Underwater

Staying Afloat with an Underwater Mortgage

    For those with underwater mortgages, it is nearly impossible to stay afloat in the turbulent seas of the housing market. The U.S. Home Equity & Underwater Report for September 2013  states that 10.7 million residential homeowners nationwide owe at least 25% or more on their mortgages than their properties are appraised for. Of course … Continue reading

Tax Hikes Ahoy!

This time next year, don’t be surprised if you see a sharp hike in your property taxes. Though this change might seem suddenly out of the blue, you’re looking at a budget-revenue reform effort close to thirty years in the making. Lobbyist groups California Tax Reform Association (CTRA) and California Calls among others are pushing … Continue reading

What Congress Has In Store for California Homeowners

Mortgage Debt Cancellation Homeowners that are interested in loan modification or short sale should be familiar with the expiration of the mortgage debt cancellation provision, which ends Dec. 31, 2012.  The mortgage debt forgiveness issue is only one of approximately 60 expiring tax provisions that Congress appears unable to extend prior to its recess for … Continue reading

An Alternative to Foreclosure?

It is no surprise that foreclosures are increasing all over the country because so many homeowners have fallen so deep into debt, it is inevitable they will lose their homes. The National Association of Consumer Bankruptcy Attorneys (NACBA), reports that “an estimated 6.7 million homes already have been lost to foreclosure and that number is … Continue reading

Affordable Housing Options for California Residents

If you are unable to afford your rent, this may be your solution: The Federal Government’s Section 8 Housing Plan is designed to assist low-income families, the elderly, and the disabled pay their rent. Those who have been approved for Section 8 vouchers will pay a percentage of their monthly income for their rent, while … Continue reading

12 Tips for Talking to Your Lender

  In confronting the realities that result from a floundering economy—such as losing   income while facing higher costs of living—many borrowers are finding it increasingly difficult to make their monthly mortgage payments. If you think you may fall behind on your mortgage payments, you might want to consider contacting you lender to learn about your … Continue reading

New Program Seeks to Compensate Victims of Foreclosure Abuse

In 2010, Jason Grodensky of Fort Lauderdale, FL was shocked to learn that the home that he paid for in cash was being foreclosed on by Bank of America; Grodensky had never taken out a mortgage. This mistake that nearly cost a man his home is not an isolated incident. The housing crisis has lead … Continue reading

Revamping HARP Could Double Number of Qualifying Homeowners

The Federal Home Financing Agency (FHFA) announced its plan to revise and extend the Home Affordable Refinance Program (HARP) on October 24th. The program began in 2009 with the intention of increasing the number of homeowners who could refinance their mortgages to take advantage of lower interest rates. HARP applies to mortgages owned or guaranteed … Continue reading

Contact from Collection Agencies: How Far is Too Far?

When lenders turn past-due accounts over to collection agencies, it can mark the beginning of any debtor’s nightmare. Collection agencies seek out every possible mode of contact and border on harassing consumers in their quest to collect. While they are technically doing their jobs, it can be emotionally traumatizing to distressed debtors. This poses a … Continue reading

Fannie Mae Turned A Blind Eye To Abusive Practices For Years

Fannie Mae knew as far back as 2003 that law firms it    had hired to foreclose on delinquent borrowers were engaging in extensive abuses, but did little to fix the problem, according to a new report (pdf). It wasn’t until the summer of 2010 that the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae, … Continue reading

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