Found 3 blog entries tagged as Foreclosure.

With the news release of Governor Andrew Cuomo having introduced the notion of Shared Appreciation Mortgage Modifications, Americans have concluded to have mixed emotions about the new regulation.  Shared appreciation modifications allow banks to lower the amount of principle outstanding on a home, in exchange for a percentage of the home’s future value increase.  Sounds dreamy, no?  Seemingly a “happily ever after” for homeowners nearing foreclosure, this proposal allows for a way out.

The proposed regulation limits the mortgage investor’s share to either the amount of the reduction plus interest, or half of the appreciation amount in market value—whichever is less.  This important limitation—while solving the problem at hand—has investors skeptical. …

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Before jumping back into the home search, there are six things you will need to know first.

  1. There is a waiting period: After you lose your home to foreclosure, you always must wait a certain period before being able to get a new mortgage. This waiting period only starts, though, once the foreclosure is officially completed by the bank. The type of new mortgage loan you will be looking into getting will decide on how long you have to wait.  FHA loans have about a three-year waiting period; Portfolio loans could have a shorter wait period, since lenders keep those loans; and Conforming or Conventional loans could have a longer wait period, since lenders sell those loans to Fannie Mae or Freddie Mac.
  2. Make sure your credit is okay: Once you have your…

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In June of 2012, a program was launched by Attorney General Eric T. Schneiderman in an effort to help struggling homeowners in New York keep their homes.  The Homeowner Protection Program, as it is known, was created with the intention of providing $20 million every year for three years to fund housing counseling and legal services for homeowners in need.

Yesterday, on October 23rd, the attorney general announced that the second round of funding would be distributed to thirty-four legal services organizations and fifty-four housing counseling agencies.  The purpose is so that these organizations can provide free services to homeowners at risk of losing their homes.  Of the eighty-eight organizations to receive funding, thirty-four are located within New…

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