Foreclosures Archives

States are getting increasingly creative about aiding homeowners who can’t afford to pay their mortgages. Pennsylvania is at the top if the list — it will lend you $60,000 to pay your mortgage if you lose your job. Will other local governments follow the Keystone state’s lead? Read more»

By Alan Zibel, AP Real Estate Writer WASHINGTON (AP) — Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season. The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck. Read more»

The U.S. Treasury Department is ratcheting up efforts to take financially swamped homeowners into “short sale” programs if they can’t get a loan modification deal. The trick is to throw some government cash onto the table to get lenders to go long on short deals. Read more»

By Martin Crutsinger, AP Economics Writer WASHINGTON (AP) — With the foreclosure crisis showing no signs of relenting, the Obama administration plans to expand a program aimed at helping people remain in their homes. The goal of the announcement, expected Monday, is to increase the rate at which troubled home loans are converted into new loans with lower monthly payments, Treasury spokeswoman Meg Reilly said during the weekend. Read more»

Progress revamping the loans of millions of financially-troubled U.S. homeowners is going at a glacial pace — and the banks aren’t helping speed things up. If your loan modification is at a snail's pace, see if one or more of these reasons apply. Read more»

Actor Nicolas Cage is having foreclosure troubles, mostly due to money lost through bad investment advice and a misplaced belief in real estate values climbing forever. Here is his story — and how you can learn from his mistakes. Read more»

Two legal decisions – one in a New York State Court and one in a Tampa, Fla. foreclosure court – to cancel a homeowner’s mortgage debt after the bank couldn’t find the mortgage paperwork, are sending shivers down the spine of mortgage lenders. Read more»

States are growing increasingly frustrated with banks foreclosing on homes; so much so that some states are threatening banks with legal action if they don’t mend their foreclosing ways. New York is leading the way — and other states have already begun to follow. Read more»

Economists and real estate experts call it “foreclosure overhang,” and it is one of the big question marks that will determine when the housing market will truly recover. The term refers to the number of foreclosed properties that will wind up on the for-sale market. In the worst case, millions of foreclosed homes offered at fire-sale prices will cause an excess supply that will dampen prices for years to come. Read more»