Some people think of tax foreclosures as homes that are distressed. A new program in Milwaukee offers some help to homebuyers who are interested in buying one of the tax foreclosures from the city. The PyraMax Bank Milwaukee Tax Foreclosure program will help people to buy properties from the city. The program includes up to $20,000 as a forgivable loan from the Department of City Development that can be used to fix the property. An additional $50,000 from the Wisconsin Housing and Economic Development Authority might also be available for rehab costs.
There is widespread coverage this morning of an FHFA announcement indicating Fannie and Freddie will begin offering a streamlined loan modification program in July. The program is expected to help more delinquent borrowers avoid foreclosure. According to FHFA Acting Director Edward DeMarco, "This new option gives delinquent borrowers another path to avoid foreclosure." The program commences on July 31, 2013, and is expected to end on August 1, 2015. The Wall Street Journal says that previously, borrowers had to provide proof of hardship before trial modifications became permanent. The Journal quotes Leslie Peeler, senior vice president of Fannie Mae's National Servicing Organization, as saying, "This streamlined modification initiative will cut through the paperwork and simplify the process of securing a permanent mortgage modification for struggling borrowers." Several news outlets note that some officials and consumer advocates praised the move. One analyst voiced concern that the program could encourage more strategic defaults. But the FHFA said the GSEs "would use existing 'screening measures to prevent strategic defaulters.'"
As increasing numbers of people in Milwaukee and beyond are facing foreclosure due to a poor economy, lost jobs or decreased income from divorces, some look to personal bankruptcy to save their homes. While filing for bankruptcy could delay the foreclosure process, it may not to be able to save someone's home. Additionally, the delay that filing for bankruptcy provides in the foreclosure proceedings generally ends up being only about two months' time, experts say.
The housing market shows signs of slowly improving, as foreclosure filings declined for the third year in a row in 2012 in southeastern Wisconsin. According to court documents, filings dropped more than 2 percent from 2011, with about 10,500 foreclosures in seven counties. In some cases, Chapter 13 bankruptcy, which allows for debt reorganization, could have contributed to the decline.
For at least 300,000 people who were at risk of foreclosure, relief has finally come. But tens of thousands more still waiting, some not very patiently, for their mortgage lenders to pay up. You may recall that five major U.S. banks agreed to settle federal charges of mishandling foreclosures by providing billions of dollars of debt relief and refinancing. A progress report from the official overseeing the payback shows that Bank of America has refinanced $890 million in loans so far. J.P. Morgan Chase has spent $903 million. In total, since August, customer relief payments have totaled at least $22 billion.
Here's a great article from the Bankruptcy Law Network that explains options people have when dealing with mortgage troubles. If you live in Wisconsin and are looking for ways to save your home call Miller and Miller today! With offices in Milwaukee, and Kenosha we are only a short drive away!
It is not uncommon for someone to enter my office, credit report in hand, with questions about items listed. Milwaukee, like everywhere these days has a lot of identity thieves lurking about and it is important that you know what puts your identity at risk. If you have debts that might be a result of identity theft call Miller and Miller today to discuss how to eliminate them and clean up your credit report. With offices in Milwaukee and Kenosha, we are only a short drive away!
While overall bankruptcy filings are down when compared to recent years. The article below, from the New York Times, certainly rings true for people living in the Milwaukee, Racine, Waukesha corridor and throughout Wisconsin. Call Miller and Miller today if you need help getting a fresh start!
More and more, people in Wisconsin are calling our office after getting involved with some kind of credit card or mortgage scam. If you are in Milwaukee, Waukesha, Kenosha, or Racine, call our office before sending money to a company that promises the world for a hefty up-front fee.
If you are one of thousands of Wisconsin home owners worried about the value of your home there is good news and bad news: Values will continue to drop this year but forecasters predict values to begin to rise in 2013. Here's an interesting article on the subject from Yahoo! Finance.