Should homeowners turn to strategic default?

by countyproperties | Feb 4, 2012 | loan modification, San Diego Foreclosure news, San Diego Short Sales

As the housing market continues to struggle for stabilization, many homeowners are turning to strategic default. Almost 11 million homes are now underwater, according to Corelogic. Around 3.5 million homeowners are behind in their payments and another 1.5 million...

New changes for Gov't HAMP principal reductions on existing home loans

by countyproperties | Jan 29, 2012 | Latest News, loan modification, San Diego Foreclosure news, San Diego Short Sales, Short Sales

Treasury to pay investors triple for HAMP principal reductions The Treasury Department will triple payments to mortgage investors for reducing borrower principal through an expanded Home Affordable Modification Program announced Friday. Officials announced several...

New program home forbearance relief for unemployed borrowers on March 1, 2012

by countyproperties | Jan 21, 2012 | Latest News, loan modification, Real Estate news, San Diego Foreclosure news, San Diego Short Sales

Fannie Mae will require mortgage servicers to install a new program providing forbearance relief to unemployed borrowers beginning March 1, according to guidance released Wednesday. Servicers will be able to provide up to six months of relief without getting approval...

Freddie extends mortgage forbearance for unemployed

by countyproperties | Jan 7, 2012 | Latest News, loan modification, San Diego Foreclosure news, San Diego Short Sales, Short Sales

Mortgage finance firm Freddie Mac will give unemployed borrowers a break on their mortgage for up to one year. “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them...

Home Affordable Modification Program expires at the end of 2012

by countyproperties | Jan 7, 2012 | Latest News, loan modification, Short Sales

The Home Affordable Modification Program expires at the end of 2012 and the Treasury Department is not ruling out guideline changes before then. The program launched in March 2009 to pay mortgage servicers for modifying loans on the verge of foreclosure. The Treasury...

Foreclosure counseling doubles your chances of mortgage modification

by countyproperties | Dec 23, 2011 | Latest News, loan modification, Real Estate news, Short Sales

Borrowers who received foreclosure counseling through a national program were twice as likely to receive a modification, according to a study released Monday. The Urban Institute evaluated roughly 800,000 homeowners who took help from the National Foreclosure...