December 13, 2009 |
If you're in trouble on your mortgage and can't get a loan modification, check out the Obama administration's standardized short-sale plan that's scheduled to roll out in the next several months. The program, outlined Dec. 1 by the Treasury Department, is an attempt to streamline what has traditionally been a contentious, time-consuming process by requiring lenders and others to use nationally uniform documents, timelines and financial incentives. A short sale involves a lender or investor agreeing to collect less than the balance owed on a mortgage debt out of the proceeds of a negotiated sale of the property.
April 29, 2012 |
WASHINGTON — If you're one of the estimated 11 million homeowners burdened with an underwater mortgage, a new federal policy change could be good news: Starting in June, when you want to do a short sale to shed your mortgage and avoid foreclosure, you may not have to wait for months to hear back from your bank when you submit an offer from a potential purchaser. Instead, if your loan is owned or securitized by either of the dominant conventional mortgage market players — Fannie Mae or Freddie Mac — you can expect a response within 30 business days, with a final decision taking no more than 60 days.
CALIFORNIA | LOCAL
July 17, 2012 |
For Mary Sanchez, the vacant, foreclosed home across from hers on Abner Street in El Sereno was an assault on the senses and her piece of mind. Gang members and squatters used it as a stash house. The place stank of dead animals. Mice made constant incursions from across the way onto her property, prompting her to get cats to head them off. Weeds in the yard reached as high as her chest. "It was embarrassing," she said. "When people would come over I would say, 'Look for the ugly house with all the stuff in the lawn.
April 4, 2009 |
A snapshot of the reeling mortgage industry, released Friday by federal bank regulators, illustrates the challenges the Obama administration faces with its $95-billion plan to help lower mortgage payments for struggling borrowers. In the last three months of 2008, most troubled borrowers were being offered not true modifications but breathers on payments followed by a resumption of the original mortgage terms, or even higher payments.
March 30, 2011 |
Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations. The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
February 17, 2010 |
Nineteen months ago, the recession took Bob Walker's job. Then, creditors lined up to take the three-bedroom hilltop home that the computer consultant shared with his wife, Stephanie, a playwright still looking for her first break. Avoiding the stigma and financial fallout of foreclosure became an obsession for the Walkers. They talked to the banks, found multiple jobs, put their Silver Lake house on the market and tried to stitch together a plan to repay their debts. Finally, they turned to a short sale, chronicled in a popular blog: Love in the Time of Foreclosure.
CALIFORNIA | LOCAL
April 12, 2007 |
Rapper-actor Snoop Dogg will avoid jail time after pleading no contest Wednesday to two felony charges -- but he might be legally allowed to continue smoking marijuana. The entertainer, whose real name is Calvin Broadus, entered the plea to a charge of gun possession by a convicted felon and a marijuana-related drug charge, prosecutors said. Dogg, 35, appeared before Los Angeles County Superior Court Judge Terry Smerling in Pasadena clad in a leather jacket, black jeans and a T-shirt.
June 29, 2008 |
If you're facing years of student loan payments but aren't making much money because you're working in public service, the federal government has some good news for you. A law that takes effect Tuesday could allow you to have some of your college debt forgiven.
March 14, 1997 |
For the first time in its 150-year history, the U.S. Postal Service is straying from the traditional square/rectangular stamp format to introduce a line of 32-cent triangular stamps, officials announced Thursday. The stamps, named Pacific 97 after a major international stamp show scheduled for May in San Francisco, feature a mid-19th century clipper ship against a blue background in one version and a U.S. mail stagecoach against red in another. They go on sale throughout the nation today.
CALIFORNIA | LOCAL
November 3, 1988 |
The last target-shooting area open free to the public in the Saugus district of Angeles National Forest closed Wednesday, a victim of high maintenance costs brought about by the illegal acts of some of its users. Jim McGauley, a U.S. Forest Service district assistant recreation officer, said the Dry Gulch shooting range in recent years had been turned into a dumping ground by shooters who brought everything from mannequins to television sets to the area to use for target practice.