Browsed by
Category: Foreclosure

Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with a federally backed mortgage loan who’re experiencing a financial hardship, which is due directly or indirectly to COVID-19, can get a forbearance—a suspension or reduction in mortgage payments—for up to 360 days, almost a year. Homeowners have been quickly taking advantage of the ability to get this suspension, and forbearance requests grew by 1,896% between March 16 and March 30, 2020. But what happens when those forbearances…

Read More Read More

How Is the Coronavirus Impacting Court Cases?

How Is the Coronavirus Impacting Court Cases?

By Rebecca Pirius Courts throughout the country are trying to operate as effectively as they can in the massive wake of the coronavirus (COVID-19) pandemic. With little (if any) historical guidance, courts face the extraordinary challenge of attempting to balance public health and safety with constitutional rights. The Judicial Council of California, which is the policy-making body for the state’s court system, recently reflected on this critical task: The continuous operation of our courts to provide due process and protect the…

Read More Read More

FHA Reduces Mortgage Insurance Premiums for FHA Loans

FHA Reduces Mortgage Insurance Premiums for FHA Loans

The Federal Housing Administration recently announced that as of January 26, 2015, it will reduce the annual mortgage insurance premiums for FHA loans by .5%.  On average, the reduction could save an FHA loan borrower about $900 per year. (Learn more about FHA Loans.) What Are FHA Mortgage Insurance Premiums? If you get an FHA-insured loan you’ll have to pay mortgage insurance (mortgage insurance protects the lender in the event you default on loan payments). There are two types of…

Read More Read More

President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

On December 19, 2014 President Obama signed H.R. 5771, the Tax Increase Prevention Act. One of the provisions of that Act extends the tax break for homeowners who have had mortgage debt canceled or forgiven in 2014. When Is Mortgage Debt Forgiven? Thousands of financially struggling homeowners had mortgage debt forgiven by their lenders in the past year.  Mortgage debt forgiveness might happen as part of a mortgage modification – lenders often forgive part of the principle in order to…

Read More Read More