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Loan Modifications

6 Steps to Stabilize High-Foreclosure Neighborhoods

Miriam Axel-Lute | Posted 08.01.2012 | Money
Miriam Axel-Lute

These steps are just a start, but the lessons from the financial crisis are clear as day. Will we learn from them, and let government do what we created it to do, or will we tumble back into the mess that got us here in the first place?

Keep Your Home, California!

Anna Cuevas | Posted 07.10.2012 | Business
Anna Cuevas

According to the U.S. Treasury Department, California has been one of the hardest hit among state foreclosure rates. That standing made the state elig...

200,000 Homeowners to Receive Principal Reduction Offer From Bank of America

Anna Cuevas | Posted 05.09.2012 | Money
Anna Cuevas

As part of a $25 billion settlement agreement between the government and five major banks for fraudulent foreclosures, Bank of America agreed to $11 billion in mortgage principal reductions.

Fannie Mae's Approval of Mortgage Principal Reductions Gets the Silent Treatment

Anna Cuevas | Posted 07.04.2012 | Money
Anna Cuevas

Edward DeMarco, Acting Director of the FHFA, indicated that additional analysis would have to be performed to determine the long-term benefits of principal reductions.

Foreclosures Spell Financial Demise for Latino Middle Class

Anna Cuevas | Posted 07.04.2012 | Money
Anna Cuevas

The crisis faced by Latino homeowners involves more than housing. With the majority of their wealth tied to their homes, foreclosed Latinos lose the equity needed for their future.

Obama's New Mortgage Working Group Is Not Working

Anna Cuevas | Posted 07.03.2012 | Politics
Anna Cuevas

While there is a pressing need for such an organization, there is also one problem. They haven't done anything. Not only have they not done anything, they also have no dedicated website, address, or telephone number.

High Price of Foreclosure: Your Marriage

Anna Cuevas | Posted 07.02.2012 | Money
Anna Cuevas

It's important to note that financial problems and stress are the underlying reasons behind many divorces -- and foreclosures can create both. In fact, money-related issues are the number one reason for divorce.

IMF Lends Support to Loan Modifications Including Principal Reductions

Anna Cuevas | Posted 08.01.2012 | Business
Anna Cuevas

The IMF's public approval of mortgage reductions, as well as reform in the financial sector, is intended to provide support to the economy and reignite a healthy increase in lending, which will spur economic and job growth.

2.3 Million Children Are Victims of Foreclosure

Anna Cuevas | Posted 06.24.2012 | Business
Anna Cuevas

Of the 2.3 million children who have lost their homes to foreclosure, one out of every 10 have been negatively affected.

Stories From the Frontline: Don't Drink the Yellow Kool-Aid

D. Sidney Potter | Posted 06.19.2012 | Business
D. Sidney Potter

The banks' almost near-inability to properly staff qualified personnel was a part of the comedy of errors. As an example, some of it was lost in translation -- literally.

Stories From the Frontline: Why Is Mortgage Aid, Hater-Aid?

D. Sidney Potter | Posted 06.16.2012 | Business
D. Sidney Potter

Why is the banking industry -- for the most part, since I personally detest over generalizations, resistant to essentially doing the right thing and/or at least doing it in a timely matter?

Mother, Disabled Daughter Forced Out Of Home Even After BofA Modification

Posted 04.13.2012 | Business

A Los Angeles-area woman and her severely disabled daughter were forced to flee their home of 25 years in a matter of minutes, allegedly in large part...

Stories From the Frontline: Robo Signers vs. The Silent Enemy

D. Sidney Potter | Posted 06.10.2012 | Business
D. Sidney Potter

As a former 1 percent member who got his backside kicked in the real estate "boom and bust" over the last decade, I'm officially a 99 percent member (misery loves company) -- and it's with unique privilege that I can report stories from the frontline.

Bank Of America Tells Woman To Miss Mortgage Payments, Then Forecloses On Her House

The Huffington Post | Alexander Eichler | Posted 04.10.2012 | Business

Here's how Pamela Flores tells it: A couple years ago, she found that she couldn't keep making mortgage payments on her Atlanta house. She says she...

Your Bank Forgave Your Mortgage Debt, but Will the IRS?

Anna Cuevas | Posted 05.19.2012 | Business
Anna Cuevas

Does a homeowner have to pay taxes on mortgage debt that's been forgiven or canceled? Some reduced or canceled debts do have to be treated as income, but not all. It depends on their circumstances and the amount of debt.

What To Know Before Refinancing Your Mortgage

Reuters | Posted 05.19.2012 | Money

By John Wasik March 16 (Reuters) - I got a letter from my bank the other day offering a streamlined refinancing deal for my current home mortg...

Ben Hallman

Mortgage Settlement: The Deal That Divided The Democrats | Ben Hallman | Posted 03.13.2012 | Business

Top law enforcement officers from most of the 50 states gathered last week in Washington, D.C., for the annual spring meeting of state attorneys gener...

Whistleblower: BofA Kept Homeowners Out Of Government Program

Reuters | Posted 05.07.2012 | Business

By Jessica Dye NEW YORK, March 7 (Reuters) - Bank of America NA prevented homeowners from receiving mortgage-loan modifications unde...

Loren Berlin

A Tale Of Dual Tracking: Trying To Modify A Loan As Bank Forecloses | Loren Berlin | Posted 02.16.2012 | Business

The good news was waiting for Carrie Haskamp on her answering machine one September afternoon. Her bank had agreed to change the terms of her mortgage...

The Robo-Signing Settlement: Breaking the Usual Rules of Housing Policy

Jed Kolko | Posted 04.11.2012 | Business
Jed Kolko

The robo-signing settlement is the latest -- and potentially the largest -- piece in the U.S. housing policy puzzle. Even though it's partly punishment for banks' wrongdoing, it is also another answer by the government to the question of how it can help the housing market.

Ben Hallman

Mortgage Settlement Makes Fresh Promise To Curb Bank Bad Behavior | Ben Hallman | Posted 02.09.2012 | Business

As part of the $25 billion mortgage fraud settlement announced Thursday, five of the biggest U.S. banks promised to end practices that have led to bot...

Landmark Settlement in Foreclosure Abuses

Anna Cuevas | Posted 04.10.2012 | Business
Anna Cuevas

While the settlement is unprecedented, it's not enough to help those who have already lost their homes, but it's a step in the right direction for homeowners who have become a victim of the housing crisis and the wrongdoings of these lenders that contributed to it.

Banks Paying Homeowners To Sell Houses, Avoid Foreclosure

The Huffington Post | Jillian Berman | Posted 02.07.2012 | Business

Some struggling homeowners are getting paid by banks to sell their houses and stave off foreclosure. Many banks, including JPMorgan Chase, are off...

Loren Berlin

Government Expands Failed Homeowner Assistance Program, But It's Too Little Too Late | Loren Berlin | Posted 01.27.2012 | Business

The federal government is taking another stab at helping struggling homeowners keep their homes by expanding its failed loan modification program. Man...

BofA Allegedly Modified Home Loans To Keep Complainers Quiet

The Huffington Post | Alexander Eichler | Posted 03.27.2012 | Business

In an attempt to clean up its battered image, Bank of America allegedly provided mortgage assistance to customers willing to drop complaints about the...