A record 2.8 million households were threatened with foreclosure last year, and that number is expected to rise this year as more unemployed and cash-strapped homeowners fall behind on their mortgages. » Read more…
Tag Archives: borrowers
Record year for foreclosures as unemployment rises
Posted by MORTGAGE BLOG NEWS on March 5, 2011
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Lenders start sign up on ‘piggyback’ mortgage plan
Posted by MORTGAGE BLOG NEWS on March 5, 2011
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Mortgage companies are finally starting to sign up for a long-delayed piece of the Obama administration’s $75 billion foreclosure-prevention program. » Read more…
All Business: Double standard in mortgage walkaway
Posted by MORTGAGE BLOG NEWS on March 5, 2011
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Tishman Speyer Properties walks away from 11,232 Manhattan apartments because it can’t pay its mortgage. That’s good business.
Rick Gilson, a college custodial supervisor in South Dakota, wants to walk away from the mortgage on his mobile home. If he does, he’ll be a deadbeat.
Those two borrowers face the same financial dilemma: Their mortgages far exceed the values of their properties. Yet one gets to walk away without guilt, while the other can’t. » Read more…