The numbers of home owners in Chicago-area who got permanent loan modifications under the Federal Government’s Program increased by 17% in May, but the local home owners were unable to qualify for the trial payment programs intended to fight foreclosures for sale. As such many have been disqualified from the program. As number of house [...]

The State of California is set to use financial aid from the Federal government to pay for the mortgages of troubled home owners to avoid foreclosures. California is ready to receive around $700 million in aid from the Federal government, the largest recipient of funding under the ‘Hardest Hit program”.
California’s twin problems of declining home [...]

The Obama Administration started the Home Affordable Modification Program to help families battle the foreclosure crisis which is sweeping the nation, mainly caused by the recession and falling home values. The program is created to aid stressed home owners to help avoid foreclosures. Under this program, efforts are made to make a permanent change in [...]

Many American citizens with a low budget may weigh the option of buying foreclosures which are available at steep discounts. In fact around 3 million to 3.5 million properties are expected to go into foreclosure in 2010 compared to 2.8 million in 2009.
If a property is in “Foreclosure”, it means that the home owner has [...]

The Obama administration’s attempts to help citizens facing foreclosures have turned into a damp squib. More than one third borrowers numbering 1.25 million who joined the Program for Mortgage Modification costing $75 billion have abandoned the program. This figure is more than the number of home owners who successfully retained their homes by modifying their [...]

US’s battle with the problem of foreclosures is still on, as the foreclosures activity in the Pitkin County is nearly double of what it was in the previous year. Pitkin County has reported almost double the foreclosures as compared to the year 2009. This means that the foreclosure scenario is getting worse in the area, [...]

Last week, the US senate, by a vote of 60-37 approved a plan giving home buyers an additional three months to make use of federal tax incentives intended to help increase sale of homes in this spring season. Proposed by Senate majority leader Harry Reid, the plan seeks to extend the deadline up to September [...]

Though many may think of it as a relief that the rate of foreclosures in California has slowed down in the last month, but the ground reality is something different. Even though the foreclosure properties reported a decrease in rate, but still it doesn’t help the situation because according to reports, the home owners are [...]

In the past, the prospect of foreclosures was a remote possibility- a nightmare for those who had taken out mortgages to pay for their property. But a two year old recession has changed the situation and has caused the burgeoning of foreclosure properties in the nation at a record level. In the case of many [...]