INFO FOR HOMEOWNERS WITH CLOSED, BANKRUPT LENDERS AVAILABLE The Federal Trade Commission, which oversees consumer affairs, has produced a new Facts for Consumers publication created to assist homeowners whose mortgage lenders may have closed or gone bankrupt in the wake of the mortgage lending crisis. “How to Manage Your Mortgage if Your Lender Closes [...]

Short sales happen when a lender agrees to accept less than the amount owed by the borrower – there is not enough equity to sell the house and pay all the costs of the sale. Some lenders will not consider a short sale if the payments are current, and in addition may try to tap [...]

“Here are some of the preliminary details of the Bush administration’s proposal. According to press reports, loans originated between January 2005 and July 2007 with first scheduled resets between January 2008 and July 2010 would be eligible. Priority for loan modifications would be given to borrowers with FICO scores less than 660 and that have [...]