During the last housing crash, the big banks begged the federal government for help and they received it, but when average Americans ask the big banks for help most of the time the banks show no mercy whatsoever. If you fall behind on your mortgage payments, the big banks have shown that they are willing to be absolutely ruthless. They will change locks in the middle of the night, they [...]
In the aftermath of the financial crisis, which the country had undergone in recent times, the Federal Government came up with the Making Home Affordable program. This 2009 program was aimed at helping the homeowners keep their homeownership intact or to increase it and to avoid foreclosure. In case your mortgage loan is controlled by Freddie Mac or Fannie Mae and if you are current on your mortgage, then you will get the [...]
Banks are slowing foreclosure rates yet again, and it isn’t because they are out of borrowers to foreclose on. With the settlement earlier this year, banks began to clear out their existing REO inventory, and they slowed foreclosures in the Southwest in order to modify mortgages to meet their requirements under the settlement (note the uptick in cancellations last month). Ideally, the banks would like to modify loans to keep [...]
MUNCIE, Ind.—Johnny Whitmire shuts off his lawn mower and takes a long draw from a water bottle. He sloshes the liquid from cheek to cheek and squirts it between his work boots. He is sweating through his white T-shirt. His jeans are dirty. His middle-aged back hurts like hell. But the calf-high grass is cut, and the weeds are tamed at 1900 W. 10th St., a house that Whitmire and [...]
By Jim Kim
As the mortgage meltdown and subsequent foreclosure fiasco ramped up, large banks felt at times like it was open season on them.
The local media was looking for good human interest stories with lots of impact and drama, and such stories were everywhere thanks to the real estate economy. Bank of America bore the brunt of all this negative press. Newspapers and TV news programs were only too happy to [...]