foreclosure help

Two years into the housing crash, Fannie Mae just now announced a war on strategic defaulters:

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.

Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances.

It's an dramatic move for the much-maligned company. But first of all, the plan sounds too vague to result in many prosecutions.

Second, the war on default is a terrible market indicator. Fannie Mae is worried about an increase in strategic defaults, which is caused by and contributes to a fall in prices. Indeed, that's what's been happening all spring, as home values keep dropping in many markets.

Don't miss: 14 Reasons To Fear The Growing Mortgage Bubble

Virginia Attorney General Ken Cuccinelli has sued two Virginia Beach mortgage loan modification companies, claiming they charged consumers as much as $1,200 in advance for help to fend off foreclosures.



Under the state's foreclosure rescue law, a business can't charge a fee for its services until after completing the job, as long as the deal doesn't include the sale or transfer of residential property. The two lawsuits filed Monday in Virginia Beach Circuit Court claim Nationwide Loan Modification Bureau LLC and Real Estate Resolutions LLC charged fees of as much as $1,200 and $995 respectively before starting work. The suits seek refunds for consumers in cases for which services were not completely performed, and also seeks civil penalties of as much as $2,500 for each alleged violation.



"During these difficult times, the last thing people need is to be kicked when they are down," Cuccinelli said in a statement. Real Estate Resolutions could not be reached immediately for comment and an automated operator said the number for Nationwide Loan Modification Bureau was not in service.



Paying up-front fees is a "red flag" to avoid when looking for foreclosure prevention help, says the U.S. Federal Trade Commission. The agency recommends contacting your lender first to try to negotiate a new repayment schedule. But if that fails, the FTC says to stay away from businesses that:

• guarantee to stop the foreclosure regardless of the circumstances


• collect fees before providing services


• tell consumers not to contact lenders, lawyers or credit and housing counselors


• accept payment only by cashier's check or wire transfer


• instruct consumers to make mortgage payments to them, rather than the lenders


• tells customers to transfer the property deeds to them or offers to buy houses for cash at a price not set by the housing market


• offer to fill out the paperwork or put pressure on consumers to sign paperwork they haven't fully read or understand

Consumers facing foreclosure have other options before enlisting a foreclosure prevention company. Read about some of those on WalletPop.
penis enlargement

Sony unveils 24mm F2, 35mm F1.8 and 85mm F2.8 Alpha lenses <b>...</b>

Sony unveils 24mm F2, 35mm F1.8 and 85mm F2.8 Alpha lenses: Sony has released three prime lenses for its Alpha SLR system. First up is the eagerly-awaited Carl Zeiss Distagon T* 24mm F2 SSM, which we saw in prototype form at PMA.

eBook <b>News</b>: Wylie/Amazon; Penguin Earnings; Copyright Office <b>...</b>

eBook News: Wylie/Amazon; Penguin Earnings; Copyright Office Announcement & e-Books. + Authors Guild on the economics of the Wylie/Amazon agreement – a 300% increase in author income?; may give Amazon too much power (via TeleRead) ...

Francine Hardaway: <b>News</b> Died This Week

But both the news and journalist Daniel Schorr died this week. Schorr died peacefully after a long and productive life. The news, however, was murdered. Unworthy commentators destroyed news.

internet marketing course

Sony unveils 24mm F2, 35mm F1.8 and 85mm F2.8 Alpha lenses <b>...</b>

Sony unveils 24mm F2, 35mm F1.8 and 85mm F2.8 Alpha lenses: Sony has released three prime lenses for its Alpha SLR system. First up is the eagerly-awaited Carl Zeiss Distagon T* 24mm F2 SSM, which we saw in prototype form at PMA.

eBook <b>News</b>: Wylie/Amazon; Penguin Earnings; Copyright Office <b>...</b>

eBook News: Wylie/Amazon; Penguin Earnings; Copyright Office Announcement & e-Books. + Authors Guild on the economics of the Wylie/Amazon agreement – a 300% increase in author income?; may give Amazon too much power (via TeleRead) ...

Francine Hardaway: <b>News</b> Died This Week

But both the news and journalist Daniel Schorr died this week. Schorr died peacefully after a long and productive life. The news, however, was murdered. Unworthy commentators destroyed news.

big white booty