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Bank of America, J.P. MOrgan Chase, Wells Fargo, Citigroup and Ally Financial reach $25 Billion Agreement with Fed & State Government over Foreclosure Abuses

The Justice Department, the Department of Housing and Urban Development (HUD) and 49 state attorneys general announced today the filing of their landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. [...]

HUD Announces Emergency Homeowners’ Loan Program

The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to:

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An overview of the 2010 Housing Market

HUD just released it’s “2010 Overview of U.S. Housing Market Conditions which gave a recap of the housing market for 2010. I’ve previously reported on most of the data and information that HUD included in the report however I thought this report did a good job of giving a complete and concise look at the [...]

HUD Announces Plans to Make Reverse Mortgages More Affordable

Dennis Norman

The Federal Housing Administration (FHA) announced this week that it intends to make modifications to its Home Equity Conversion Mortgage (HECM), a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity.

A HECM is a [...]

HUD may assist homeowners that have problem drywall issues

According to a press release from the U.S. Department of Housing and Urban Development, borrowers with FHA loans that are experiencing problems associated with drywall (ie; chinese drywall) may be eligible for assistance to help them rehabilitate their properties.

FHA is reminding its approved lenders that they are to offer special forbearance for borrowers confronted [...]

National Collaboration Turns Foreclosures Into Opportunities

In an unprecedented move, leaders from the nonprofit sector, philanthropic community, financial industry and government have joined forces in creating a highly innovative and effective approach to reclaim neighborhoods devastated by high concentrations of foreclosed and abandoned property.

The National Community Stabilization Trust, a new nonprofit organization, will help re-knit the fabric of neighborhoods torn [...]

Tips from the Federal Reserve for avoiding foreclosure scams

Dennis Norman

By: Dennis Norman

Back in April I first did a post on avoiding foreclosure and loan modifcation scams but record numbers of homeowners facing foreclosures and foreclosure scams on the rise I thought it was worth talking about again.

The Federal Reserve , in a public service announcement, published “5 Tips for Avoiding [...]

Beazer Homes USA settles criminal charges with the United States for $50 Million

Dennis Norman

By: Dennis Norman

Yesterday Beazer Homes USA reached a $50 million settlement with the United States over charges of mortgage and accounting fraud. 

The Federal Bureau of Investigation in Charlotte issued a press release giving the details of the settlement as follows:

Beazer and its subsidiary, Beazer Mortgage Corporation, admitted to engaging in [...]

What to do when you owe more than your home is worth

First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion. 

Dennis Norman

Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a [...]

FHA Changes Rules on Refinances

By: Dennis Norman

Dennis Norman

Effective April 1, 2009, FHA will lower the amount you can borrow when refinancing your home loan if it is a “cash-out” refi.  The term “cash-out” simply means you are borrowing more than your existing debt…thereby resulting in you getting “cash-out” of your home’s equity.

In the past FHA has [...]

Commerce Dept reports drop in building permits- That’s GOOD news!

By: Dennis Norman

Today the US Census Buruea and US Department of Housing and Urban Development (HUD) issued a report on December new home starts, permits and completions.

Once again the numbers in all three categories dropped. Building permits for privately-owned housing units at an annual rate of 548,000 for December fell 10.7% from November [...]

Help for homeowners facing foreclosure

By: Dennis Norman

Today many people that never thought they would find themselves in this plight are now facing the potential of losing their homes to foreclosure. Aggressive lenders, creative loans and a super charged real estate market for about 5 years until sometime in 2006 all helped put many people in a difficult position [...]

How to buy HUD Homes

By: Dennis Norman

What is a HUD Home?  A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

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