http://iamfacingforeclosure.com Learning about foreclosure risks and avoiding foreclosure. en http://iamfacingforeclosure.com/viewnews/2008-07-05_MrMortgageMortgageModificationsPart2BeingForwardThinking.html http://iamfacingforeclosure.com 2008-07-05 Being forward thinking is key in understanding this mess. Talking about all of this is key because the only way we are going to navigate the murky waters ahead is for everyone to discuss and debate all options, share experiences and help each other out. For that I appreciate all of the responses. ... Good borrowers who put 20% down, went full doc and make their payments every month are being destroyed by crashing values. This is primarily who I am trying to help and who the banks are being very generous with when it comes to mortgage modifications. The borrower who could never afford the loan in the first place and can’t afford it now will not be eligible for a mortgage modification. http://iamfacingforeclosure.com/viewnews/2008-07-04_Thetreeoflibertymustberefreshedfromtimetotimewiththebloodofpatri.html http://iamfacingforeclosure.com 2008-07-04 ``Never has there been a time in our history where our freedom has bee over shadowed by our burdens of debt and war, as it is now. The time has come to unite in the streets of America as people, families and communities who must stick together, stand tall and keep fighting for what the fathers of our country did over 200 years ago.'' http://iamfacingforeclosure.com/viewnews/2008-07-03_MrMortgageonMortgageModificationsYouMayQualify.html http://iamfacingforeclosure.com 2008-07-03 In the past couple of months, however, many big lenders jumped to the same page and are offering unheard of deals. This is likely because they have so much REO coming back they can’t handle any more. They have finally realized that it is cheaper to do an aggressive loan modification and keep people in their homes paying their mortgage like a good borrower than foreclosing. Time may be of the essence. Why I think it is important to look at modifying now is because at the present time, you do not have to share your future appreciation with anyone. After a modification, you get a fresh start. However, if this new $300 billion bailout goes through you may have to share your future appreciation with the Government and/or bank after you are given a modification. If you live in CA, NV, AZ, FL or any other ‘bubble state’ and are in a negative equity position, you stand a great chance of being modified. Also, if you have an exotic loan like a Pay Option ARM, 2/28, 3/27, 5/1 ARM or high LTV 2ndmortgage that is now underwater, you stand a great chance. In bubble states, many people can qualify for modifications simply due to how far the value of their home has fallen. Very few know this. http://iamfacingforeclosure.com/viewnews/2008-07-03_ArsonSurgesforForeclosedHomesLosttoSubprime.html http://iamfacingforeclosure.com 2008-07-03 "The biggest surge of mortgage defaults in seven decades coincides with an increase in blazes in foreclosed properties led by states with the most repossessed homes, according to fire safety officials in Nevada, Massachusetts and Ohio." http://iamfacingforeclosure.com/viewnews/2008-07-03_ServicersNotDoingEnoughforTroubledBorrowersConsumerGroupSays.html http://iamfacingforeclosure.com 2008-07-03 "As the number of foreclosures continue to outpace loan workout activity, consumer groups are growing restless — suggesting that servicers aren’t doing enough to help." http://iamfacingforeclosure.com/viewnews/2008-07-03_HOPENOWonPaceForRecordSoTooAreForeclosures.html http://iamfacingforeclosure.com 2008-07-03 ``A review of the HOPE NOW data by Housing Wire finds that while the total number of borrowers helped by alliance members is likely to increase to record levels during Q2, so too are the number of foreclosures — enough to actually establish a record low in the percentage of borrowers helped, relative to foreclosure activity.'' http://iamfacingforeclosure.com/viewnews/2008-07-03_CalforniaSenateApprovesForeclosureWarningBill.html http://iamfacingforeclosure.com 2008-07-03 "The California Assembly appears to have passed its first major piece of legislation surrounding the nation’s housing mess, passing a bill designed to give homeowners both more and earlier warnings that their mortgages were moving into default,... , the governor was expected to sign the bill into law shortly. http://iamfacingforeclosure.com/viewnews/2008-07-03_AnalystseesghosttowninInlandEmpire.html http://iamfacingforeclosure.com 2008-07-03 "A financial analyst fresh from a tour of construction sites in the Inland Empire is warning Wall Street of a "ghost town" where finished homes sit vacant and additional homes are still under construction. " http://iamfacingforeclosure.com/viewnews/2008-07-03_LAForeclosuresQuadrupleMiamiDoublesCorporateBankruptciesSoar.html http://iamfacingforeclosure.com 2008-07-03 "New foreclosures almost quadrupled in Los Angeles and doubled in Miami in the second quarter, with as much as $5 billion worth of loans going bad in L.A. alone, the online real estate data company PropertyShark.com reported." http://iamfacingforeclosure.com/viewnews/2008-07-03_RegulatorstoSchumerWevegotaWholeBagofShhhWithYourNameonIt.html http://iamfacingforeclosure.com 2008-07-03 "Our industry sources have gone so far as to suggest that Schumer was paid off to leak the letter to the press, although it’s unclear if the suggestion is anything more than idle speculation. The conspiracy theory goes like this: IndyMac has been privately negotiating for new capital for at least the last few months, and a Large Investor offered a deal that CEO Michael Perry balked at; Large Investor decided to pay a few bucks to a Senator in New York to force the issue." http://iamfacingforeclosure.com/viewnews/2008-07-02_LAMiamiHomeForeclosureRatesMoreThanDouble.html http://iamfacingforeclosure.com 2008-07-02 ``New foreclosures almost quadrupled in Los Angeles and doubled in Miami in the second quarter, with as much as $5 billion worth of loans going bad in L.A. alone, the online real estate data company PropertyShark.com reported.'' http://iamfacingforeclosure.com/viewnews/2008-07-02_AngryConsumersFloodFederalReserveBoardwithComplaints.html http://iamfacingforeclosure.com 2008-07-02 "Apparently the Federal Reserve has been inundated with over 8,200 consumer complaints against various banking and lending institutions for credit card abuse and predatory lending. The Fed’s inbox has been full since it invited personal comments regarding a proposed new rule to end “Unfair or Deceptive Acts or Practices.” Sarah Byrnes said, Campaign Manager of Americans for Fairness in Lending (AFFIL)" http://iamfacingforeclosure.com/viewnews/2008-07-02_AsForeclosuresEscalate.html http://iamfacingforeclosure.com 2008-07-02 "By the time the Senate returns next Monday from its July 4 recess, some 55,000 more homes will have entered foreclosure. And that’s hardly the full picture of the growing calamity." http://iamfacingforeclosure.com/viewnews/2008-07-02_MortgageRatesMarkTimeWaitingforFederalAction.html http://iamfacingforeclosure.com 2008-07-02 "Mortgage rates continued to set record 2008 levels with long term rates moving up slightly during the week ended June 26, and short term rates increasing modestly but in double digits." http://iamfacingforeclosure.com/viewnews/2008-07-02_HerestherealtwhoresellingherhomeoneBayandCraigslist.html http://iamfacingforeclosure.com 2008-07-02 "I hadn't wanted to post, because my my gut says 'scam alert', but have at it.." http://iamfacingforeclosure.com/viewnews/2008-07-02_HELOCDelinquenciesRiseinQ1ABASays.html http://iamfacingforeclosure.com 2008-07-02 "Continued stress in the housing market combined with general weakness in the overall economy contributed to an increase in the delinquency rates for home equity lines of credit and bank cards during the first quarter of 2008, according to a quarterly consumer credit report released Wednesday morning by the American Bankers Association. http://iamfacingforeclosure.com/viewnews/2008-07-01_FortisBankPredictsMeltdownOfUSFinancialMarketsInComingWeeks.html http://iamfacingforeclosure.com 2008-07-01 "Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US” The translation's a bit rough, but readers will get the picture... http://iamfacingforeclosure.com/viewnews/2008-07-01_FitchNonAgencyREOVolumeJumps441Percent.html http://iamfacingforeclosure.com 2008-07-01 "Unprecedented growth of U.S. real estate-owned property volumes and the costs needed to maintain these assets are hindering recoveries and may increase loss severities upon liquidation, presenting a lofty task ahead for RMBS servicers, according to Fitch Ratings in a new report released Tuesday morning." http://iamfacingforeclosure.com/viewnews/2008-07-01_MBASaysHomeConstructionLoanDelinquencyRateMisleading.html http://iamfacingforeclosure.com 2008-07-01 "Constructions loans for single and multi family projects in the United States are incorrectly included in commercial real estate delinquency reports, according to the Mortgage Bankers Association's most recent Commercial/Multifamily Research DataNote." http://iamfacingforeclosure.com/viewnews/2008-07-01_LenderClearsOutPossessionsOfHomeNotInForeclosure.html http://iamfacingforeclosure.com 2008-07-01 "With so many properties in foreclosure these days, it seems that lenders can’t always keep straight who’s delinquent and who’s not:"