Crash Survival Zone

You’ve probably heard about the Obama administration’s plan to help millions of homeowners refinance or modify their mortgages. This column is meant to answer some of your questions on whether you qualify.
The Treasury Department released the broad outlines of its plan last month, but on Wednesday provided more details about how the plan will work.

The [...]

The number of homeowners falling behind on their mortgages or already in foreclosure surged to record highs during the fourth quarter, according to industry data released today.

About 7.88 percent of mortgage loans were delinquent during the quarter, according to the survey by the Mortgage Bankers Association, an industry group. It is up from 5.82 percent [...]

The Obama administration on Wednesday launched a $75 billion foreclosure relief plan, as new data showed one in five U.S. homeowners with mortgages owe more than their house is worth.

The mortgage plan, part of a $275 billion housing stimulus program announced last month, enables struggling homeowners to modify loans even if they are “under water.”

Homeowners [...]

One in five U.S. homeowners with mortgages owe more to their lenders than their properties are worth, and the rate will increase as housing values drop in states that have so far avoided the worst of the crisis, a new study shows.

About 8.31 million properties had negative equity at the end of 2008, up 9 [...]

The Wide and Lasting Impact of Quitting a Mortgage

Benjamin McNelley said he loathed the idea of walking away from the mortgage on his four-bedroom, two-bath house in Fauquier County.

The former Prince William County prison guard said he worried about what the decision might mean for his credit rating and whether he might still be on [...]

President Obama on Wednesday unveiled a $75 billion foreclosure prevention program aimed at arresting the problem that ignited the nation’s spiraling economic problems by helping as many as 9 million homeowners obtain more affordable mortgage terms.

The program is part of the Obama administration’s multitrillion-dollar effort to jolt the nation out of its deepening recession by [...]

President Obama announced a massive foreclosure prevention program today aimed at stabilizing the housing market and keeping millions of borrowers in their homes. Many of the details are still being worked out and will not be announced until March 4th, but for the average homeowner, this is what it could mean:

Who is this program for?

A [...]

The timing varies but the process follows a predetermined script

It’s possible, under the right conditions, to halt the foreclosure process and keep your home. But you probably would need to show that you have monetary resources or a future prospect, such as an upcoming job or money arriving from a rich uncle, to persuade the [...]

Several Aid Plans Being Considered By White House
The Obama administration is considering a proposal to help distressed homeowners by subsidizing lenders who cut the interest rate on mortgages, according to sources familiar with the discussions.

The sources cautioned that the administration is still weighing several options for addressing the country’s growing foreclosure problem. The Treasury Department [...]

JPMorgan Chase (JPM) and Citigroup Inc. (C) have agreed to weeks-long moratoriums on foreclosures as the government works on a financial stability plan slated to include billions of dollars aimed at keeping people in their homes.

“We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by JPMorgan [...]