FreeDIYkits Loan Modification Blog

First Phase of Project In the Phoenix Suburbs Hits New Financing Snag
CityNorth, the ballyhooed retail project planned in northern Phoenix’s affluent suburbs by Related Cos. and Thomas J. Klutznick Co., is the target of a foreclosure filing by lender Capmark Financial Group Inc.

Capmark filed last week in Maricopa County Court to foreclose on the first phase of the CityNorth project due to default on a $290.5 million loan. Other lenders that provided the loan include Deutsche Hypothekenbank and CSE Mortgage LLC.

Related, Klutznick and a third partner, J.E. Robert Cos., couldn’t refinance the loan when it came due, according to the companies. Those companies will continue to manage the project.

“The foreclosure will result in a restructuring of equity interests … to enable fresh capital to be injected,” Klutznick principal John Klutznick said in a statement. “Day-to-day operations will continue as usual.”

Under President Barack Obama’s program to reduce foreclosures, fewer than 35,000 troubled South Floridians have had their mortgages modified, less than 5 percent of those who qualify for help.

Figures from a U.S. Treasury Department report Thursday offer little good news for the hundreds of thousands of Florida homeowners who are behind on their mortgage payments and seeking help from their lenders.

Banks and companies that service home loans are moving more slowly to renegotiate loans in Florida through the Making Home Affordable program than in the rest of the nation

Nationwide, 24 percent of the nation’s 3.3 million troubled home loans have been modified, the Treasury Department said. In Florida, the rate was 13.5 percent through November.

A great video posted by the Government’s Making Home Affordable Website. This educational video teaches you how to survive your trial modification period, so that your loan modification stays permanent. Gives a complete list of all required loan modification documents, and much more. A must see for anyone who is in a trial loan modification period.

If you’ve fallen behind with your mortgage and facing foreclosure, don’t panic and do nothing. It isn’t the time for in-action because with guidance, you may have options. Here’s what you need to know if you want to save your home from foreclosure.

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.

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.

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.

At the start of the foreclosure crises, personal finance experts urged struggling homeowners to contact their lenders if they started to fall behind on their mortgages. The lenders want to do everything they can, homeowners were told, to avoid a foreclosure.

Third-quarter declines in defaults and repossessions are probably due to an increase in loan modifications and lenders’ reluctance to put more distressed properties on the market, data firm says.