Million Dollar Homes Join Foreclosure Wave
May 10, 2010 by CULIK LAW
Owners of high-end homes have been able to stave off foreclosure for the most part, but homes worth more than $1 million began hitting the foreclosure wave at an increased rate at the end of 2009 — about a 121% increase from a year ago. This surprising wave of the foreclosure crisis comes just as [...]
Continue Reading →Mortgage Late Payments Drop in First Quarter
May 10, 2010 by CULIK LAW
Late mortgage payments rate took a surprise drop in the first quarter for the first time since 2006, according to credit reporting agency TransUnion. FULL ARTICLE HERE
Continue Reading →Take a look at this article from the Washington Post: Treasury Secretary Timothy F. Geithner tells a Senate panel that not enough is being done to help homeowners avoid foreclosure or keep borrowers who qualify for federal aid from losing their homes. “So far, the federal program, known as Making Home Affordable, has helped about [...]
Continue Reading →Interesting article from the Wall Street Journal on a new study by Barclays Capital who state that banks have fewer foreclosed homes to sell than previously estimated but will increase gradually over the next two years. CHECK OUT THE FULL ARTICLE HERE “To get a sense of how many more households will lose their homes [...]
Continue Reading →Aunt Aggie – 100 Years Old and Facing Foreclosure
April 30, 2010 by CULIK LAW
“Let the bankers come with their foreclosure notices. Invite the building inspectors, too. At 100 years old, Agnes Albinger has lived on her 70-acre patch of farmland longer than most of those people have been alive. She has seen two world wars come and go, survived the Depression — in part by subsisting on minnow [...]
Continue Reading →Fannie Mae Relaxing Rules For Troubled Borrowers
April 24, 2010 by CULIK LAW
“Here’s some good news for people who had to give the deed on their house back to the bank because of financial problems, or who have done a short sale to avoid foreclosure: You may not have to wait the typical four or five years to re-qualify for financing to buy another home. Instead, it [...]
Continue Reading →How Foreclosure Affects Your Credit
April 22, 2010 by CULIK LAW
CNN reports on how foreclosure can affect your credit score. READ THE FULL ARTICLE “If you’re delinquent on your mortgage, your credit score will suffer. Everyone knows that. The question is, by how much? Until recently, those answers were hard to come by. Credit bureaus were uncommunicative about expressing, in points, just how much impact [...]
Continue Reading →More Mortgage Companies Being Sued for Predatory Lending (CNN)
October 8, 2009 by CULIK LAW
CNN reports that predatory lending lawsuits are increasing, and many homeowners are winning: “While many of these suits are still winding their way through the legal system, some banks have already settled for millions of dollars.” Defendants include some of the biggest names in the mortgage business — Wells Fargo, CitiMortgage, and Bank of America [...]
Continue Reading →Homeowners Need More Lawyers to Help Stop Foreclosure
October 6, 2009 by CULIK LAW
The foreclosure crisis is also a legal crisis, a new study says. When homeowners struggling to pay their mortgages try to find lawyers help them fight to hang onto their homes, many can’t do so, reports USA Today. Hiring a private lawyer to help with the complex proceedings can easily cost $5,000. And legal aid [...]
Continue Reading →Loan modification after filing for bankruptcy (ConsumerAffairs.com)
September 25, 2009 by CULIK LAW
ConsumerAffairs.com has an interesting Q&A with a homeowner who filed for bankruptcy after obtaining a loan modification that didn’t work out. This is something that I’ve been seeing in my own law practice in Massachusetts dealing with mortgage issues — people declaring bankruptcy and hoping that their mortgage company will work with them for a [...]
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