401(k) hardship withdrawals more common - MariettaTimes.com | News, Sports, Jobs, Ohio, Community Information - The Marietta Times

401(k) hardship withdrawals more common - MariettaTimes.com | News, Sports, Jobs, Ohio, Community Information - The Marietta Times: "Fidelity, which administers 17,000 plans representing 11 million participants, reported that in the same period a year ago, 45,000 workers made hardship withdrawals.

Local experts say this isn't a good idea, for a number of reasons.

'It certainly is a horrible idea,' said Randall Perry, a member of River City Financial Services LLC in Marietta. 'Prior to 59, there is a 10 percent IRS imposed penalty because the taxpayer or individual withdrawing the money is breaking an agreement with government.'

An individual must demonstrate an immediate and heavy financial need, according to IRS regulations, to be eligible for a 401(k) hardship withdrawal. This includes, among other things, certain medical expenses, burial or funeral expenses, and payments to prevent eviction or foreclosure on a primary home."

Read the rest of the story by clicking title link!
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

401(k) hardship withdrawals more common - MariettaTimes.com | News, Sports, Jobs, Ohio, Community Information - The Marietta Times

401(k) hardship withdrawals more common - MariettaTimes.com | News, Sports, Jobs, Ohio, Community Information - The Marietta Times: "Fidelity, which administers 17,000 plans representing 11 million participants, reported that in the same period a year ago, 45,000 workers made hardship withdrawals.

Local experts say this isn't a good idea, for a number of reasons.

'It certainly is a horrible idea,' said Randall Perry, a member of River City Financial Services LLC in Marietta. 'Prior to 59, there is a 10 percent IRS imposed penalty because the taxpayer or individual withdrawing the money is breaking an agreement with government.'

An individual must demonstrate an immediate and heavy financial need, according to IRS regulations, to be eligible for a 401(k) hardship withdrawal. This includes, among other things, certain medical expenses, burial or funeral expenses, and payments to prevent eviction or foreclosure on a primary home."

Read the rest of the story by clicking title link!
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

OBAMA ANNOUNCES FHA to help unemployed homeowners

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Obama Administration Plans Mortgage Aid, Donovan Says

Aug. 30 (Bloomberg) -- The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks

EDITORS NOTE: notice the word LOAN - they are not addressing the fraud it another refi... banks are bailed out and homeowners are enslaved into debt

Mortgage Assistance Program For Unemployed Homeowners Brings Lower Payments And Forbearance | Red, White, & Blue Press

Mortgage Assistance Program For Unemployed Homeowners Brings Lower Payments And Forbearance | Red, White, & Blue Press: "Unemployed Homeowners Brings Lower Payments And Forbearance
08/31/2010
By Randell Jenkins"

A new mortgage assistance plan from the Obama Administration’s Making Home Affordable Program may bring mortgage aid to struggling homeowners who are unemployed. Homeowners across the nation have dealt with troubles concerning their mortgage over the past months and many of these difficulties have stemmed from unemployment.

While modification programs have been set in place to help those who were troubled, new initiatives like the Home Affordable Unemployment Program have been created to offer additional forms of help to homeowners who are unemployed and may have been denied a home loan modification but are still in need. Unemploymen>>>>KEEP READING

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

U.K. Pound Drops Before Mortgage Data; Gilts Advance on Demand for Safety - Bloomberg

U.K. Pound Drops Before Mortgage Data; Gilts Advance on Demand for Safety - Bloomberg: "Related News:
U.K. & Ireland��� Currencies
U.K. Pound Drops Before Mortgage Data; Gilts Advance on Demand for Safety
By Lukanyo Mnyanda - Aug 31, 2010 1:00 AM MT
Email Share Print
The pound declined against the dollar before a report economists say will show U.K. lenders approved fewer mortgages last month, adding to evidence the economic recovery will falter.

Sterling declined against 15 of its 16 most-actively traded peers. U.K. banks approved 46,500 mortgages in July, from 47,643 in June, the Bank of England will say today in London, according to a Bloomberg survey. U.K. gilts gained as declines in stock markets boosted demand for the relative safety of fixed-income assets. The FTSE 100 Index slid 1.1 percent.

“The outlook for the U.K. economy and sterling is weakening,” said Hans-Guenter Redeker, head of foreign-exchange strategy at BNP Paribas SA. “The housing market is turning around. That’s going to have a further negative impact on sterling.”"

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Survey: Mortgage closing costs 37% higher Updated 9h 33m ago |

By Stephanie Armour, USA TODAY A new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it's also costing borrowers more money is uncertain. A recent survey by Bankrate.com found that, on average, origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 — a 37% jump over last year's average of $2,739. >>>>>FULL ARTICLE

Mortgage lending down amid warnings of second house price crash - Telegraph

Mortgage lending down amid warnings of second house price crash - Telegraph:By Myra Butterworth, Personal Finance Correspondent
Published: 2:57PM BST 31 Aug 2010

Photo: CLARA MOLDEN

The latest figures from the Bank of England revealed that net lending – which strips out redemptions and repayments – dropped to just £86 million in July, a steep fall from June’s £518 million.

Mortgage lending down amid warnings of second house price crash - Telegraph: "Andrew Goodwin, senior economic adviser to the Ernst & Young ITEM Club, said: “The housing market is heading for a double dip, with net mortgage lending pretty much flat and the number of mortgage approvals remaining very low.
“These figures tend to be well correlated with prices and they point...">>>>>>>>

READ FULL ARTICLE

2nd RELATED ARTICLE

Related News:

• U.K. & Ireland ·
• Currencies

U.K. Pound Drops Before Mortgage Data; Gilts Advance on Demand for Safety

By Lukanyo Mnyanda - Aug 31, 2010 1:00 AM MT

• Email
• Share
• Print

The pound declined against the dollar before a report economists say will show U.K. lenders approved fewer mortgages last month, adding to evidence the economic recovery will falter.

Read full article

EDITOR NOTE: THESE TWO ARTICLES GO TOGETHER - it is appalling that the economic recovery and housing go hand in hand and yet mortgage fraud is allowed to go on without any meaningful reform (my op)

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Increase in Mortgage Fraud Leads to Rise in Mortgage Hiring - Finance Career Management, Finance Career News - fins.com

Increase in Mortgage Fraud Leads to Rise in Mortgage Hiring - Finance Career Management, Finance Career News - fins.com: "One man's fraudulent mortgage loan is another man's job opportunity. Amid reports of the rising incidence of mortgage fraud -- the Wall Street Journal recently reported a 17% spike in mortgage fraud cases last year -- there is a growing need for finance professionals to help wronged homeowners identify fraudulent activity in their loan origination process, and to train government agents and lawyers detect and prosecute mortgage crimes.

Citing a shortage of professionals with extensive knowledge of the mortgage industry and courtroom proceedings, industry experts point to an increase in demand for loan underwriters, appraisal experts and financial investigators to wade through the field of contentious mortgage transactions.

'We have new projects coming up on a daily basis lately,' said Curt Novy, CEO of Corporate Mortgage Advisors, a San Diego, Calif.-based consulting firm specializing in mortgage"

READ entire article by clicking on title link at top

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Former Top Dot execs sentenced - South Florida Business Journal

Former Top Dot execs sentenced - South Florida Business Journal: "A Miami federal judge recently sentenced four men involved in a multimillion-dollar mortgage fraud scam.

Jason Vitulano, 44, the former manager for Top Dot Mortgage’s Boca Raton branch, was sentenced last week to five years in prison, according to a news release from the U.S. Attorney’s Office for the Southern District of Florida.

Co-defendant and attorney Joseph Miller, 64,"

READ entire article by clicking on title link at top

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Media-Newswire.com - Loan Processor sentenced to 30 yrs. prison

Media-Newswire.com - Press Release Distribution - PR Agency: "Today, Kim pled guilty to one count of bank fraud and faces a maximum penalty of 30 years in prison and full restitution when he is sentenced on Nov. 22, 2010.

According to a statement of facts filed with his plea agreement, Kim was a loan processor and mortgage broker with Alda Home Mortgage in Annandale, Va., from 2002 until 2006. While at Alda Home Mortgage, Kim falsified loan applications for under-qualified borrowers, using phony W-2s and phony bank statements to support the borrowers’ inflated income and bank account figures. In 2007, using the same deceptive practices, Kim began originating fraudulent loans at Onyx Financial Services, also in Annandale. In total, at both Alda Home Mortgage and Onyx Financial Services, Kim’s fraudulent practices brought about mortgage losses of approximately $1.9 million to a number of financial institutions."

REad full article by clicking on title link above
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Stay-At-Home Moms Earn Money Hosting Gold Parties

Stay-At-Home Moms Earn Money Hosting Gold Parties: "Stay-At-Home Moms Earn Money Hosting Gold Parties
Company Plans Gold-Buying Parties and Pays Hosts 10% of the Profits

Online PR News – 29-August-2010 – Premiere Gold Parties, a branch of The Gold Standard, is providing stay-at-home moms throughout the country with substantial sums of money for hosting gold-buying parties. These parties, which consist of friends gathering to sell their unwanted gold jewelry, typically last around 2 hours. At the end of the party, hosts keep 10% of whatever sales took place.

As a relatively new occurrence, NY gold parties developed, in part, because of gold prices soaring to historic heights, and soon become a national phenomenon. “Now is the time for stay-at-home moms to cash in on the cash-generating gold party phenomenon. In the comfort of their homes, women can make money by simply hosting gold parties for their friends and family -- opening the door to a handsome payday for themselves, while helping their friends get the most for their unwanted gold and jewelry,' said Claire Simon, the firm's president. By paying them 10% of a potentially large sum of money, Premiere Gold Parties provides hosts"

KEEP READING FOR MORE INFORMATION!!!!!!!! I have no affiliation at this time (august 30,2010)

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Save your home from foreclosure listings: steps

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Don't let your home become a statistic of the bank - listed on their FORECLOSURE LISTINGS.

This is not legal advice and it is not going to save your home on its own. YOU have to do a few things to have any chance of stopping a foreclosure. Do not allow your home to be sold out from under you - start as early as you can with these steps to increase your knowledge and ability to either represent your self or talk to lawyers and other professionals. There are so many scams out there and being organized helps keep you calm and focused.

START a notebook with all your documentation. Their notices AND envelopes in clear plastic in a notebook will help keep you organized.

SCAN all documents into computer. Thanks to Darrell yesterday I picked up a great tip to organize in folder on computer by MONTH/DAY/YEAR 12/05/1997

Get Loan and Foreclosure Documents examination. (see my pages for referrals or talk to people in groups for names of trustworthy examiners and/or lawyers)

Recorded Documents: Request in person or download every document on file by the state from online. Make sure you get them all, check any co-owner records also. Take pictures of your property periodically.

Go to the courts: If you are fighting foreclosure yourself or even if you have a lawyer - go to the courts and WATCH. Sit and listen and get familiar with how things operate. Do this even if you are not set to go to court. This may be useful even if you are only negotiating with banks. Do not let your house become prey to the foreclosure lists.

READ all you can and take your vitamins, exercise and pick up your mail. Get a copy of JurisDictionary course (even if you have to buy it) and learn about court procedures. Read about how to object .

Join Groups or Start Groups that fight foreclosure and exchange information and support each other at court. Get brave, do not be ashamed. One out of SEVEN in America are in your shoes; including celebrities and millionaires and even housing authorities, you are not alone.

DOCUMENT EXAMINATION: Get Loan and Foreclosure Documents examined. (see my referral pages) OOPS said it 2x. Must be a reason. OH YES, It is that important.

Attend a Seminar if possible. Labor Day Weekend is Show Me The Loan ($275 donation) and Sept 15th is free informational seminar (same place and time as last time). Hope to see you there. This is video link to a preview of one of the speakers on Labor Day - Bill McAffrey.

August videos about mortgages, interest rates, homeowners and foreclosures

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

I gathered these videos and do not necessarily endorse the video presented. It is presented for your information.

AUGUST videos on housing market if you dont' like one, there are more to chose from!

INterest rates lowest in decades. Is this good?

Foreclosures continue and increase month to month.

Prediction of 2 weeks to country crisis. Feds admit lost control of housing crisis and China foreclosed on us.

US Loan Auditors: of course we have auditors we recommend inthe Southwest, but this video was available.

Stay current is best advice. this guy wants to help you.

homes being foreclosed on faster and up by 9% various. Some reports seem to conflict. People working longer than the age of 65 has increased. GEE, wonder why, in this economy?

Elbert: Refusal to pare home loans is stalling recovery | desmoinesregister.com | The Des Moines Register

Elbert: Refusal to pare home loans is stalling recovery | desmoinesregister.com | The Des Moines Register:

"The same lenders who helped slam the brakes on the U.S. economy by giving home mortgages to people who could not afford them are now stalling the recovery by refusing to recognize the mountain of bad debt that they helped create.

'There's too much debt overhang' for an economic recovery to gain traction, economist Neil Harl said last week.

'It's going to take three to five years, if we don't do anything more than we are doing now, before consumers are feeling free to spend again,' said Harl, a professor emeritus at Iowa State University.


Recent reports have shifted the nation's economic focus to the struggling housing industry and fears of a double-dip recession.

The Mortgage Bankers Association said Thursday that the threat of home foreclosure is not subsiding. One in 10 U.S. households with a mortgage is now at risk of foreclosure, the report said, and that's after 2.3 million homes have already been repossessed by lenders since the recession began in December 2007."

READ THE REST HERE: http://www.desmoinesregister.com/article/20100829/BUSINESS03/8290325/-1/caucus/Elbert-Refusal-to-pare-home-loans-is-stalling-recovery

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Common Trial Objections Used in the US Courtroom

ARE you confused by court and what to object to??? Practice objecting before you go to court. Make sure you know the court rules but here are common objections and how they apply.

Also download this dos game you and play it with friends to learn and practice objections: DOS OBJECTION GAME

Common Trial Objections Used in the US Courtroom: "American Government
- Trial Tactics Used by Attorneys in Court -
Common Trial Objections

COMMON TRIAL OBJECTIONS

'Objection, your Honor, the question is ambiguous.'

A question is ambiguous if:
It may be misunderstood by the witness. It is objectionable on the ground that it may take on more than one meaning.

'Objection, your Honor, the question is argumentative.'

A question is argumentative if:
It is asked for the purpose of persuading the jury or the judge, rather than to elicit information.
It calls for an argument in answer to an argument contained in the question.
It calls for no new facts, but merely asks the witness to concede to inferences drawn by the examiner from proved or assumed facts.

'Objection, your Honor, the question has been asked and">>>KEEP READING AND LEARN 10 ADDTIONAL OBJECTIONS

Stop Foreclosure Before They Start The Foreclosure Process

Stop Foreclosure Before They Start The Foreclosure Process: "After working as an attorney saving people from foreclosure, it became clear that if more people knew how to stop a foreclosure and took the proper steps earlier, far fewer people would lose their home. I have outlined ten things not to do if you want to stop your home’s foreclosure in the order that they should be addressed in the foreclosure process. Some start before trouble appears on the horizon and some can occur just before the foreclosure auction. I hope this article helps stop your foreclosure before it starts and if not that it helps stop you from losing your home to a foreclosure that could have been prevented.
1. Do NOT fail to accrue savings for an emergency.

Many wants and needs face each of us each day. Every dollar we earn seems to have its path determined before it comes to our hand. This often results in people putting aside little or no savings for a rainy day. Yet, rainy days do happen, that fact we know. I would love to see homeowners with six months of mortgage payments in savings. As a minimum people should have one to three months of mortgage payments as a reserve to help stop a foreclosure."

Also from site on another page:

This site will help you decide if filing a bankruptcy, doing a debt workout, doing nothing or paying your debt in full is the right way to deal with the money you owe your creditors. Debt and bankruptcy are serious issues. Read all of the FAQs that you can. Good Luck!

EDITOR: I do not know or endorse this site... I just liked some of the things presented.
Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

HAS Obama lived up to his promises: blogpost 2008 viewed in hindsight

Foreclosures Evictions and You: Can you afford 50% tax?: "I'm kind of confused on where he stands but mostly it will be a 40% tax rate for sure. I guess in his mind that is a CUT because although it is higher than it is now, it is less than what he originally wanted? who know?

He further confuses me by saying this on his website
'Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest 2% of families to give back a portion of the taxes they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s.'"

EDITOR: I am reposting this and hoping many will read it as they wonder why the economy is not recovering and wonder "Why aren't things getting better?".

FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS

HUDNo.10-173/U.S. Department of Housing and Urban Development (HUD): "The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth - or 'underwater' - because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

'We're throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,' said FHA Commissioner David H. Stevens. 'This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.'

Today, FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a cre------">>>>>>>> READ MORE

Mortgage Fraud from the Government Viewpoint: FBI anyone?

Please retweet this blogpost if you find it helpful in learning about government mortgage home-ownership and bank loan modifications


MANY of my friends eyes glaze over as I talk mortgage fruad. It's like a huge, circular, interlocking, labyrinth of information. It's the same way I feel when they talk FOOTBALL.
My friends and relatives might think "What is the big deal?" And I try to explain that they are giving up their homes in many cases because they were targeted and EXPECTED to default. I always think when there is FRAUD "don't give up without swinging the bat."

AS one of my friends have said - "You almost didn't stand a chance, you turned on the TV, they pushed these toxic loans and they approved them". I chime in with the thoughts that THEN they had fraud in the loan, in the process of trying to modify and in the foreclosure process itself. If that doesn't just boil your sense of injustice nothing will. I have friends that have lost homes with 60K to 100K invested as down payment. It isn't always people skipping town, people have job changes, moves, child support changes.

NOW I HAVE the ultimate answer for my friends... the ones STRUGGLING to get modified, or in process of LOSING their home. Many who are walking away saying its not right to not pay, we'll just go quietly. Well one branch of government at least, takes it seriously.

TRY THE F.B.I. oh yes, they have skin in the game. They are investigating actively the mortgage fraud. People are everyday submitting their proofs of fraud to the FBI and they are faithfully compiling information. How LONG DO YOU THINK it will be before a sting operation is started then completed?


Here are a couple of excerpts from their site and hopefully my journalistic license and bold highlights will keep me out of jail:

"The ongoing discovery of the lack of due diligence in historical subprime loans, loan modification re-defaults,⁵ increasing prime fixed-rate loan delinquencies,⁶ and the expected increases over the next three years⁷ in the interest rates on Alternative A-paper (Alt-A)^b and Option Adjustable Rate Mortgage(ARM)^c loans raise the chance for future mortgage defaults. During the next two years, a total of $80 billion of prime and Alt-A loans and a total of $50 billion subprime loans are due to recast.⁸ These factors combine to fuel a mortgage fraud climate rife with opportunity. Consequently, mortgage fraud perpetrators are continuing to take advantage of the opportunities provided in a distressed housing market.

Here is another excerpt:

Mortgage Fraud Defined - Fraud for profit, however, often involves multiple loans and elaborate schemes perpetrated to gain illicit proceeds from property sales. Gross misrepresentations concerning appraisals and loan documents are common in fraud for profit schemes, and participants are frequently paid for their participation. Although there is no centralized reporting mechanism for mortgage fraud complaints or investigations, numerous regulatory, industry, and law enforcement agencies collaborate to share information used to assess the current fraud climate.

Source: FBI Financial Crimes Section, Financial Institution Fraud Unit, Mortgage Fraud: A Guide for Investigators, 2003.

NOW INQUIRING MINDS WOULD LIKE TO KNOW WHY THERE IS NOT REPORTING MECHANISM FOR THE HUGE AMOUNT OF LOAN FRAUD WE ARE SEEING!

The seriousness of the FBI is not in doubt, however, when you see the front page for the FBI mortgage section:


From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. Learn more here about the scope of the problem and our work to combat it.




http://www.fbi.gov/hq/mortgage_fraud.htm

Mark Zandi: One economist who's expecting clear skies in another year - CSMonitor.com

Mark Zandi: One economist who's expecting clear skies in another year - CSMonitor.com: "“I firmly believe that once we get by the next six to 12 months we are going to get our groove back and we are going to be surprised at how well the economy is doing.”

Mr. Zandi is just one voice, but people do listen to him. He advised John McCain’s presidential campaign, for instance. Last year, The Wall Street Journal called him the “defacto chief economist to Congress.”

Here are some of his reasons for optimism:

The American household has its personal balance sheet in order. At least that’s true of the consuming public that does most of the buying – those above the median household income of $55,000.

He also says that eventually, demographics win. Right now, Americans are spending under their demographic needs. For instance, Zandi estimates they need 15.5 million cars a year – based on demographic changes such as kids going off to college and graduating to wheels of their own. But consumers are holding back, buying only 11 million. At some point, auto sales will “rocket higher.”

But expect America’s exports, not its consumers, to lead the way to a healthy economy, he says. Emerging markets such as Russia and Brazi"

Click on title link to read ENTIRE article it is encouraging!

Foreclosure crisis isn't over yet - CSMonitor.com

Foreclosure crisis isn't over yet - CSMonitor.com: "Reporter Mark Trumbull puts the factors into perspective:

An improving jobs picture is vital to boosting the number of people who have the income and confidence to become home buyers. Two related factors also have an important role in the pace of foreclosures: the stability of home prices, and the ability of banks and at-risk borrowers to work out sustainable loan modifications.

The more home prices fall, the more borrowers go into a negative equity position (with loan balances greater than the value of their home), making default more likely. Loan modifications, meanwhile, can help struggling borrowers avoid default. But many of the modifications don't make deep cuts in the balance due. Perhaps as a result, a high percentage of the modified loans have been going back into default."

Read entire article by clicking title link!

One in seven behind on mortgage payments, report shows - The Hill's On The Money

One in seven behind on mortgage payments, report shows - The Hill's On The Money: "One in seven behind on mortgage payments, report shows
By Jay Heflin - 08/27/10 11:51 AM ET
One in seven homeowners are either past due on their mortgage or in foreclosure, according to the latest report on home-loan delinquencies by the Mortgage Bankers Association (MBA).�

The number of past-due payments has increased since 2009, when one in eight were delinquent. Two years ago, one in 11 were behind on mortgage payments.�

The report comes on the heels of a report issued this week by the State Foreclosure Prevention Working Group that shows more than 60 percent of seriously delinquent borrowers are not getting any assistance from mortgage servicing companies.�

Julia Gordon, with the Center for Responsible Lending, said in light of the recent findings it might be time to reinstate a moratorium on foreclosures.�

'With millions of homeowners at risk and only a fraction of them receiving any help from their mortgage servicer, it's time to implement mandatory measures to stop foreclosures and help the housing market recover,' she said in prepared remarks. 'In fact, it's past time.'�"

Read the REST of the story by clicking on title link above!

Home Loan Payment Forbearance Plans For Unemployed Homeowners–Will They Help? | Red, White, & Blue Press

Home Loan Payment Forbearance Plans For Unemployed Homeowners–Will They Help? | Red, White, & Blue Press: "Some unemployed homeowners may be able to obtain forbearance on their monthly mortgage payment through a new program that has been offered from the Obama Administration’s Making Home Affordable Program. Unemployment has been one of the main causes of trouble in the housing market and for homeowners but various options have been made available to help unemployed homeowners avoid foreclosure.

Keep reading by clicking title link

The Home Affordable Unemployment Program was launched in order to help homeowners who may have been denied"

Modification good news maybe? Look to the future

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Mortgage modifications offer a bit of good news in the dour foreclosure market:

"The report said recent modifications that reduce principal balances on loans have a lower default rate than those that merely cut the interest component of monthly payments.

But most banks don't trim the overall balance when they modify loans, according to the report. Only one in five modifications reduced the loan amount, with 70 percent of those studied in this year's first quarter actually increasing the total by adding service charges and late payments to the loan balance, the report said.

However, through adjustments of interest rates, about 89 percent of first-quarter modifications involved some reduction in monthly payments, the report said. Nearly 78 percent cut payments 10 percent or more.

But the absence of loan-balance reduction in most modifications will hamper future foreclosure prevention efforts, the report said. The authors noted that home prices have declined more than 30 percent from their 2006 peak, and nearly one-quarter of homeowners owe more than their homes are worth."

READ ENTIRE ARTICLE BY CLICKING TITLE LINK:

EDITOR NOTE: Banks are opposed and rarely reduce the principle. Up until recently there has been MAJOR opposition to reducing principle. In Arizona many property values are at 1/4 of what they were in 2006. There are new programs that have about a 20% success rate in lowering the principle without going through bankruptcy. The qualifications are high and I will be blogging on the newer programs very soon.

Until then here are the rankings for underwater and drowning homeowners according to Corelogic!

Top 10 states with highest share of negative equity mortgages
1. Nevada (68 percent of 592,000 mortgages)
2. Arizona (50 percent of 1.3 million mortgages)
3. Florida (46 percent of 4.5 million mortgages)
4. Michigan (38 percent of 1.4 million mortgages)
5. California (33 percent of 6.9 million mortgages)
6. Georgia (28 percent of 1.6 million mortgages)
7. Idaho (24 percent of 243,000 mortgages)
8. Virginia (23 percent of 1.2 million mortgages)
9. Maryland (22 percent of 1.4 million mortgages)
10. Utah (20 percent of 470,000 mortgages)

Foreclosures drop, but new delinquencies rise - MarketWatch

Foreclosures drop, but new delinquencies rise - MarketWatch:

"It will take a strong recovery in employment for there to be a permanent improvement in delinquencies, he said.

'Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak,' Brinkmann said.

The combined percentage of loans in foreclosure or at least one payment past due was 13.97% on a non-seasonally adjusted basis in the second quarter, down from 14.01% in the first quarter, according to the MBA report. In the second quarter of 2009, the percentage was 13.16%."

>>>Read article in entirety by clicking on title link:

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Eight credit-repair tips after bankruptcy Jennifer Waters's Consumer Confidential - MarketWatch

With HOUSING continuing to tank, unemployment staying high and home values plunging - more and more people will be filing for Bankruptcy. Here is some info that might drive out the fear and help you save your home. REmember strategic default will now mean that you cannot get credit to buy a home for 7 years.

Eight credit-repair tips after bankruptcy Jennifer Waters's Consumer Confidential - MarketWatch:

"A growing number of consumers are taking the bankruptcy plunge. U.S. consumer bankruptcy filings for the year ended June 30 popped 21% to 1.51 million. Coupled with the nearly 60,000 business bankruptcies in the same period, filings reached a level not seen since 2005.

Some 422,061 bankruptcies were filed from April to June, pushing past the 400,000 mark for the first time since the fourth quarter of 2005. At that time, 667,431 bankruptcies were reported as consumers rushed to file before Congress changed the laws that tightened eligibility.

There's some good news for filers: There's no red 'B' written on your chest.

'Nowadays lenders pay greater attention to other factors,' Watts said. 'If you mind your Ps and Qs after the bankruptcy, you can restore your credit rating once the bankruptcy data finally falls off your credit report.'"

>>>>>KEEP READING by clicking on title link

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Temporary Restraining Order Granted in Arizona: Foreclosure mill grinds on

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

Yesterday there was great stride forward in foreclosure fight. One of our group of foreclosure fighters won a Temporary Restraining Order right away. There are programs out there, yes, that CLAIM to save all homes. They are nationwide and the program is very expensive and NOONE can guarantee 100%... the claims are a little exaggerated. Arizona is a whole different story from the START.

Banks are not just favored, their outright lies are ignored in court. There are very very few evictions that are stalled, or postponed let alone denied. Evictions are based on ONE piece of paper that is usually not even an original.

Temporary restraining order to keep the bank from foreclosing until a lawsuit is heard is RARE. It happens but the games they play to get owners to just give up is incredible. That is one reason I recommend the JurisDictionary Course (see right column) for homeowners with little to no court experience. They need information fast. I do receive a small referral fee but have recommended this course before signing up for affiliation.

YESTERDAY a marvelous work of art happened. One of our group of foreclosure fighters won a Temporary Restraining Order right away. No waiting for decision. In the past several have had their TRO heard but the judge have had to wait for over a month for the judgement, usually a denial. To me this is signalling the end of the banks being taken at their word in Arizona. The documents used to reach this legal decision are available on the show me the loan website. There is also an upcoming seminar on labor day.

Owner of Home Sold at Auction Sues Bank

Editor note: WAtch the video and editors note at end of article !

Owner of Home Sold at Auction Sues Bank:

"The 2,600-square-foot Spanish-style house was once valued at a million dollars. But Williams fell behind on his mortgage, and turned to Bank of America for a loan modification.

'I was told I was doing everything the right way,' he says. 'I wanted to stay in the house, I wanted to keep the house -- I did everything Bank of America told me to do -- and one morning I get a call and the house is no longer there.'

Williams says the bank started working with him in September of last year, and then sold the home without telling him.

'They sold the property out from under me for $192,000 -- a million dollar property.'

Williams was given one month to move out of the home he and his family had spent 10 years working on. But Williams isn't going quietly.

He is suing Bank of America for $100 million to send a message. Wednesday in federal court, the judge ruled the case could go to trial."

KEEP READING: Owner of Home Sold at Auction Sues Bank: or see video below

KUDOS TO WILLIAMS!!!!!!!!!!!!!!

Editor note: This man was LUCKY to have this happen. BOA seldom says they help people but they do not allow everyone to actually APPLY for modification.. They weed you out by phone. If he had continued with the modifications (which are basically just lowering payments) his loan would have been modified at his current principle - now they will have to deal with the actual property value.

What happened to this man is not unusual - it is the NORMAL course of action by the servicers. Many are not even legally able to foreclose but do it anyway. This is happening to the majority of people in default. It happened to us. BOA sold at trustee sale WHILE in possession of our letter of rescission and accusation of fraud.

The foreclosure holocaust is not over. I think it will be worse in the next year than ever before. STrategic walkaways are going to find they can't obtain mortgage loans for 7 years..... What is happening in America debt wise is criminal. If Americans don't wake up and start revolting like some of our counterparts in other countries, we will end up sealing the fate of our nation.

Class Action RICO Suit Alleges Tens of Thousands of New York Foreclosure Frauds Orchestrated by "Foreclosure Mill" Attorney & Banks

There is more coming down the pike with decisions yesterday but the news is being VERY VERY slow to pump out negative press on this stuff. THIS ARTICLE is worth a FULL read so make sure to check out my blog and then click on the article title to read the full article.

Class Action RICO Suit Alleges Tens of Thousands of New York Foreclosure Frauds Orchestrated by "Foreclosure Mill" Attorney & Banks: "Case #10CV3800. It alleges RICO civil racketeering, RESPA, Fair Debt Collection Practices Act violations and that homeowners paid inflated foreclosure and other fees fictionalized by Mr. Baum who profited from the scheme since 2005.
The action seeks to return tens of thousands of foreclosed homes to their owners or the values thereof and hundreds of millions in punitive damages against Mr. Baum, MERSCORP and HSBC."

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

How to handle OVERWHELMING DEBT - several videos and choices

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

SEVERAL VIDEOS with various ways to deal with debt.

DO IT YOURSELF

DAVE RAMSEY

HOW DEBT COLLECTORS BREAK THE LAW

Myths by dave ramsey

MORTGAGE SHOULD YOU PAY???