money received from the $700 billion recovery fund. According to an article at Associated Press: "Banks are expected to document how they are continuing to meet the credit needs of creditworthy borrowers," the directive says. "The FDIC expects that... (institutions) will deploy funding received from these federal ...
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  • Bankruptcy Reform And Homeowners May Have Allies In New Administration

    Posted By admin || 9-Jan-2009

    As the Obama/Biden presidential team gear up to take office on January 20th their website has clearly stated that the new administration supports the rights of bankruptcy judges to modify mortgage loan terms on primary residences during bankruptcy. The website states: Obama and Biden are also calling for legislation to close the loophole in our bankruptcy code that allows bankruptcy judges to ...
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  • Senator Presses For Mortgage Modification Proposal

    Posted By admin || 6-Jan-2009

    Senator Dick Durbin, D-Ill. is pressing for a mortgage modification proposal that would allow bankruptcy judges to modify Chapter 13 bankruptcy debtors' mortgages on their primary residences. Senator Durbin does not believe that voluntary efforts will stem the foreclosure crisis we are currently facing and hopes to take more proactive measures at stemming the crisis. "With the economy officially ...
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  • Even Churches Are Facing Foreclosure

    Posted By admin || 30-Dec-2008

    There's an interesting article at the New York Times about how a record number of churches are facing foreclosure as the credit crisis seizes every sector of American life. During the real estate boom many churches took advantage of easy credit and expanded. Banks, eager to cash in lent money based on the hope that church membership would grow and as a result donations. But now with a financial ...
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  • Historically Low Interest Rates Offer Homeowners Refinance Opportunity

    Posted By admin || 19-Dec-2008

    On Tuesday, interest rates dropped to their lowest point since the early 1960s. In an effort to shock the sluggish economy out of its slumber, the Federal Reserve cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent. Many homeowners, especially those facing imminent foreclosure are rushing to refinance with at these basement bargain interest rates.With the new rates, ...
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  • Can't Sell Your Home? How About House Swapping!

    Posted By admin || 18-Dec-2008

    The Dallas Morning News reports that many homeowners who are otherwise financially healthy are finding themselves in a nasty financial predicament that may lead to foreclosure. Their life circumstances have changed and they need to quickly sell their home and downgrade to something more affordable or move to another city for a job. But as we all know many homeowners are facing foreclosure because ...
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  • Apartment Foreclosures Rise In Dallas-Fort Worth

    Posted By admin || 18-Dec-2008

    So far this year, Dallas-Fort Worth has experienced 1,918 commercial property foreclosures which include retail centers, retail buildings, office buildings, industrial buildings, apartment complexes and unimproved commercial land. Of those commercial property foreclosures 18% were apartment buildings. Dallas-Fort Worth experienced a 35 percent spike in the amount of apartment buildings in ...
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  • Congress Moves To Protect Renters During Foreclosure

    Posted By admin || 17-Dec-2008

    Some members of Congress are urging the Federal Housing Financing Agency (FHFA) to quickly implement reforms made to protect renters' rights during a foreclosure. As part of the $700 billion Emergency Economic Stabilization Act, which was passed in October, Fannie Mae and Freddie Mac (and other government entities) are required to allow renters living in foreclosed properties to remain in their ...
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  • Dallas-Fort Worth Commercial Office Complex Facing Foreclosure

    Posted By admin || 16-Dec-2008

    The Star Telegram reports that Overton Centre office complex is facing foreclosure after GE Business Financial Services demanded payment of the $25.3 million mortgage on the property. Despite timely payments by the ownership group for the life of the loan, the multi-million dollar loan is still being called and the group is finding it difficult to refinance. Up until now, commercial foreclosures ...
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  • Foreclosure Moratoriums Need To Include Action Plans For Homeowners

    Posted By admin || 15-Dec-2008

    Around the country, state and local legislators are considering foreclosure moratoriums for homeowners facing foreclosure. We all know that homeowners facing foreclosure need more time than they've been given to put their financial house in order and save their homes; but that's not all they need. Oftentimes foreclosure moratoriums end up only delaying the inevitable foreclosure because once given ...