Two stories tell different sides of the US housing crisis. In Philadelphia, a struggling homeowner tells her story of a tortured loan modification nightmare: at one point it appears she is to be forced from her home because her payment was short thirty-five cents. With no accountability and no predictability, banks who offer loan modification […]
Inspired by the national attorney general mortgage settlement, California has passed a landmark foreclosure law that Governor Brown is expected to sign within days. Here are 3 reasons why the rest of the country will be watching the Golden State in the months and years ahead: No “Dual Tracking” The California law is designed to […]
It’s that second mortgage that’s causing all the problems. Values have taken a nosedive in the last 5 years and many of those junior liens are now completely underwater. Say the home is worth $250,000, the first mortgage is $300,000 and the second mortgage, maybe a home equity line of credit (HELOC) is $75,000. The […]
