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Top Five Mortgage Servicers Agree to More “Oversight” in Illinois

The five largest mortgage servicers agreed to offer distressed borrowers additional time to gather their loan modification paperwork, while also accepting additional oversight of loan modifications.

Illinois Attorney General Lisa Madigan, a member of the National Mortgage Settlement Monitoring Committee, said the group overseeing the $25 billion national mortgage settlement stepped in after receiving a large [...]

What is a Deed in Lieu of Foreclosure and What is Required?

For those behind or for those who are about to fall behind in their mortgages, they often hear the regular options, mainly: short-selling, staying and paying, or defaulting. The easiest option of these three is usually short-selling their homes and dealing with the deficiency, if there is one, later.

However, there is another, similar option that [...]

After Losing Their Homes in Foreclosure or Short Sale, Many Families Are Back in the Market

Owning a home is the staple of life in the United States. Families dream of the day that they will have a home of their own to share the many memories of life. Sadly, approximately, five million Americans have lost their homes in foreclosure proceedings and an additional two and a quarter million families have [...]

Debt Settlement vs. Bankruptcy

7 things you should do to in order to decide when considering debt settlement or bankruptcy.

1. Check your credit report: Find out what negative items (such as late payments, collections, charge-offs, etc) you have on your credit report and on which accounts you still owe money. This will help you determine the extent of your [...]

New Jersey Housewife Charged with Committing Bank and Bankruptcy Fraud Alongside Her Husband

As the cameras of Bravo’s T.V. show Real Housewives of New Jersey shut off, the news cameras turn on, and the spotlight is on Teresa Giudice. Stars of the hit show Teresa Giudice and her husband Giuseppe Giudice were indicted Monday and the twosome was charged with conspiring to defraud lenders and illegally obtaining mortgages [...]

New Rules Protect Homeowners From Foreclosure

On January 17, 2012, the Consumer Financial Protection Bureau established new protective procedures related to homeowners whose homes are going into foreclosure. These new rules further regulate the conduct of mortgage servicing organizations.

The purpose of the new rules, according to Richard Corday, the director of the Consumer Financial Protection Bureau, are to [...]