FORECLOSURE » Prevent Foreclosures

Encouraging homeowners to opt for short sales as an alternative to walking away from their mortgages is a new tactic banks, like Wells Fargo and Bank of America are using to get homeowners to avoid foreclosure in neighborhoods already spilling over with empty properties. To convince borrowers that selling the home is the right route to take, banks are offering hefty cash incentives that many homeowners won’t want to pass up.

Short Sales Help Avoid Foreclosure

A foreclosure deal that has been in talks for several months by state officials has reached its deadline today. However, with many states not feeling comfortable with terms in the agreement, some wonder whether mortgage relief will be a real possibility for homeowners who were impacted.

Foreclosure Settlement Deal Deadline Arrives

By Stacey Bumpus

There have been a number of attempts to turn the housing market around since the crash in 2008, but unfortunately, the success officials have been hoping for hasn’t come from any government-initiated mortgage modification or stimulus programs yet.

Recently, however, the Obama administration shared it would give another push for housing recovery through Fannie Mae’s foreclosure rental program–a pilot program to sell government-owned foreclosures in bulk to investors who would then rent the properties to others. Will this program have any more success in improving the market than past attempts?

The sale of homes in foreclosure was still an issue for the housing market in the third quarter of 2011, according to a new report from RealtyTrac. President Barack Obama announced plans to develop a housing task force that will tackle improper mortgage loan bundling, one of the issues that helped the financial system crumble in 2008.

Foreclosure Sales Comprise 20 Percent of Sales

The number of foreclosures throughout the U.S. has been extremely high over the past few years, but according to new data generated for CNNMoney by RealtyTrac, the majority of zip codes hit hardest are situated in western states. The report also found that, in addition to a suffering economy, the significant increase in REO homes sold has left the housing sector in peril, making it difficult for the industry to bounce back.

Foreclosures Highest in Middle-Income Western Zip Codes

Hundreds of thousands of foreclosure cases facing reviews ordered by regulators last year may take months longer than originally expected, according to documents filed with federal banking regulators this week. The delays noted by Bank of America and JPMorgan Chase will impact the time frame that homeowners could expect to receive settlement compensation for improper foreclosure actions.

Bank of America Requests New Foreclosure Deadlines

Short sales and foreclosures (REOs) made up 46 percent of homes sold in November, according to a new survey conducted by Campbell/Inside Mortgage Finance. The survey, released on Tuesday, showed just how difficult it has been for the U.S. housing market to bounce back from its crisis.

Foreclosures and Short Sales Offer Major Discounts

Five major mortgage lenders could be facing concessions totaling $19 billion as bank representatives and government officials put finishing touches on a settlement for wrongful mortgage foreclosures, sources have told The Wall Street Journal. Officials have been working with banks for months to determine how they should be held responsible for the mortgage robo-signing scandal, but some states expressed concerns that the deal on the table doesn’t meet their expectations.

Banks Held Responsible for Wrongful Mortgage Foreclosures

Occupy Wall Street demonstrators and other housing activists are heading to neighborhoods hardest hit by the foreclosure crisis to protest mortgage lenders’ mistreatment of homeowners. Protesters in New York, Los Angeles, Chicago and other cities are expected to visit neighborhoods for one scheduled day of protests on Dec. 6.

Occupy Our Homes Rallies Against Foreclosure Crisis

Fannie Mae, Freddie Mac and several large mortgage lenders have announced that they will not foreclose on delinquent borrowers during the Christmas season. The mortgage servicers said they are taking this step to help struggling homeowners rest assured that they won’t have to think about facing a stressful foreclosure for at least a few more weeks.