Business news outlet CNBC is reporting that the Obama administration will announce important new initiatives to deal with the depressed housing markets later today. There will be changes to the battered-down Home Affordable Modification Program (HAMP), including a new emphasis on writing down the principal on troubled mortgage loans, and financial assistance to unemployed homeowners. […]
Category Archives: Foreclosure
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Also posted in Bankruptcy News, Chapter 13, Real estate
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Massachusetts mortgage settlement met with skepticism
A settlement agreement between Massachusetts Attorney General Martha Coakley and mortgage lenders Countrywide and Bank of America has been met with skepticism by some housing advocates, according to a report filed by Jenifer McKim in the Boston Globe. “Bank of America has been one of the worst loan servicers in offering homeowners help in this […]
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Massachusetts supreme court will decide foreclosure issues
The Supreme Judicial Court in Massachusetts said yesterday that it will hear the Ibanez foreclosure case, which has caused turmoil in the banking and mortgage lending business. In 2009, the Land Court issued the original Ibanez ruling which required that the true mortgage holders be properly identified before foreclosure proceedings could continue. The pace of […]
Also posted in Bankruptcy News, Chapter 13, Chapter 7
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The tragedy of subprime mortgages
Most foreclosure victims aren’t folks who have flipped a thousand homes or made and lost millions in the real estate boom-turned-bust. Most homeowners who are now victims of foreclosure, depended on the goodwill of the mortgage industry to provide safe mortgages that would allow them to fulfill their dreams of homeownership. But instead of long-term […]
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New wave of foreclosures may hit Massachusetts
A second wave of foreclosures is ready to hit Massachusetts, and banks dump the properties they own in to an already weak market. There are at least 33,000 homes in Massachusetts behind at least 90 days in payments, 4, 077 homes already owned by lenders, and more than 26,000 in foreclosure. A recent surge in […]
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Tackling the foreclosure crisis with faith based activism
Faith-based activism is becoming more prominent in the battle against the foreclosure crisis. As one example, Jenifer B. Kim reports in the Boston Globe that Brockton, Massachusetts housing actvist Katie Sandford met yesterday with Federal Reserve chairman Ben Bernanke to discuss how a rash or foreclosures are affecting her city. Sandford is a leader of […]
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Foreclosure assistance programs ranked as one of the top consumer complaints in Massachusetts
According to the Massachusetts Office of Consumer Affairs, foreclosure assistance programs ranked as the fifth most common source of consumer complaints in the past year. The foreclosure programs, many of which are outright scams, drew more complaints than timeshare resellers. The top four categories of complaints on the list were against home improvement contractors, auto […]
Also posted in Bankruptcy News
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