Act Quickly to Avoid Foreclosure
Experts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were prior to the Great Recession. Still, foreclosures are starting to tick upward.
Experts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were prior to the Great Recession. Still, foreclosures are starting to tick upward.
Despite a one-month gap between the end of the foreclosure moratorium and the start of new regulations to protect homeowners, mortgage servicers will not be able to begin foreclosure proceedings this year for most borrowers with loans backed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Tuesday.
The Consumer Financial Protection Bureau has finalized temporary rules that will delay most foreclosures until next year, though the agency did create some exceptions that will allow mortgage servicers to begin the foreclosure process this year.
The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer.
“There is a tidal wave of distressed homeowners who will need help in the coming months,” said Dave Uejio, acting director of the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau said Monday it is considering new rules aimed at averting a wave of foreclosures later this year when millions of homeowners are no longer allowed to put off making their mortgage payments.
President Joe Biden is extending a ban on housing foreclosures to June 30 to help homeowners struggling during the coronavirus pandemic.
The average Massachusetts homeowner gained $31,000 in equity in the third quarter on a year-over-year basis, CoreLogic reported, nearly double the national average.
The number of homeowners seeking mortgage forbearance fell for at least eight straight weeks this summer. But that decline masks a couple of other important trends.
No one knows exactly how many borrowers will find themselves in deep trouble when their government-mandated forbearance plans end Aug. 31.
Attorney General Maura Healey’s consumer protection push has run into a legal roadblock after a federal judge granted a temporary restraining order.
If you know of anyone who is facing a mortgage crunch due to COVID-19, time is of the essence. The sooner they take definitive action to address their situation, the more likely they will be to successfully navigate through this difficult time.
Gov. Charlie Baker signed a housing security bill on Monday to put a pause on evictions and foreclosures until after the coronavirus pandemic abates, finalizing an effort that took weeks for the legislature to negotiate.
Homeowners with mortgages backed by Fannie Mae and Freddie Mac won’t have to worry about foreclosures or evictions during the coronavirus crisis.
The former owner of a real estate company was sentenced earlier this week in connection with a scheme to steal more than $580,000 by targeting homeowners facing foreclosure.
Foreclosures would have to go through mediation and a judicial process under a bill proposed by Sen. Nick Collins.
One of the nation’s leading wholesale mortgage lenders is facing a $2 million fine from Massachusetts Attorney General Maura Healey over charges it gave borrowers loan modifications with ballooning monthly payments they could not afford.
A national mortgage servicing company will provide $4 million in relief for Massachusetts residents to settle allegations that it failed to help homeowners avoid foreclosure.
Foreclosure petitions in October were down 53.3 percent compared to a year earlier, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The National Mortgage Servicing Association (NMSA) yesterday issued a report calling on all federal agencies to work together in conjunction with the mortgage servicing community to institute policies that standardize the procedures, definitions and best practices surrounding the treatment of vacant and abandoned residential properties.