Assistance Comes to Residents Across Nation

Assistance Comes to Residents Across Nation

If you are struggling to avoid foreclosure, then the U.S. Department of the Treasury, along with the National Association of REALTORSĀ®, has good news for you.

At the recent Making Home Affordable outreach event held in Chicago, Illinois, industry leaders discussed the state of today’s market. These community events are just part of the NAR’s actions in helping homeowners deal with today’s difficult economy and housing market.

Real estate professionals and lenders discussed at the Chicago event how homeowners can reach out for help as well as what to expect during a short sale. Events have also been held in Atlanta, New Orleans, and Indianapolis.

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Are you a struggling homeowner? Check out our Avoiding Foreclosure section for more resources and tips.

Guiding you through foreclosure-compensation maze

Guiding you through foreclosure-compensation maze

If you’re a victim of banking abuses during the foreclosure crisis, the government says it will make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all.

There are two separate government efforts: the National Mortgage Settlement and the Independent Foreclosure Review.

While both share the goal of providing some compensation to homeowners who were harmed by their banks’ abuses or errors, the two have very different approaches.

Read Full Story on The Seattle Times…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.

Mortgage-aid revisions paying off for bankers, some borrowers

Mortgage-aid revisions paying off for bankers, some borrowers

A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans.

The revisions to the Obama administration’s 3-year-old Home Affordable Refinance Program have yielded mixed results for homeowners, analysts and mortgage professionals say.

Some responsible homeowners are indeed getting lower-interest loans despite owing far more than their homes are worth. But others have loans that don’t qualify, or must jump through hoops the plan was supposed to eliminate, such as on-site appraisals and extensive paperwork.

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Consumer watchdog weighs limits to mortgage fees

Consumer watchdog weighs limits to mortgage fees

The government’s consumer-finance watchdog is weighing an overhaul of the fees consumers pay to obtain mortgages.

Regulators might ban origination fees that vary with the size of the loan, known as “origination points.” They also might limit the use of “discount points” that are supposed to result in lower interest rates, the Consumer Financial Protection Bureau said late Wednesday.

The changes would help consumers understand the fees they are paying and guarantee that the fees provide any promised discounts, the agency said.

Read More on The Seattle Times…

US gov’t to propose new mortgage lending rules

US gov’t to propose new mortgage lending rules

The federal government proposed new rules on Tuesday that will give homeowners more ways to avoid foreclosure and get an accurate accounting of their monthly mortgage payments.

Congress mandated changes in the rules covering the mortgage servicing industry in the wake of the 2008 financial crisis.

The Consumer Financial Protection Bureau’s proposed rules would require mortgage servicers to give all borrowers standardized monthly statements and warn borrowers about interest rate or insurance change.

Read More on The Seattle Times…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.