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Connecticut’s Emergency Mortgage Assistance Program (EMAP)

The Emergency Mortgage Assistance Program (EMAP) provides temporary monthly mortgage payment assistance for up to five years to eligible Connecticut homeowners who are facing foreclosure due to a financial hardship.  The EMAP loan is secured by a fixed-rate, subordinate mortgage on the homeowner’s residence yet is one that is both limited and requires repayment. However, [...]

Foreclosure Rates Increase in New Jersey Despite Nationwide Decline

 

While the national average foreclosure rate is 2.4 percent, New Jersey hovers around 6 percent, which is the second highest rate in the country. Late this September, a leading provider of consumer, financial and property information, analytics and services to business and government, CoreLogic, issued a press release revealing foreclosures in the U.S. have been [...]

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 [...]

New Jersey Mediation Program for Foreclosure is Facing Foreclosure Itself

The New Jersey State Foreclosure Mediation Program has become a helpful tool for many homeowners facing foreclosure. It has allowed homeowners the benefit of skilled attorneys and housing counselors to help them navigate the maze of rules and regulations which meant the difference between securing a modification on a mortgage in default and losing their [...]

United States Foreclosure Rates Drops in June

Residential property foreclosures in the U.S. have fallen to a six and a half year low and were down 19% in June from the first half of the year and down 23% compared with the first six months of 2012.

The latest data shows that foreclosures starting in June decreased from the previous month in 38 [...]

Punishment for Foreclosure Claims

Mortgage lender Residential Capital, LLC is paying about $198 million to settle federal complaints that it wrongfully foreclosed on homeowners.

The Federal Reserve announced the agreement Friday, July 26th with the company known as ResCap. The settlement is similar to accords between federal regulators and 13 other financial firms that ended a review of loan files [...]

Banks Oftentimes Reject Short Sale Offers

Most times, when a short sale is listed, it is just wishful thinking on the part of the listing agent and the seller. They are just hoping the bank will take their offer, but most times they do not.