May 18, 2012
The Essentials of Foreclosure Investing
Southern California's housing slump hit a new bottom last month, despite low interest rates, falling prices, and promises of government assistance.
According to statistics, less than 10,000 homes were sold in the six-county region. That's the first time that has happened since DataQuick began keeping records in 1988. Additionally, 1 out of 4 homes sold had been foreclosed, putting additional pressure on home values.
Read the full article
Government 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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