Welcome to Mortgage Foreclosure Guide
New York Mortgage Foreclosure Process Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Mortgage Loans are Possible after a Foreclosure
from:You've worked hard many years to be able to purchase the home of your dreams. Many of these years were spent scrimping can cutting corners to try to save money for this home. Once you got your mortgage, you counted the years until it would be paid off and owned by only you instead of you and the bank. Unfortunately, due to unforeseen circumstances, you lost your dream home to foreclosure. You probably feel you'll spend the rest of your life living in a rented apartment or home. You, no doubt, believe you'll never be eligible for mortgage loans after foreclosure of your first home. You are very wrong about this fact, although it's a fact that many believe. When you lose a home to foreclosure, your credit rating is drastically affected, but there is still hope for the future.
Although it will be harder than it was the first time, you can be approved for mortgage loans after foreclosure. This is not something you want to do immediately after your foreclosure, however. It's recommended that you take some time to get your finances in order before you think about applying for another mortgage loan. Give yourself around 24 months before you think about trying for mortgage loans after foreclosure of your first home.
The first thing you need to evaluate is what caused the problem in the first place. If it was an emergency such as medical problems, divorce, loss of job, etc., you may have had time to readjust to the new situation in your life and get back on track financially. If you had financial difficulties due to be highly in debt with other debts such as credit cards, loans, etc., the two years will give you time to correct your debt paying and spending habits. Concentrate on paying off your other debts. Cut back on your spending while paying off debts you have now. Pay the minimum amount due on your debts but pay them on time. If cutting back on spending helps to give you extra cash, you can pay more on your debts or start saving for your home.
After two years, you should have your debts paid down so you're ready to see a lender about getting mortgage loans after foreclosure. Although many lenders may dismiss you when they get a look at your credit report, there are lenders that will be willing to help you when they see you're improved your credit scores and have a down payment. So, if you have had a run of bad luck, don't give up your dreams of owning a home because mortgage loans after foreclosure are still possible.
New York Mortgage Foreclosure Process News
Speeding Up Short Sales - New York Times
 International Business Times | Speeding Up Short Sales New York Times “Short sales are huge right now,” said Peter Spino, the foreclosure services manager for Community Housing Innovators in White Plains, NY, a housing counselor certified by the Department of Housing and Urban Development. Are Record-Low Mortgage Rates Hurting The US Housing Market? BofA Repurchases $330M from Freddie; Delinquencies Down, Sales... |
More than 30% of mortgage borrowers still underwater - CNNMoney
 ABC Action News | More than 30% of mortgage borrowers still underwater CNNMoney By Les Christie @CNNMoney May 24, 2012: 5:23 AM ET Homeowners who were underwater on their mortgages rose in the latest quarter, even though home prices have slowly started recovering. NEW YORK (CNNMoney) -- Despite rising home prices, more than 30% of ... Zillow: More than 30% of home mortgage borrowers still underwater |
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds - Bell Gardens Sun
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds Bell Gardens Sun By Paul Kiel and Cora Currier, For ProPublica States have diverted $974 million from this year's landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. |
NY hearings on 'forced' insurance in foreclosure - Wall Street Journal
 New York Daily News | NY hearings on 'forced' insurance in foreclosure Wall Street Journal AP ALBANY, NY — Premiums for so-called force-placed insurance have more than tripled since 2004, producing enormous profits for insurers and the banks that take out policies when a homeowner fails to maintain coverage required by the mortgage, ... House insurance gouge puts homes in danger Force-Placed Insurance Payments Target of New York Hearing |
$100MM Bid For Reading's NY City Crown Jewels Dominates 2012 Annual Meeting - Seeking Alpha
$100MM Bid For Reading's NY City Crown Jewels Dominates 2012 Annual Meeting Seeking Alpha The mortgage debt on these properties in Reading's March 31, 2012 10-Q is listed as $15.0MM and $7.1MM, respectively. Assuming a $100MM combined value for just these two New York parcels would result in at least a $67.5MM (or almost $3/share) pre-tax ... |
New York Foreclosure Attorneys Rubin & Licatesi Secure Bad Faith Hearing Over ... - Virtual-Strategy Magazine
New York Foreclosure Attorneys Rubin & Licatesi Secure Bad Faith Hearing Over ... Virtual-Strategy Magazine Rubin & Licatesi, PC recently secured a bad faith hearing for their clients who were being sued for a mortgage foreclosure action. New York law firm Rubin & Licatesi, PC announced today that they have secured a bad faith hearing on behalf of clients ... |
Mayor Learning Firsthand About Dealing with Mortgage Foreclosure - LoanSafe
Mayor Learning Firsthand About Dealing with Mortgage Foreclosure LoanSafe US Bank is named as trustee for lender, GMAC Mortgage LLC of New York, NY. “As the trustee for mortgage-backed securities, our role is purely administrative,” said Amy Frantti, a media relations official with US Bank in Minneapolis reached late Friday. |
Wonkbook: The bad news Brits - Washington Post (blog)
Wonkbook: The bad news Brits Washington Post (blog) Robert Pear in The New York Times. 3) Lending fell for the first time in almost a year. "Lending stumbled in the first quarter after nearly a year of growth, deepening questions about the recovery and confidence of borrowers and bankers. |