Category Archives: Foreclosure Prevention

Are Banks Bypassing Poorer Homeowners When Distributing Mortgage Relief?

The goal of this spring’s $26 billion mortgage settlement was to help victims of predatory lending practices. Now, it appears that banks may be using the funds to help themselves. Back in April, the five biggest banks in the U.S. agreed to refinance mortgages and reduce principals on loans held by homeowners who are facing… Read More »

Struggling Homeowners Brace for Expiration of Foreclosure Tax Break

With the uncertainty of the election over, many Americans are breathing a sigh of relief today. But struggling homeowners now have a new reason to worry. A tax break that prevents homeowners from having to pay income taxes on the forgiven portion of a foreclosure or short sale is set to expire at the end… Read More »

More Foreclosures Can Mean More Foreclosure Rescue Scams

As if it isn’t hard enough to face foreclosure, many delinquent homeowners are now at risk for another hardship: foreclosure rescue scams. With more Americans falling behind on mortgage payments, our bankruptcy lawyers note that a growing number of individuals are attempting to benefit from the misfortune of others. In Illinois, for instance, foreclosure activity… Read More »

Foreclosure Rates Hit New Low As Refinancing, Bankruptcy Help Distressed Borrowers Hold onto Homes

The good news is that an anticipated flood of foreclosures is shaping up to be more of a trickle. The bad news is that, rather than lose their homes to foreclosure, some borrowers are simply being pushed into short sales. According to a recent housing report, the number of foreclosure filings dropped to the lowest… Read More »

Compared with Bankruptcy, Mortgage Modifications Do Little to Help Housing Crisis

No one would argue with a lower mortgage payment. Unfortunately, loan modifications aren’t the magical solutions they’re cracked up to be, say DebtStoppers bankruptcy lawyers. In recent years, mortgage modifications have become a popular last-ditch effort for homeowners struggling to afford their home loan payments – partly because of President Obama’s Home Affordable Modification Program… Read More »