Real Estate, Homeowner | featured news

For homeowners trying to get reparations in the wake of the foreclosure crisis, it's been a hit-or-miss experience. This week, another group of Americans bruised in the housing bust will get payouts from the banks, money meant to help them get on their feet again, but the cash may prove disappointing for many.

Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales - scenarios that could further weigh down home values in coming months....

Bank of America is testing a mortgage-to-lease program in four states. The idea: Instead of evicting homeowners who face foreclosure, it lets them stay as tenants and sells the homes to investors.

Nearly 1 in 3 homeowners with a mortgage in L.A. County owes more than the property is worth, new data show. These underwater loans hinder mobility and hurt prices because they tend to stymie the important move-up market.

President Obama will announce new figures Friday showing a dramatic spike in the number of Americans taking advantage of federal programs designed to help struggling homeowners and stabilize the lagging housing industry, administration officials said Thursday.

A couple of weeks ago, I responded to a couple of questions about paying off your mortgage early. This week, I got the opposite question. Given record low mortgage rates, does it even make sense to ever pay off your mortgage at all?

Edward J. DeMarco, who oversees Fannie Mae and Freddie Mac, has infuriated many by refusing to tell the home loan giants to reduce the amounts owed by distressed homeowners.

Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers.

Relishing a political victory, President Barack Obama said Tuesday that Congress "did the right thing" by extending payroll tax cuts for millions of Americans. He urged lawmakers to push forward on more measures, from assistance to struggling homeowners to increased taxes on the wealthy, saying the looming election was no excuse for inaction in Washington.

The number of Americans at risk of foreclosure is declining, as more homeowners climb out of debt and find steady work.