All Posts Tagged With: "foreclosure"
Bank of America (NYSE: BAC) Extends Aid for Service Members
Military members that are currently on active duty or entering such duty have received some good news on the financial front. Military members who have mortgages with Bank of America (NYSE: BAC) will have provisions of the 2003 Service Members Civil Relief Act extended in their favor. The provisions mean they can not be foreclosed [...]
Fines Likely For Bank of America and Wells Fargo (NYSE: BAC, NYSE: WFC)
In recent years, millions of homeowners have struggled to maintain their mortgage payments and avoid foreclosure. Combined, the economic and housing crisis has resulted in many of these homeowners either losing their home or facing years of financial strain. What made matters worse for many was the inability or unwillingness of lenders to try to [...]
City of Baltimore Loses Lawsuit against Wells Fargo (NYSE: WFC) Again
In 2008, the City of Baltimore filed a lawsuit against Wells Fargo (NYSE: WFC) arguing the Bank’s lending practices were responsible for foreclosures that harmed the city. It was argued by the city, that Wells Fargo gave mortgages to people who did not have the resources to service the loans. As a result the city [...]
Wells Fargo Represented At Loan Modification Hearing (NYSE: WFC)
The House Committee on Oversight and Government Reform held a hearing last week to discuss whether or not the processes used by lenders to implement HAMP and other loan modification programs are effective in helping people avoid foreclosure. Michael J. Heid, Co-President of Wells Fargo Home Mortgage was present at this hearing, along with other [...]
Bank of America (NYSE: BAC) Forgives Home Mortgage Debt
Bank of America (NYSE: BAC) is making mortgage exceptions for around 45,000 homeowners in an effort to avoid foreclosures. If all homeowners offered the forgiveness and each made their reduced monthly payments over the next five years – the amount Bank of America forgives could total $3 billion. The mortgage principal forgiveness is being offered [...]
Wells Fargo Falling Behind In Make Home Affordable Program (NYSE: WFC)
As a result of the recession and a slowly recovering economy, the Make Home Affordable Program was initiated by the Obama administration. Mortgage lenders who participate in the program offer an alternative to foreclosure for homeowners who qualify for a loan modification. Despite the original intention of helping homeowners stay in their primary residence, many [...]
Lose Your Home To Foreclosure? You Might Still Get A Bill
For homeowners who have lost their home to a foreclosure due to their inability to keep up with mortgage payments, there may still be bad news on the horizon. After banks sell the home at auction, any balance remaining on the value of the home and the sale price at auction make come back billed [...]
Is The Mortgage Foreclosure Crisis Over?
The foreclosure crisis looked as though it maybe turning the corner after the initial crash, but are we out of the woods yet? While things have improved a little, the mortgage foreclosure crisis is far from over. The initial round of foreclosures affected primarily subprime mortgage loans. Subprime loans are loans that were given to [...]
Obama’s Plan to Rescue Mortgages
The national foreclosure rate is not showing any sign of slowing down. Millions of Americans are at risk of losing their homes to foreclosure. On February 18th, President Barack Obama announced a plan meant to stabilize the faltering housing market. Up to 9 million families would be able to refinance or restructure their current mortgages [...]
I agree. If a local business is the one offering the sale price I will buy it from them. ...
We are retired and live on a grocery budget of $200 a month for 2 people in the Midwest. That ...