October 22, 2014
LISA SHEPARD followed the rules. She got a good education. She became a registered nurse and then got a law degree. Her schooling led to a good job in health-care management. She bought a home she could afford in Jessup, Md. She lived within her means. Then the recession hit. We spiraled into a housing crisis that sank the financially irresponsible and those preyed upon by predatory lenders. But it also dragged down people like Shepard, who lost her job in 2011. "I went from six figures to no figures," says Shepard, 52, who is the caregiver for her 10-year-old daughter as well as her ailing 72-year-old father.
December 26, 2012 |
After two previous deadline extensions, this time they really mean it. If you were targeted for foreclosure during 2009 or 2010 by one of 27 banks or mortgage servicers whose practices raised concern among federal regulators, you have only until Monday - Dec. 31 - to request a free, independent review of what happened. The review could lead to compensation, from as little as $500 for improper fees to as much as $125,000 plus lost equity for the most egregious mistakes or improprieties, said Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency, one of two federal banking agencies that ordered the reviews.
November 2, 2012 |
LIVERMORE, CALIF. - R.C. and Stacy Davis lost their condominium to foreclosure in 2009, a bad break that seemed destined to keep them from buying another home for many years. Yet last week - only three years after their foreclosure - the couple signed the papers to buy a four-bedroom house. Their avenue to homeownership? A loan backed by the Federal Housing Administration. The ability to get an FHA loan so quickly after a foreclosure could be welcome news to thousands of people who lost their homes during the housing bust.
March 3, 2012 |
Federal, state and local officials in Willingboro, N.J. are offering help today to residents who may be facing foreclosure of their homes during a symposium at John F. Kennedy High School's Kennedy Center. Officials are on site to help residents understand the process of foreclosure and how best to avoid it. Banks from whom residents received their mortages are also in attendance, and one-on-one counseling is available for those who have questions about their current mortgage.
March 23, 2014 |
A foreclosure, or a short sale to dig out from under a mortgage whose payments have become overwhelming, might seem like an insurmountable obstacle to owning a house again in the future. Not for so-called boomerang buyers, a new breed of would-be homeowners who are determined to rebound, slowly and painstakingly, from the most strenuous housing hardships. Marcanthony and Pamela Morrison, who now live in Philadelphia, lost their home in Monroe, Ga., to foreclosure because of an unsustainable loan deal.
December 7, 2012
WASHINGTON - Housing and Urban Development Secretary Shaun Donovan said Thursday that he could not guarantee that efforts to shore up the Federal Housing Administration won't save it from needing a taxpayer bailout next year. Sharp revisions to the FHA's standards for insuring mortgages - often for first-time, lower-income homebuyers - could dampen the recovery and lead to more foreclosures that further reduce the size of the fund that the agency uses to cover its losses. The FHA insures mortgages with as little as 3.5 percent as a down payment and has backed loans for people who went through foreclosures as recently as three years earlier.
August 5, 2016 |
Begun as the government's response to the foreclosure crisis, the Treasury Department's Home Affordable Modification Program wasn't supposed to last forever. The Dec. 31 end of the foreclosure relief program, which offered a more affordable payment by adjusting interest rates, extending the loan term, and reducing or forbearing principal, will leave a gap that the government is trying to fill. The Consumer Financial Protection Bureau, created under the Dodd-Frank Act of 2010, is proposing consumer protection principles to guide mortgage servicers, investors, government housing agencies, and policy makers as they develop foreclosure-relief solutions to replace what is better known by its acronym, HAMP.
June 14, 2013 |
Philadelphia resident Fred Brinkley Sr. drove a tractor-trailer for 10 years before a car accident injured him so badly he couldn't work. Waiting for his disability claim to be processed, he fell behind on his mortgage payments and faced losing his house to foreclosure. For help, Brinkley turned to the city's mortgage foreclosure prevention program. With the help of counseling through Center in the Park in Germantown, he is set to sign papers Thursday for a loan from Pennsylvania's Homeowners' Emergency Mortgage Assistance Program to help him get current on his loan and avert foreclosure.
June 7, 2015 |
A couple of studies have crossed my electronic desk, and I thought I'd share them with you, because both relate to topics I have written about in recent weeks. The first is a Cornell University analysis, published in an article in the June issue of the American Sociological Review, contending that foreclosures "fueled racial segregation in the United States. " The paper, co-authored by Kyle Crowder of the University of Washington and Amy Spring of Georgia State University, acknowledges that nine million American families have lost their homes to foreclosure since the real estate downturn started in 2007.
January 18, 2013 |
Foreclosure filings fell 3 percent nationally in 2012 from 2011's levels and were 36 percent below their 2010 peak, RealtyTrac reported Thursday. Filings did increase in New Jersey (up 55 percent) and Pennsylvania (up 28 percent) last year, the Irvine, Calif.-based real-estate information firm said, but were still below the levels of 2010, considered a record year for foreclosures nationwide. States experiencing hefty increases in 2012, including New Jersey and Pennsylvania, were those in which the courts handle foreclosures, said RealtyTrac vice president Daren Blomquist.