Foreclosure, Homeowner | featured news

A growing number of homeowners are considering a "strategic default," walking away from their mortgages not out of necessity but because they believe it is in their best financial interests.

Daverena White took a chance on the American dream of homeownership -- and lost big.

After a slow start, the Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says.

Fannie Mae plans to allow homeowners facing foreclosure to stay in their homes and rent them for up to one year in a new program to help troubled borrowers.

The Obama administration’s effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers, a government watchdog group says.

Many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.

In early 2008, Cheryl Ann Montero, a California mortgage broker, held a series of free seminars in the clubhouse of the Lone Tree Golf Course in Contra Costa County, a suburban area near San Francisco. The attendees, homeowners facing foreclosure, were desperate for a rescue from their woes. Using a PowerPoint presentation, Montero delivered one.

President Barack Obama announced fresh aid to struggling homeowners in California Thursday, playing a bit of divide-and-conquer by pitting his Republican critics in Washington against GOP governors and mayors eager for the federal money.

With Financial pressures and the threat of mortgage foreclosures rising, the number of illegal scams targeting homeowners is also increasing.