Tag Archives: distressed homeowners

Wells Fargo Announces New Housing Assistance Program

USA Foreclosures 101

Few months ago, Bank of America announced plans to streamline its paperwork process in order to facilitate more short sales among distressed homeowners facing foreclosure. That action was met with limited approval among critics who insist that America’s banks are out to steal from America’s homeowners. Now, another plan has been announced by one of the nation’s major banks to help low income home buyers while at the same time reducing the number of vacant … Continue reading →

Short Sales Gain In January And February 2012

USA Foreclosures 101

Two months ago Bank of America announced plans to streamline its paperwork process in order to allow more distressed homeowners to get out of their obligations through a short sale rather than going through foreclosure. The news was greeted happily by some who saw it as a means of helping these homeowners and bringing some stability to the housing market. Others rebuffed the announcement claiming it was just a publicity stunt by Bank of America … Continue reading →

Short Sales Being Streamlined by Bank of America

USA Foreclosures 101

As one of the largest mortgage lenders in the country, Bank of America has great sway with the rest of the industry when it makes a decision contrary to the norm. Such is the case with their recent announcement of plans to streamline the short sale process in order to conclude a deal in 20 days or less. Right now the typical short sale can take months while a bank goes through the paperwork process … Continue reading →

New Yorkers Warned Of Foreclosure Settlement Scam

USA Foreclosures 101

New York Atty. Gen. Eric Schneiderman issued an alert to his state’s citizens warning them of scammers trying to take advantage of the February (2012) foreclosure settlement reached between the states and five of the nation’s largest banks. The settlement provides millions of dollars in relief funds the states will be using to help distressed homeowners. However, according to Schneiderman the opportunity has led some individuals in New York State to attempt to steal from … Continue reading →

IMF Displays Ignorance Of Foreclosure Issues

USA Foreclosures 101

Bloomberg’s BusinessWeek carried a story outlining a recent report from the International Monetary Fund (IMF) regarding the US foreclosure crisis. Unfortunately for the IMF, the report does nothing but display the organization’s complete ignorance about what’s going on in this country. As most of the ignorant do, the IMF was expecting President Barack Obama to wave his magic bailout wand in a move that would supposedly solve the crisis once and for all. According to … Continue reading →

Geithner, Treasury At It Again

USA Foreclosures 101

The Independent, a popular London-based newspaper, is reporting on a story out of the U.S. Treasury not being carried by very many American news outlets. According to the Independent, Treasury Secretary Tim Geithner is locked in a head-to-head battle with the director of the Federal Housing Finance Agency (FHFA) over whether or not Fannie Mae and Freddie Mac should sign off on a principal reduction plan included as part of the foreclosure settlement announced last … Continue reading →

Foreclosure Rates Down, Analysts Surprised

USA Foreclosures 101

CNBC’s The Street reported here that foreclosure rates in the United States dropped 30% for the first quarter of 2012 as compared to the same time last year; this despite the fact that there was an overall 8.1% increase this past March. While this is good news for the average homeowner, it has the analysts completely flummoxed. According to the CNBC report “analysts had expected this number to skyrocket immediately following the $25 billion settlement between … Continue reading →

Foreclosure Affecting More Than Just Homes

USA Foreclosures 101

In light of the continually troubled housing market it’s understandable that the vast majority of attention being paid to foreclosures is squarely on distressed homeowners and their properties. But truth be known, foreclosures go far beyond just residential properties. All over the country commercial enterprises are finding themselves in serious financial trouble as well. Among some of the hardest hit are America’s churches. Such is the case with Faith Christian Church of Lakewood Ranch, Florida. … Continue reading →