Not long after a Massachusetts Supreme Court decision overturned some foreclosures, the state's legislature is set to consider several new laws that could further help financially troubled homeowners avoid losing their property.
A recent ruling by the Massachusetts Supreme Court deemed that thousands of foreclosures in the state were transacted illegally because lenders did not properly transfer them to securitization firms. Now, some believe that decision may end up boosting home prices.
While there are a number of causes for the national economic meltdown that led to millions of consumers losing their homes, a new government report indicates that the lending practices of major banks was not one of them.
In recent months, Americans have seen their home values plunge to the point that they owed more on their mortgage than the property was actually worth. This trend led millions to walk away from the loan in a process called strategic default, and many more now say they would consider doing so.
Several government bodies and officials have actively questioned a proposed plan that would see mortgage giants Fannie Mae and Freddie Mac begin to purchase consumers' underwater home loans and allow them to write down part of the remaining balance.
The economy has made a slow, steady recovery over the last several months, and that amelioration is expected to continue through the end of next year, potentially leading to fewer mortgage delinquencies.
A major Philadelphia, Pennsylvania, law firm faces a new lawsuit for allegedly allowing a number of people who were not lawyers to review and file thousands of bad foreclosure documents against homeowners throughout the state.
Consumers in Massachusetts who have had trouble dealing with foreclosure in the past may get help from a bill that will be introduced next month, which would require a judge to review all seizure requests.
As the government continues to investigate the practices of major banks relating to the foreclosure crisis that recently gripped the country, lenders are now prohibited from seizing properties if borrowers are in loan-assistance programs.
The seasonally adjusted number of consumers who applied for a refinance of their existing home loan during Thanksgiving week tumbled considerably, resulting in a steep decline in the total mortgage market.
Fannie Mae and Freddie Mac have recently begun demanding that lenders buy back defaulted mortgages the government-controlled home loan insurers backed, but the banks are ignoring or refusing those requests.
Fannie Mae and Freddie Mac, the two government-controlled mortgage backers, recently issued memos to real estate agents across the country, telling them to resume selling properties that had previously been foreclosed on.
Mortgage rates have remained at or near record lows for a number of months, but now experts are warning that this trend will reverse itself next year as interest rates creep back toward normalcy over the next year.
While a government program has helped many Americans successfully refinance their mortgages to make them more affordable, some that enrolled still had so much trouble making payments that they defaulted.
Thanks to an increased demand for mortgages, on both new home purchases and refinances of existing loans, many regional banks throughout the Midwest and Southeast have seen marked improvements in their third-quarter earnings.
Many people may be aware that their credit score has a direct affect on their ability to qualify for loans of all types, but mortgage lenders have tightened restrictions so much that a large percentage have been locked out of the home loan market.
Banking institutions and mortgage companies continue to be inundated with mortgage modification applications as a record number of Americans try to stave off foreclosure. But many who receive permanent modfications are part of a new trend that allows lenders to extend a homeowner's repayment period to 40 years.
New reports reveal that homeowners who have obtained modifications as of late are finding it easier to meet their mortgage responsibilities. The latest data from the State Foreclosure Prevention Working Group - a collaboration of 12 state attorneys and banking regulators - revealed that homeowners who received modifications in 2009 were 50 percent less likely to fall behind on payments within a 60-day period in contrast to those who received lower payments in 2008.
Although many of the federal initiatives to provide mortgage modifications and foreclosure prevention aid have been deemed "ineffective" by some lawmakers, recent reports show that the programs have gained some success.