Mortgage Modification, Homeowner | featured news

BofA to start reducing mortgage principal

BofA to start reducing mortgage principal

Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home's value or are battling ever-expanding "negative amortization" loans.

 

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

Average Homeowner In Obama Foreclosure Program Underwater, Yet Principal Cuts Rare

The average homeowner in the Obama administration's signature foreclosure-prevention program owes more on their mortgage than the home is worth, yet the program does virtually nothing to address this problem, according to a scathing new report by a government watchdog.

 

New wave of foreclosures by end of 2010 is feared

New wave of foreclosures by end of 2010 is feared

About 4 million U.S. homeowners are 90 days or more delinquent on their loans or in foreclosure proceedings, Moody's Economy.com says. A federal loan modification program is helping a relative few.

 

Pace of mortgage help rising but still slow

Mortgage servicing companies have the complex task of figuring out if millions of borrowers qualify for mortgage modifications. And there has been some progress lately getting homeowners sign up.

 

Subscribe to this RSS topic: Syndicate content