Archive for the 'Sacramento Foreclosure FAQ' Category
GAO: Federal Loan Modifications Projections Overstated… HAMP Struggles
[caption id="attachment_229" align="alignright" width="250" caption="Loan Modifications Projections Were Way Overstated"][/caption] It seems that a lot of the good news about loan modifications lately have been not based on real numbers, but on assumptions made by the Obama Administration and the Treasury Department... the Home Affordable Modification Program is just getting off the ground and is struggling to get rolling. According to a story I saw today in DSNews: The Obama administration’s plan to modify unsustainable mortgages could fall short of its goal, according to a report released last week by congressional investigators at the Government Accountability Office (GAO). The watchdog agency said the administration’s projections of helping three to four million homeowners lower their monthly payments through the Home Affordable Modification Program (HAMP) “may be...
Foreclosure Options FAQ’s for Real Estate Short Sales
What is a short sale? The Preliminary Basics: Defaulting on mortgage payments can be a difficult situation. Many people find themselves falling into default, or are already in default, and don't realize that there are options available before the bank takes the house away. A short sale is an excellent way to avoid foreclosure and can give the homeowner some extra time and protection, as long as it is done properly. A Short Sale a(also known as a Short Pay) is when the lender agrees they will accept a sales price of fair market value for your property, even though the loan amount(s) are more than what the new sales price. So the lender takes a loss on the property, writes off the difference between what...
Newest Defaults Cause Concern over Californias Recovery
By Jim Wasserman jwasserman@sacbee.com Published: Thursday, Apr. 23, 2009 - 12:00 am | Page 9B We're going to find out now whether foreclosure moratoriums and new loan-modification programs will work. Banks and mortgage lenders filed a record 11,049 new notices of default in the capital region in the first three months of 2009, La Jolla property researcher MDA DataQuick reported Wednesday. The firm cited a similar sharp rise in default notices – following a several-month lull – across all of California's foreclosure belts. The rise in defaults came as foreclosures fell for a second straight quarter across the capital region and California. While the sudden spike in defaults suggested another major wave of repossessed homes to further drive down home prices, some analysts counseled caution Wednesday. Bank...
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