Foreclosures

Foreclosures

Housing Advocates Applaud Introduction of Legislation Protecting Tenants at Foreclosure

The National Housing Law Project (NHLP), the National Law Center on Homelessness & Poverty (The Law Center), and the National Low Income Housing Coalition (NLIHC) applaud Representative Keith Ellison (D-MN) and Senator Richard Blumenthal (D-CT) for introducing legislation to permanently extend the Protecting Tenants at Foreclosure Act (PTFA).

HUD ANNOUNCES DISASTER ASSISTANCE FOR VIRGINIA HURRICANE MATTHEW VICTIMS

The U.S. Department of Housing and Urban Development announced today it will speed federal disaster assistance to the Commonwealth of Virginia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew.

HUD SECRETARY ANNOUNCES HELP FOR VICTIMS OF HURRICANE MATTHEW

U.S. Housing and Urban Development Secretary Julián Castro today announced HUD will speed federal disaster assistance to the States of North Carolina, Florida, and Georgia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew. This week, President Obama issued a disaster declaration for the following counties

New report from NeighborWorks America focuses on people who’ve been helped by foreclosure prevention...

While taking care of his mother-in-law, who had a serious medical condition, Brian Martinez was laid off from his job after 33 years. Medical complications of his own set in, and while he eventually secured new employment, like millions of others in the United States, his income didn’t rebound and he and his wife found themselves struggling to pay their mortgage.

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After eight years of work, the Bureau of Land Management’s (BLM) Desert Renewable Energy Conservation Plan (DRECP) will effectively foreclose development of renewable energy resources on millions of acres of federally managed lands in Southern California, said a coalition of renewable energy and labor groups in response to the federal government’s release of the plan. The plan abandons the initial promise to balance renewable development with preservation of desert land.

FTC Action: Court Orders Ban Mortgage Relief Scammers from Mortgage Modification and Debt Relief...

The principals of a mortgage relief operation and their companies are banned from the mortgage loan modification and debt relief business under court orders obtained by the Federal Trade Commission. The orders resolve charges that the scheme falsely promised financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates, and illegally charged thousands of dollars in advance

FHA STREAMLINES PROCESS TO HELP DELINQUENT HOMEOWNERS AVOID FORECLOSURE AND REMAIN IN THEIR HOMES

The Federal Housing Administration (FHA) today announced new procedures to strengthen the process mortgage servicers use to help struggling families avoid foreclosure and remain in their homes. FHA is streamlining its loss mitigation protocols that servicers must use when evaluating and deploying ‘home retention options,’ foreclosure alternatives that allow delinquent borrowers to retain their home.

Delinquencies and Foreclosures Continue to Drop

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased 11 basis points to a seasonally adjusted rate of 4.66 percent of all loans outstanding at the end of the second quarter of 2016. This was the lowest level since the second quarter of 2006. The delinquency rate was 64 basis points lower than one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

NCLC Statement re: CFPB Final Mortgage Servicing Rules

“Today, by finalizing revised mortgage servicing rules, the CFPB has taken an important step toward improving protections for distressed borrowers,” said John Rao, staff attorney at the National Consumer Law Center. “Many homeowners will find it easier to save their homes from foreclosure because of these new rules.”

DCHFA Relaunches the HomeSaver Foreclosure Prevention Program

The District of Columbia Housing Finance Agency (DCHFA) is closing out Homeownership Month by reopening the HomeSaver Phase I mortgage assistance program. This year, the Agency received two funding allocations totaling $8,047,933 from the U.S. Department of the Treasury’s Hardest Hit Fund (HHF). This award will be used to aid eligible District of Columbia homeowners that have fallen behind on their mortgage payments due to unemployment or under employment.

Nearly $40 Million awarded through National Foreclosure Mitigation Counseling program to help more than...

NeighborWorks America today announced that nearly $40 million has been awarded to 21 state housing finance agencies (HFAs), 19 HUD-approved housing counseling intermediaries, and 60 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure.

Foreclosures Continue to Decrease, Delinquencies Flat

The delinquency rate for mortgage loans on one-to-four-unit residential properties remained unchanged from the previous quarter at a seasonally adjusted rate of 4.77 percent of all loans outstanding at the end of the first quarter of 2016. This was the lowest level since the third quarter of 2006. The delinquency rate was 77 basis points lower than one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

New FHFA Program to Help Homeowners, Communities Prevent Unnecessary Foreclosures

The Federal Housing Finance Agency (FHFA) announced today a new loan modification program that will help borrowers stay in their homes. Under the new program, loan modifications will be available to as many as 30,000 qualified underwater borrowers facing financial hardship with loans now held by Fannie Mae or Freddie Mac. Eligibility also requires that the mortgages have an unpaid principal balance of not more than $250,000 and delinquency of 90 days or longer as of March 1 of this year. Homes must be owner-occupied

More than two million homeowners helped by the National Foreclosure Mitigation Counseling Program

NeighborWorks America today announced that more than 2 million homeowners facing foreclosure have received much-needed counseling thanks to the Congressionally-funded National Foreclosure Mitigation Counseling (NFMC) Program.

Whitehouse Applauds House Passage of his Bill to Protect Servicemembers from Foreclosure

Senator Sheldon Whitehouse applauded the House’s passage today of the Foreclosure Relief and Extension for Servicemembers Act, which extends key foreclosure protection to those who serve. Whitehouse authored the legislation, which was unanimously approved by the Senate in December. The bill now awaits the President’s signature to become law.

Business Real Estate Press Releases

Multi-Tenant Retail Property

Hanley Investment Group Arranges Sale of Newly Constructed Multi-Tenant Retail Property...

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm completed the sale of a 6,777-square-foot new construction multi-tenant retail pad building occupied by The Coffee Bean & Tea Leaf (with drive-thru), Chipotle, Jersey Mike’s Subs and WaBa Grill at 13916 Garvey Avenue in Baldwin Park, Calif.

Recent Gov & Nonprofit Real Estate Press Releases

Financial Services Committee

An Overview of Homelessness in America

The Housing and Insurance Subcommittee met today to examine the current state of homelessness in America, and to discuss issues regarding veteran, youth, and any other populations affected by homelessness