News of Foreclosures, Foreclosure Properties Information and How to Find Distressed Properties for Sale
A task force was formed to help distressed homeowners in Delaware avoid fraudulent repo properties rescue services. The task force will provide its services to all troubled homeowners who feel that they need assistance to avoid foreclosure and fraudulent services.
The U.S. Federal Trade Commission (FTC) wants to have a hand on regulating companies that offer repossession houses rescue and loan modification services. The agency has started drafting tougher rules as more and more companies emerge to offer foreclosure prevention and loan modification services.
The apparent successes of the Obama administration with its bank stress tests and stimulus programs will not carry the nation to economic recovery if the government foreclosures programs are not radically enhanced to stop the impending foreclosure of more and more homes.
The South Carolina forclosed property ruling issued this week will just be a temporary relief for many distressed homeowners in the state, according to Don Schunk, a research economist at Coastal Carolina University.
New federal initiatives by President Obama’s administration to reduce the number of foreclosure properties in the commercial property sector are welcome, but many analysts think the initiatives are too late to save a lot of commercial mortgage-backed properties already facing foreclosures.
Center for Responsible Lending (CRL), a research group, estimated that 1.5 million houses have been turned into foreclosure properties. CRL noted that the $75 billion foreclosure properties prevention program of President Barack Obama is crucial to the recovery of the Latino and Black communities where majority of riskiest loans have been issued.
About 33 percent to 35 percent of Americans, those in the higher income level, will be tapped by the Obama Administration to pay for its foreclosure prevention program.
In December 2008, lenders modified about 122,000 mortgage loans in an effort to help struggling homeowners avoid foreclosure.
Governor Bill Ritter has promised to use the $34 million federal grant he received under the Housing and Economic Recovery Act of 2008 to address the Colorado foreclosures problem by rehabilitating, reselling or redeveloping distressed homes in the state.
Black Entertainment Television founder and owner of RLJ holdings, Robert Johnson announced to a group of bankers, housing activists and regulators Monday that he holds the solution to the lingering crisis of home foreclosures.
