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Foreclosure Prevention

HUD Secretary Donovan testifies before Senate Banking Committee about HUD’s FY12 Budget Request

This morning Secretary Donovan testified before the Senate Banking Committee about HUD’s FY12 budget request. In both his testimony and during the Question and Answer portion of the hearing, Secretary Donovan strongly supported restoring funding for the Housing Counseling program. In his oral testimony, the Secretary referenced the cuts to the HUD Counseling Program by calling the cuts particularly painful and calling for restoring the counseling funding. He said that …Read More

NFCC Receives Grant to Participate in HUD Pilot Program to Further Assist Seniors

The National Foundation for Credit Counseling (NFCC) is the recipient of a Housing and Urban Development (HUD) program grant to assist seniors who have taken out a Home Equity Conversion Mortgage (HECM) and who are delinquent on their property charges, such as taxes and insurance, thus putting their home in danger of foreclosure. The HECM product, also known as a reverse mortgage, allows seniors age 62 and above to tap …Read More

The Truth About Short Sales

A couple of weeks ago we addressed the downside to loan modifications.  The other fairly common method for getting out of a bad mortgage is the short sale.  Much like loan modifications, short sales are a relatively new phenomenon brought on by the mortgage crisis.  And, unfortunately, they are the root cause of an enormous amount of misinformation.  A short sale is bad for your credit, plain and simple.  The …Read More

The Downside to Mortgage Loan Modifications

Three years ago the term “loan modification” was practically unheard of, especially in the mortgage environment.  Today, however, the term is almost as common as “refinance” and “home equity loan”, and that’s not necessarily a good thing.  This week we’ll explore the loan modification option, as well as its credit downside.  A mortgage loan modification, hereafter “loan mod”, is the process whereby your mortgage lender will either temporarily or permanently …Read More