Mortgage Foreclosure & Refinance Resource

Mortgage Refinance and Loan Modification News and Guides

Pay Day Loans Make Housing Situation Worse

March 31st, 2008 · No Comments

As hundreds of thousands of American home owners fall behind on their mortgage payments, more people are turning to short-term loans with sky-high interest rates just to get by.
While figures are hard to come by, evidence from nonprofit credit and mortgage counselors suggests that the number of people using these so-called “pay day loans” is [...]

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Tags: Avoiding Foreclosure

White House Opposes Bankrupty as Protection from Foreclosure

February 28th, 2008 · No Comments

Following up on yesterday’s post today president George Bush and the two highest economic officials in the US government all objected strongly today to plans in Congress for changing bankruptcy laws to protect homeowners caught up in the mortgage meltdown. The idea of allowing bankruptcy judges to restructure loans ‘wouldn’t be fair to millions who [...]

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Tags: Foreclosure Information · Mortgage Legislation

Mortgage Servicing Firms Have Wrong Incentives

February 19th, 2008 · No Comments

One problem is that mortgage servicers make their money from late fees and other penalties charged to borrowers.”There’s a built-in incentive for the servicing industry to really rip people off,” contends Richard Gaudreau, a Salem attorney who specializes in consumer bankruptcy law. “If they can throw your payment into a suspense account because it’s a [...]

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Tags: Foreclosure Information · Mortgage Notes · Mortgage Scams