In a sign that more foreclosures could be on the horizon
This article, originally published on CNN Money gives excellent insight on how and why so many homes in the US are currently “under water” with regard to the value vs the amount owed to the mortgage lender. Personally I believe that there is a direct relation between certain areas of the country being heavily concentrated with Neg-Amm Loans or Pay Option ARM’s as to why these areas also have such high amounts of distressed properties. Read more below . . .
1 in 4 mortgages ‘underwater’
Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.
When to Contact a Foreclosure Defense Attorney?
Foreclosure Defense Article:
How does one know when to contact a foreclosure defense attorney?
You know your job is coming to an end. They’ve already announced the layoffs. You only have one month left to get another job, or go on unemployment. If you do take unemployment how much would the monthly amount be? Chances are it won’t be enough to live on. You have exactly two months of mortgage payments socked away in the bank. Will you get another job? Does one panic now, or take a wait and see approach?
Justices debate mandatory mediation to ease crisis
November 5, 2009
Daily Business Review
Authored by : Vanessa Blum
The Florida Supreme Court was asked Wednesday to adopt statewide mandatory mediation for residential foreclosures to help judges manage the flood of filings clogging courthouses.
The high court heard arguments on a task force report recommending mandatory mediation as part of a streamlined and uniform approach to the foreclosure crisis.
While questioning some specifics of the plan, justices seemed eager to help circuit courts deal with an onslaught of foreclosure cases — many involving unrepresented homeowners with a limited understanding of the legal process.