During the months and years to come, many American homeowners will experience a massive increase in their monthly bills. A recent study revealed that the repayment phase will soon begin for millions of borrowers with home equity lines of credit. For some homeowners, this means that HELOC payments will increase by two to four times….
Despite the opposition of huge banks and many judges, a former Federal Deposit Insurance Corporation official continues to fight mortgage fraud in court. Eric Mains’ legal battles pertain to stopping a lender from seizing his house, but they have the potential to prevent illegitimate foreclosures across the nation. He has even quit his job to…
For the American economy, 2015 didn’t start in a positive way. Residential construction and retail spending dropped significantly in the first quarter. The value of the U.S. dollar caused export revenue to fall as well, according to CNN Money. These trends harmed major corporations like Apple and Caterpillar. Some financial experts and businessmen believe that…
There’s some good news from the normally depressing world of mortgages and foreclosures. Homeowners in many states have begun to break free from predatory loans without losing their properties. How is this possible? Recent headlines from Florida reveal that courts can nullify foreclosures that exceed the statute of limitations and bar lenders from taking further…
While a foreclosure will be devastating for you in many ways, your bank can actually profit more from your home loss than they do from your mortgage. Some of the nation’s biggest banks are also the worst offenders. From refusing to accept your payments to adding on outrageous fees and even “losing” your modification documents,…
Approximately seven years have already passed since the U.S. housing crisis began to make headlines. Why is this important? Homeowners have begun to benefit from the statute of limitations on foreclosures. In some states, this means that people can remain in their homes if they haven’t made any loan payments in five to six years….
Coast to coast, desperate homeowners have become so frustrated by months, even years of lenders’ backpedaling on their mortgage payment modification promises that they are sending a message loud and clear: Put your money where your mouth is! Since patience has gotten them nowhere, they’re taking their plight to someone with the power to make…
In early March 2015, JPMorgan-Chase agreed to a settlement with the Justice Department’s U.S. Trustee Program. It requires the bank to compensate thousands of homeowners, adopt new business practices and accept additional oversight. Chase also had to admit that it violated federal cease and desist orders that were issued in 2011. The financial institution confessed…
Last March, a New York lawyer revealed that Wells Fargo was using fabricated papers to initiate foreclosures and seize properties. Some homeowners are fighting back by filing lawsuits against the national bank. Although federal authorities have been slow to take action, several courts and city governments have begun to penalize Wells Fargo in various ways….
Falling behind your monthly mortgage because of unexpected financial setbacks, medical emergency, or loss in income is inevitable. Because of this, some homeowners turn into loan modification to avoid foreclosure. However, not all loan modifications are worth all the hassle you would go through. Especially with what’s happening in the finance industry – the big…
