Robo-waving, not Robo-signing
It was announced today that the Robo-signing suit has come to a settlement.
Robo-signing is the term coined for the bank’s practices of quickly signing foreclosure documents without actually reading them, or using fake signatures to sign the documents. Read more
Could Fannie and Freddie's Forbearance save your house?
Earlier this month, Freddie Mac announced that they were going to extend their mortgage forbearance plan. Previously, their forbearance period was for 3 months, 6 months with approval from Freddie Mac.
Following shortly after, Fannie Mae announced their own forbearance plan, which is very similar to the one that Freddie Mac had proposed.
The new plans are both for a forbearance plan where the homeowner is unable to pay their mortgage due to unemployment. There is a standard 6 month forbearance period that is allowed to be given without approval from Fannie/Freddie. If you need more time after this, there is an additional 6 month forbearance that you can apply for, but it requires a bit more review before approval.
There are a number of other factors involved, but I think that this is a great step forward in the mortgage industry, and I hope that other banks follow suit with their own forbearance plans.
What do you think?
Arizona foreclosures are predicted to increase
RealtyTrac recently released a report here where they are predicting that foreclosures are going to be rising in the coming year.
This is pretty much in line with everything I have been hearing and expecting for the coming year.
These delays have been caused by the various legal issues that the banks have been going through in the past year. In particular the robo-signing practices. These legal issues have caused the banks to put a large delay on most of their foreclosures. Read more
Is your mortgage getting a bit heafty?
Are the payments getting to be unmanageable?
Is your house overweight? Are the mortgage payments becoming more than your budget can handle?
It’s currently estimated that roughly 25% of homeowners owe more on their house than what it is worth today. Over 6.3 million people nationwide are facing foreclosure on their homes! That doesn’t count the people who are just struggling to make ends meet, and waiting for that one last thing to break the bank.
Are you wondering how you are going to continue paying for your Phoenix Arizona house in the new year? If so, it’s very important to explore all of your options.
To start, go here to get a FREE report that details options that you have. Read more
