Tag Archives: foreclosure help

New Forbearance Program Helps Unemployed Avoid Foreclosure

On February 27, 2012, an article in Forbes proclaimed that the quarter of a million jobs expected to be added over the next four years placed Washington DC atop the magazine’s list of the Best Cities for Jobs. With Maryland having an unemployment rate that is nearly two points lower than the national average, you could be forgiven for thinking that the figures indicate that a housing recovery is progressing. Yet, the truth is that the unemployment figures can often be misleading. In addition to the number of people who have stopped looking for work and are no longer included in the statistics, there are many more people across the country who are underemployed, working part-time positions when they would prefer full-time. Whether homeowners are struggling to find work or to find additional income to help pay their bills, there are still many families who are in dire need of…
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Can Foreclosure Settlement Make Principal Reduction ‘Commonplace’?

Homeowners seeking foreclosure help or were already foreclosed on have been deluging the office of Maryland Attorney General Douglas Gansler with phone calls ever since learning of the $25 billion mortgage fraud settlement reached between five big banks and 49 state attorneys general. “The conference room didn’t have all those phones or computers three days ago,” Division of Consumer Protection Chief Bill Gruhn told WJZ-TV for a story on February 11, 2012. “And during that 24-hour period, about 500 people have called.” As I have noted in previous blog posts this week, the initial amount of the settlement sounds significant enough to lead many homeowners and foreclosure victims to believe they could be receiving a check, but borrowers with loans owned by Freddie Mac or Fannie Mae are likely to be left empty-handed. However, the Hill reported on February 12, 2012, that the Obama administration and congressional Democrats have been “pressing…
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DC, Maryland Among Few US Spots Where More Moving In Than Out

Washington DC, Maryland and Virginia were among the few sections of the country which saw more people moving in than moving out in 2011, according to a report from Evansville, Indiana-based moving company Atlas Van Lines. According to a press release issued on January 3, 2012, Washington DC had the highest percentage of inbound moves for the sixth consecutive year while Ohio once again saw the highest percentage of outbound moves. While nearly half the country was able to remain balanced over the past year, only nine states (and the District of Columbia) had more inbound than outbound residents. According to the Atlas website, Washington DC, Maryland and Virginia have all had more inbound migration than outbound each year since 2002. Forbes credited the good news for Virginia, Maryland and Washington DC to “government-driven growth has remained robust even during the recession.” As this map from real estate data aggregator RealtyTrac…
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