Foreclosure and Short Sales News

Foreclosures and defaults continue to break records. A record nearly 12 percent, or 5.4 million American homeowners with a mortgage, were at least one month late or in foreclosure at the end of last year. Nearly half of homeowners with a risky subprime adjustable-rate mortgage were in trouble.

“The main message we want to send today is there are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates,” Obama said in a photo opportunity in the Roosevelt Room. “That is money in their pocket.”

The Obama administration launched a new plan in March to provide $75 billion in incentives for the mortgage industry to modify loans to help borrowers avoid foreclosure.

To find out if you are eligible for Home Affordable Refinancing or Home Affordable Modification
and see how you can get help, visit the government website — http://www.makinghomeaffordable.gov.

Note that if you are still unable to make your mortgage payments after the refinance or modification, you may qualify for other programs, such as a short sale, to prevent foreclosure. To learn more about that, visit Short Sale Holdings.

Portions of article provided by Yahoo! Finance