Foreclosure Resolution Blog

According to the latest Hope Now statistics, prime mortgage defaults outnumber subprime mortgage defaults.

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The combination of declining home prices and increasing foreclosure filings has been the one-two punch that has kept many homeowners from stopping foreclosure and keeping their homes.

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The American Housing Rescue and Foreclosure Prevention Act is already showing its flaws, and it hasn’t even been enacted yet. In a move that shows just how inept, incompetent and inefficient our federal government is, THA raised the premium that it charges all borrowers, effective October 1st.

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A recent article in the Baxter Bulletin discusses the toll that foreclosure and financial stress can have on your health. This is not news to anyone who’s trying to avoid foreclosure.

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The Mortgage Asset Research Institute released its quarterly fraud report and as expected, the states with the most foreclosure filings are also those with the most fraud. The states are at the top of the list: Florida, California, followed by a three-way tie betweeen Illinois, Michigan and Maryland.

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FHA recently announced some additional flexibility in working with homeowners to avoid foreclosure. They are now allowing servicers to capitalize attorney’s fees and costs related to the foreclosure process.

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Sheila Bair, FDIC chairman unveiled her plans for wide-scale loan modifications on the mortgages serviced by Indymac Bank, the failed institution that the FDIC took over recently.

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There may be some good news for besieged homeowner trying to avoid foreclosure. For many homeowners, getting ground up in the gears of the big mortgage servicing machines is not a lot of fun.

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As if the suits being filed by states and cities weren’t enough, borrowers have taken to suing their mortgage companies. Bryan and Susan Andrews recently won a judgment against Chevy Chase Bank. According to the article, Chevy Chase violated the Truth in Lending Act, or TILA.

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West Virginia tossed its hat into the ring and filed suit against Countrywide / Bank of America. Attorney General Darrell McGraw said, “Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable.”

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