DFW Real Estate News » Foreclosure Assistance Programs and Advice

New Foreclosure Crisis Could Give Some Borrowers Leverage in Negotiating Lower Payments Via Modifications

John Jones — Thu, 14 Oct 2010 18:53:40 +0000

Revelations that some lenders may have used “robo-signers” and possibly committed other acts of fraud related to due process of foreclosure may give some borrowers leverage in trying to negotiate options to save their homes, including loan modifications.

It’s important to note that foreclosure in Texas is non-judicial, which means it is essentially a private matter and it’s unclear what the implications of these alleged actions by some mortgage servicers and their agents may mean for Texas homeowners.

Texas homeowners faced with foreclosure should contact an attorney who specializes in foreclosure litigation to review their options.

Article from MSNBC

Attorneys General in Several States, Including Texas Probing GMAC Foreclosure Practices

John Jones — Wed, 29 Sep 2010 16:44:20 +0000

Attorneys general in several states, including Texas have begun a probe into the foreclosure practices of GMAC mortgage.

Is has been alleged that some employees of GMAC have signed affidavits containing information they did not know to be correct that have resulted in foreclosures.

Article from Statesman.com

Deed In Lieu of Foreclosure as an Alternative to Short Sale or Foreclosure

John Jones — Thu, 27 May 2010 18:48:01 +0000

Here’s an article from Kenneth Harney about how some homeowners are using the deed in lieu of foreclosure as an alternative to short selling their home or outright foreclosure.

Although this may be a great alternative for many homeowners, some lenders will not allow a deed in lieu of foreclosure in the state of Texas because a deed in lieu may not clear the title of some alternate liens, such as mechanics liens or other liens that may affect the owner’s equity position.

Article from the Washington Post

Will a Loan Modification Destroy Your Credit Score?

John Jones — Tue, 27 Apr 2010 19:41:14 +0000

Many homeowners that are either underwater or unable to pay their mortgage worry excessively about their credit score. In fact, many people worry more about their credit score than their financial well being in general.

However, as Ken Harney explains in this article, loan modifications may actually INCREASE the credit scores of some homeowners. Read more about this in the article from the Washington Post.

Congressional Watchdog Body Says Plan to Stabilize Foreclosures Moving Too Slowly

John Jones — Tue, 27 Apr 2010 01:24:07 +0000

A Congressional watchdog organization reported that the Treasury-based loan modification programs created by the Obama Administration were not beign implemented as quickly as they had hoped. The report focused specifically on the program that was funded with $50 billion dollars and was supposed to help between three and four million homeowners with loan modifications.

The program effectively rewards lenders for agreeing to restructure loans for homeowners that are underwater or who otherwise are at serious risk of foreclosure. Since its inception two years ago, only 90 million of the 50 billion that was originally allocated to this program has been used.

Original Article from Exclusivereal.com

Questions and Answers About Obama’s New Mortgage Assistance Program

John Jones — Tue, 06 Apr 2010 20:02:10 +0000

Once again, the Federal Government is revamping an old program that didn’t ever really serve it’s purpose, which was to help home owners that are underwater on their mortgages.

It is estimated that as many as six million home owners are currently behind on their mortgage by at least two payments, with at least that many more in danger of foreclosure over the next three years. The original plan has only been used on about 170,000 mortgages, which is a small piece of the pie. Click here to read about the changes to this plan.