Texas Needs Harsher Penalties For Sloppy Bankers

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 [...]

By |2018-11-13T21:27:58+00:00June 23rd, 2010|Economy, Foreclosures, Loans / Mortgages, Subprime Mortgages|Comments Off on Texas Needs Harsher Penalties For Sloppy Bankers

Tips On Avoiding Subprime Lenders After Bankruptcy

Many debtors are surprised that after their bankruptcy is discharged they find themselves receiving many credit offers.  Credit card companies, car loan lenders and even mortgage finance companies will send post-bankruptcy debtors credit offers hoping to capitalize on their clean financial slate.  But beware; many of these creditors are subprime lenders who prey on people [...]

By |2018-11-13T21:23:56+00:00June 22nd, 2010|After Bankruptcy, Economy, Managing Your Finances, Subprime Mortgages|Comments Off on Tips On Avoiding Subprime Lenders After Bankruptcy

America Faces A Second Wave Of Foreclosures

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 [...]

By |2018-11-16T19:20:02+00:00May 19th, 2010|Economy, Foreclosures, Loans / Mortgages, Subprime Mortgages|Comments Off on America Faces A Second Wave Of Foreclosures

HAMP Foreclosure Prevention Program May Lower You Credit Score

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 [...]

By |2018-11-14T16:59:22+00:00May 1st, 2010|Bankruptcy, Credit Counseling, Foreclosures, Loans / Mortgages, Subprime Mortgages|Comments Off on HAMP Foreclosure Prevention Program May Lower You Credit Score

Mortgage Modification Offers Now A Measure Of Progress?

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 [...]

By |2018-11-16T23:03:55+00:00May 1st, 2010|Economy, Foreclosures, Loans / Mortgages, Subprime Mortgages|Comments Off on Mortgage Modification Offers Now A Measure Of Progress?

Three Tips on Handling Mortgage Servicing Companies

Many homeowners fighting to save their home from foreclosure are often stuck in a frustrating tangle with home mortgage servicing companies. Many homeowners facing foreclosure get lost in a maze of call waiting, serial transfers and even "unintentional" disconnects while attempting to modify their mortgages. Here are a few tips for handling mortgage servicing companies: [...]

By |2018-11-14T23:02:34+00:00August 15th, 2009|Bankruptcy, Loans / Mortgages, Subprime Mortgages|Comments Off on Three Tips on Handling Mortgage Servicing Companies

Obama Administration Puts Pressure on Mortgage Lenders

According to an article in the Star-Telegram , the Obama administration has pumped up the pressure on mortgage lenders in an effort to curb foreclosures. This week the administration was able to extract a verbal pledge from 23 mortgage company executives promising to enroll 500,000 homeowners facing foreclosure into mortgage loan modification programs. The article [...]

By |2018-11-12T18:19:28+00:00August 2nd, 2009|Loans / Mortgages, Subprime Mortgages|Comments Off on Obama Administration Puts Pressure on Mortgage Lenders