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Mortgage Modifications Archives

Divorce, bankruptcy and home loans

When a couple jointly owns property in Florida, they are both responsible to make the payments on it. For a variety of reasons, they might not be able to keep up with the mortgage, which eventually results inforeclosure and eviction. If they later divorce, and one spouse files for bankruptcy, the other partner can be held financially liable for the residence even after years and years.

Man fights foreclosure, keeps home thanks to NMS initiative

Florida homeowners may be interested in a story about one man who was able to avoid foreclosure. After receiving threatening letters from Bank of America for three years, the 52-year-old man finally got them to stop by taking advantage of the National Mortgage Settlement initiative. An agreement with five major banks, the 2012 government initiative was set up to help American families keep their homes in the wake of the 2008 economic crisis.

Wells Fargo faces accusations of slowing down modifications

Florida readers may be interested to know that Wells Fargo is being sued in federal court by the New York attorney general for obstructing and delaying mortgage modification applications in violation of the $25 billion settlement made last year. It is also alleged that the bank violated the timelines imposed by the terms of the settlement approximately 210 times. The lawsuit requests that the federal court in Washington, D.C., force Wells Fargo to comply with the agreement.

Florida's foreclosure rate overtaken by Nevada's

The foreclosure rate in Florida is slowing, and for the first time in three months Florida has fallen from the top spot in the list of states with the most foreclosures. Nevada now has the dubious honor of most foreclosure proceedings in America, and the situation in Florida has begun to improve dramatically.

District judge denies major mortgage class action lawsuit

Pennsylvania homeowners who thought that they might get some relief from their foreclosure troubles may be disappointed following news of a recent lawsuit that was prohibited by a judge. The lawsuit alleged that Bank of America Corp went back on its obligations to assist homeowners who needed mortgage modifications and that many of the homeowners were foreclosed on as a result. The U.S. District Court judge hearing the case argued that the claims varied too much for inclusion in a nationwide class action suit.

Foreclosed home scheduled for sale despite loan modification

More Florida homeowners, once facing foreclosures, are now receiving loan modifications in order to save their homes. According to a news report, a Florida mother of two who had received a loan modification discovered that, despite the modification, her home was still scheduled for sale.

Will filing for bankruptcy help save my home?

Many Florida residents are still struggling to save their home from foreclosure, and one option that some are considering is filing for bankruptcy. Filing for bankruptcy may save someone's home from being repossessed by a bank, but there is more to it than just filing. To begin with, people need to determine if a Chapter 7 or Chapter 13 bankruptcy will be better for their situation. If someone does not plan carefully, filing for bankruptcy could end up only delaying a foreclosure.

Florida sees some mortgage relief

A bill was signed by Gov. Rick Scott that distributes some $200 million in funds earmarked for mortgage relief. He also vowed that banks will be held accountable and families will be protected from foreclosure abuse. However, states, including Florida are complaining that the banks are delaying requests formortgage modifications.

Early payments lead to foreclosure for Florida man

A Florida man is facing foreclosure by Wells Fargo for making his house payments too early. In spite of records showing that the man paid his mortgage note early and in excess of what was due, the foreclosure is proceeding. According to the bank, the man did not follow loan modification guidelines, which is why they are foreclosing.

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