You Renting a House That’s In Foreclosure? Now You Have Some Protection

The Protecting Tenants At Foreclosure Act of 2009 went into effect on May 20, 2009, offering some protection, and at least a little time, for those renters who find themselves drawn into foreclosure despite paying their rent.  In short, the act allows such tenants to stay in their rental homes for 90 days following foreclosure, [...]

Making Home Affordable Web Portal

Here’s a good starting place for the Making Home Affordable programs, the so-called HAMP and HARP mortgage modifications or refinancing, respectivly.  Go to the Making Home Affordable web site, and look up your lender to see whether they’ve signed on to participate, or look up your loan to see if it’s a Fannie Mae or [...]

SC Supreme Court Blocks Utah Credit Counselor

For the second time in a couple of weeks, the South Carolina Supreme Court has acted to support the rights of consumers.  This time, the court unanimously decided in favor of the South Carolina Department of Consumer Affiairs, ruling that a Utah law firm operating as a credit counseling service in South Carolina cannot continue [...]

How to Contact Your Mortgage Company

Here’s a great resource–a list of contact numbers for mortgage companies and mortgage servicers.   When you are behind on mortgage payments or are looking to try and modify your mortgage, one of the most frustrating issues to deal with is trying to get to someone who can really help (as opposed to the person whose [...]

Mortgage Modification Measure Passes House

A bill which will allow mortgages to modified by bankruptcy judges has passed the U.S. House of Representatives.   One piece of the puzzle which will help to stem the tide of foreclosures, leading to a stronger economy overall, the fight now moves to the Senate.  We’ll post further developments as the Senate debate heats up.

Vote Postponed on Help for Homeowners Act

The U.S. House of Representatives has postponed a vote on the Help for Homeowners Act, apparently because of fears there weren’t enough votes to pass.  Clearly, mortgage industry lobbyists are having an effect.  My colleague David Liebowitz expressed the frustration of many proponents of the legislation:
I am extremely disappointed with the Democratic House leadership.  They [...]

Mortgage Cram-Down Part of Homeowner Help

Today President Obama announced a sweeping proposal designed to stem the tide of mortgage foreclosures which have contributed to, if not caused, the broader problems in the economy today.  Among the proposed steps is a revision to the bankruptcy code which would allow bankruptcy judges to modify home mortgages, which they cannot do under current [...]

Foreclosure in the News

Two stories of interest on the wires today:

June Reyno of San Diego, California, has chained herself to her house to prevent a pending foreclosure. Yes, you read that correctly. Desperate times, etc.
“Good Samaritan” Marilyn Mock saved a total stranger’s home for her at a recent foreclosure sale in Pottsboro, Texas. The homeowner, Tracey Orr, had [...]

Sheriff Thomas Dart of Cook County, Illinois - Consumer Advocate Hero

“My job here as sheriff is not just to follow orders … it is to make sure justice is done.  We shouldn’t be going about destroying people’s lives by winging it. ” - Sheriff Tom Dart
Sheriff Tom Dart of Cook County, Illinois is making headlines this week with his refusal to evict innocent tenants [...]

Is Bankruptcy the Right Thing for Your Family?

The news seems bad, all over. After jobless claims rose to a seven-year high last week, and compounded by the Congressional vacillation over the bailout legislation, the stock market continued a downward trend. Factory orders fell by the largest amount in four years, and if that wasn’t enough to get you good and depressed, the [...]