Most homeowners trying to avoid foreclosure that I encounter still do actually follow the mainstream media, with an eye towards finding any stories on how to avoid foreclosure.
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Homeowners trying to avoid foreclosure may be encouraged that Congress is moving forward with its foreclosure assistance plan, but while FHA may eventually play a larger role in the foreclosure bailout business, are they contributing to the problem?
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If there are any real opportunities for homeowners trying to avoid foreclosure and investors to share a win-win experience, it would be if some of these garbage ARM and high-rate loans would be sold.While The American Housing Rescue and Foreclosure Prevention Act purports to offer an avenue for these transfers to take place, one only needs to look at the current state of the MBS market to see why these transactions may never materialize… at least, not in significant numbers.
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The great thing about the HOPE NOW coalition of lenders is that they continue to release new and innovative solutions for homeowners who are trying to avoid foreclosure.
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Can a foreclosure moratorium help homeowners to avoid foreclosure? I’d written just recently about a proposed foreclosure moratorium in Michigan, and its possible consequences. Massachusetts recently passed on of their own, effectively tripling the length of time a mortgage company must wait before they foreclose.
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The Federal Reserve Bank of Boston just issued a new research paper entitled, “Negative Equity and Foreclosure: Theory and Evidence.”
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In its recent report, the Office of the Comptroller of Currency (OCC), which surveyed 9 of the country’s largest mortgage servicers, gives an indication of the kind of results that the average homeowner is getting when they try to avoid foreclosure.
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At a time when
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