Tag Archives: foreclosure help

‘Tis the Season for Foreclosures

Last month, the state attorneys general and the nation’s biggest mortgage lenders reaching a $25 billion settlement over the industry’s alleged foreclosure abuses. It appears that the banks are now addressing the backlog of homes with mortgages that had gone unpaid during the process of reaching that settlement. The Associated Press reported on March 15, 2012, that the foreclosure listing firm RealtyTrac Inc. said that foreclosure activity increased across 26 states where courts supervise the process, while 24 states where the courts do not play a role in the process saw activity decline. WTOP-FM reported that the number of foreclosures in Maryland in February rose 28 percent from the month before and were 22 percent higher from a year ago. In terms of default notices—the first step in the foreclosure process—Maryland posted the second-largest annual increase in the nation, with a 157 percent spike in default notices, according to the…
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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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