Inspector general calls mortgage modification program a ‘failure’

This just confirms what I have been saying all along………..the mortgage modification is not the solution…………The short sale process is the dignified solution to the distressed homeowner…..

Florida Realtors reporrts:  A mortgage modification program aimed at saving homeowners from foreclosure has failed because regulators are “afraid to rein in or impose penalties on the mortgage servicers” whose record “has been nothing short of abysmal,” the program’s watchdog told Congress Wednesday.  Read on:   Inspector general calls mortgage modification program a ‘failure’

Freddie Mac and Foreclosure

“It takes 449 days, on average, to complete a foreclosure on a Freddie Mac loan”

If your mortgage is held by Freddie Mac, then you are one of over 12 million single-family homeowners, or part of approximately 23 percent of the market….read more on this interesting article here……Realty Times - Freddie Mac and Foreclosure

Forecast sees job growth lifting housing in 2011

As Per Florida Realtors

“a full housing recovery is still at more than two years away”     Read entire story here:  Forecast sees job growth lifting housing in 2011

Lenders may be not-so-fast to foreclose

AS per Florida Realtors…..

After a pivotal court ruling last Friday in Massachusetts, lenders are likely to be more willing to help homeowners who are struggling to make their mortgage payments.  Read entire article here :   Lenders may be not-so-fast to foreclose

Bank can go after other assets in Florida if you default on mortgage

The Mortgage Deficiency Judgment, its on  the Public Records for 20 years and it can cause so much havoc in your financial life.  IF there is one reason to attempt a Short Sale, this is it….to avoid that Judgment…… Although some banks, such as Bank of America and Chase will not waive their right to pursue a future collection in a short sale, it is always better than a mortgage foreclosure.   Read this very interesting article published by Florida Realtors that addresses this topic……

Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure?
It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower.   Read entire article here: Bank can go after other assets in Florida if you default on mortgage