FreeDIYkits Loan Modification Blog

The Obama administration plans to announce on Monday efforts to step up pressure on lenders participating in its massive foreclosure prevention program in a push for transparency that should provide new details about the industry’s performance.

The mortgage giant’s move is part of an attempt by lenders to keep a wave of foreclosed properties from slamming a housing market that has shown some signs of recovery.

Mediation would be a good way to expedite a flood of mortgage foreclosures, a task force said Wednesday, but some panel members disagreed on the details in oral arguments before the state Supreme Court.

A rising number of Californians are finding themselves in financial limbo, having defaulted on their mortgages but still living in their homes, a new report has found.

The Federal National Mortgage Association — better known by its nickname Fannie Mae — recently announced a new tool intended to keep people facing foreclosure in their homes. Fannie Mae calls this program Deed-for-Lease, and it is sufficiently proud of the program that it claims a trademark on the name.

The first wave of foreclosures in Northern Colorado struck people who were in bad mortgage products: subprime mortgages and adjustable-rate loans that buyers couldn’t pay even if they still had jobs.

Prince George’s County saw more than 2,000 foreclosure filings last month, and the Maryland suburb accounted for nearly one-third of the total in the Washington, D.C., metropolitan area.

Kansas ranks No. 37 for foreclosure activity in October, according to data released Thursday by RealtyTrac Inc.

It is important to understand who is the true “owner” of the mortgage. The institution you make your mortgage payment to is typically a servicing company. They collect payments on behalf of an investor, who has the ultimate say in whether a loan will be eligible for modification assistance.