Foreclosures up 57 percent in January
Posted on February 27, 2008 at 12:07 amThe number of homes facing foreclosure rose 57 percent in January compared to a year ago. Lenders are being forced to retake possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.
According to RealtyTrac, over 233,000 homes have recieved at least one notice from lenders related to overdue payments. Nearly half of the total involved first-time default notices.
The worsening situation came despite ongoing efforts by lenders to help borrowers manage their payments by modifying loan terms,
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Government And Lenders Join Forces To Fight Foreclosures
Posted on February 19, 2008 at 9:53 amGovernment leaders and lenders are working together to help to all homeowners at risk of foreclosure, not just those with subprime loans.
A program called Project Lifeline would allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.
Six of the largest lenders will participate in the plan.
The same banks are taking part in the Hope Now program which was initiated late last year. That plan freezes rates on some high-cost subprime mortgages for five years. Read the story
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Lenders offer a relief in foreclosures, will it help?
Posted on February 19, 2008 at 8:21 amThe Bush administration has offered a hold on foreclosures to stem the widening housing crisis, with the help of several major lenders, including Wells Fargo. But the latest figures from 2007 show foreclosures in major urban areas increased nearly 80 percent last year, and local foreclosures continue to rise.
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