Home Loan Modification Press Room

Principal Mitigation Corp gives you all the home loan modification industry-related news in one simple location. Rather than you having to search out any news updates throughout the Internet, PMC does the legwork for you.

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Nicolas Cage Bel Air Home on Auction Block

Nicolas Cage will soon say good-bye to another home. Come 10:30 a.m. April 7th, he is set to lose his gorgeous Bel Air mansion in an auction to be held at the Pomona courthouse. This is only one in a string of homes the actor has lost thanks to his inability to manage his personal finances...
» Read more - Apr 3, 2010

Former Attorney, Business Partners Charged in Loan Modification Scam

An ex-lawyer in Irvine, Calif., has been arrested on charges of defrauding more than 400 victims in a $1.25 million loan modification scam targeting struggling homeowners. According to the Orange County, Calif., district attorney's office, Christopher Lee Diener...
» Read more - Jan 25, 2010

Attorney leaves clients facing foreclosure stranded

SAN FRANCISCO (KGO) -- Thousands of distressed homeowners are looking for a way to get their money back after hiring a lawyer to save their homes. The families were left in a lurch when the lawyer suddenly resigned from the State Bar...
» Read more - Dec 14, 2009

Federal mortgage relief provides little aid

WASHINGTON — The Obama administration's embattled mortgage-relief plan has provided permanent help to only 4 percent of borrowers who have signed up, weak results that could threaten the housing market's recovery...
» Read more - Dec 11, 2009

Saving a Long Island Home

For the six years that Richard Foster, a computer consultant, has owned his four-bedroom house in Brentwood, he never missed a mortgage payment. “Never even been late,” he said. But then, as the recession hit, his work dried up completely from February to September...
» Read more - Dec 11, 2009

DLLR's Financial Regulation Division Targets More Mortgage Scams

BALTIMORE (12/10/09) -- The Maryland Department of Labor, Licensing and Regulation's Office of the Commissioner of Financial Regulation, as part of its ongoing crackdown against mortgage fraud, today issued cease-and-desist orders...
» Read more - Dec 10, 2009

Only about 4% get long-term mortgage help

Servicers provide permanent modifications to 31,382 troubled borrowers, according to first report issued by Treasury Department. An equal number have been denied...
» Read more - Dec 10, 2009

Foreclosure plague slowing: Filings fall 8%

Foreclosures fell month-over-month but are still up nearly 20% compared with a year ago. Plus, Las Vegas wasn't the worst-hit city in November...
» Read more - Dec 10, 2009

1 in 4 mortgages 'Underwater'

NEW YORK (CNNMoney.com) -- In a sign that more foreclosures could be on the horizon, 23% of people with mortgages owe more than their home is worth, according to a report released Tuesday...
» Read more - Nov 24, 2009

U.S. Cities With The Most Underwater Mortgages

Home prices may be stabilizing in some areas in the nation, but the damage has already been done in the housing markets that saw the biggest boom and in turn the biggest bust. Home buying in these markets reached a frenzied pace during...
» Read more - Nov 16, 2009

Famous actor loses 2 homes to foreclosure

Fame doesn't necessarily protect against foreclosure. Academy Award winner Nicolas Cage lost two homes in New Orleans in a foreclosure auction Thursday. Regions Bank of Birmingham purchased the actor's home at 1140 Royal Street...
» Read more - Nov 16, 2009

(CALIFORNIA) STATE BAR TAKES ACTION TO AID HOMEOWNERS IN FORECLOSURE CRISIS

San Francisco, September 18, 2009 — The State Bar of California, alarmed by the number of lawyers preying on vulnerable homeowners, today identified 16 attorneys who are under investigation for misconduct related to loan modification...
» Read more - Sep 18, 2009

Homeowners frustrated by mortgage assistance program

(CNN) -- The Obama administration's Making Home Affordable program was designed to help homeowners like Mark Kollar and Angela Baca-Kollar keep their homes...
» Read more - Sep 1, 2009

Obama mortgage rescue: Only 9% getting help

NEW YORK (CNNMoney.com) -- The Obama administration's first progress report on its foreclosure prevention plan confirms it is off to a slow start. Just 9% of delinquent borrowers are in trial modifications so far, the Treasury Department said Tuesday...
» Read more - Aug 5, 2009

Greasing the skids for mortgage help

As part of Obama’s Making Home Affordable plan to help 9 million borrowers stay in their homes, the government is allocating $75 billion for various incentives...
» Read more - Aug 5, 2009

Mortgage Co. Face New Pressure on Homeowner Help

Critics have complained that the administration's Making Home Affordable program, which began in March, hasn't done enough to stem the tide of foreclosures sweeping the country. But yesterday the administration said that the program could bring 500,000 home loan modifications by Nov. 1...
» Read more - Jul 29, 2009

U.S. to mortgage firms: Pick up the pace

NEW YORK (CNNMoney.com) -- Loan servicers will "significantly" increase the pace of mortgage modifications under the Obama foreclosure prevention program, the Treasury Department said Tuesday...
» Read more - Jul 28, 2009

Mortgage Servicers Pledge to Accelerate Modifications

July 28 (Bloomberg) -- Mortgage servicers meeting with Obama administration officials pledged to step up the pace of loan modifications to keep more struggling homeowners from sliding into foreclosure, according to the U.S. Treasury...
» Read more - Jul 28, 2009

Are mortgage companies to blame for lack of foreclosure progress?

ANALYSIS: Some servicers are dragging their feet on loan modification. Homeowners across the country facing foreclosure are still having a difficult time getting help with their mortgages despite the Obama administration's efforts to reduce home foreclosures through its Home Affordable Modification Program (HAMP)...
» Read more - Jul 28, 2009

Foreclosure Filings in U.S. Reach Record 1.5 Million

July 16 (Bloomberg) -- U.S. foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc...
» Read more - Jul 16, 2009

Wash. attorney general announces scam lawsuits

SEATAC, Wash. -- State Attorney General Rob McKenna sued two California businesses Wednesday as part of a nationwide crackdown on mortgage foreclosure rescue and loan modification scams...
» Read more - Jul 15, 2009

U.S. asks banks to expand foreclosure prevention

WASHINGTON (Reuters) - The Obama administration is asking the largest mortgage finance companies to quicken the pace of modifying home loans and so help more troubled borrowers avoid foreclosure...
» Read more - Jul 10, 2009

Home foreclosures expected to surge in coming months

WASHINGTON - -- Just as the nation's housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy...
» Read more - Jul 6, 2009

Cox, Holyfield foreclosure auctions postponed

The estates of former heavyweight champ Evander Holyfield and Georgia School Superintendent Kathy Cox were to be sold on the Fayette County Courthouse steps in Fayetteville Tuesday, but an attorney with Shapiro & Swertfeger LLP, which handles the auctions, said they have been canceled until further notice...
» Read more - Jul 6, 2009

New law delays Mich. home foreclosures by 90 days

LANSING, Mich. (AP) - A new law gives Michigan homeowners facing foreclosure a 90-day window to stay in their house and potentially work out a resolution with their lender...
» Read more - Jul 6, 2009

Mortgage applications at 7-month low

NEW YORK (Reuters) -- Mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30%, data from an industry group showed Wednesday...
» Read more - Jul 1, 2009

Here come the real estate vultures

(Fortune Magazine) -- These are tempting times for real estate bargain hunters. Whether it's the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had...
» Read more - Jun 22, 2009

A LONG WAY HOME: Getting a loan modification to avoid foreclosure not as easy as advertised

Despite government efforts, little done to stem rising tide of foreclosures. Jeff Gomez is wondering how to save his home, his credit and most importantly, his sanity. The owner of an Alzheimer's and dementia care center has been served with a notice of trustee sale on his northwest Las Vegas home...
» Read more - Jun 21, 2009

Searching for a bottom in the housing market

NEW YORK (Fortune) -- Sales in the decimated housing market may finally be bottoming, but don't expect home prices to stop dropping before mid-2010 at the earliest, analysts and economists say...
» Read more - Jun 19, 2009

How Obama's Consumer Protection Agency Is Rattling Bankers

As President Barack Obama's recently introduced blueprint for financial regulatory reform prepares to wind its way through Congress, industry lobbyists are gearing up to fight one of its key provisions: the establishment of a standalone consumer protection agency. The new agency would be charged with ensuring that consumers have clear information...
» Read more - Jun 18, 2009

Obama's Financial Regulation Reform: 7 Things You Need to Know

Ever since the credit markets began seizing up in the late summer of 2007, the federal government has worked franticly to prevent a full-scale financial meltdown. The Fed has slashed its benchmark interest rate to as low as zero percent and has welcomed dodgy assets onto its balance sheet...
» Read more - Jun 18, 2009

Is Obama's foreclosure rescue plan working?

Homeowners in trouble are having mixed results applying for President Obama's foreclosure prevention plan. CNNMoney.com readers tell us their tribulations and triumphs trying to get their loans modified or refinanced...
» Read more - Jun 18, 2009

Senator wants to sweeten home buyer tax credit

Last week Senator Johnny Isakson introduced legislation that would extend a $15,000 tax credit to any and all home buyers. And I do mean any and all. The current maximum tax credit for home buyers is limited to $8,000 for first-timers with adjusted gross income below $75,000 ($150,000 for joint filers). The Republican senator from Georgia...
» Read more - Jun 16, 2009

Foreclosures grind on as lenders fail to modify loans

The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear...
» Read more - Jun 16, 2009

Obama administration expands mortgage foreclosure help

WASHINGTON — The Obama administration is throwing a new lifeline to homeowners facing foreclosure who are ineligible for its current aid programs. The enhancements announced Thursday include:
Foreclosure alternatives. Homeowners unable to qualify for a modification to their mortgage will see a more streamlined process for pursuing...
» Read more - May 15, 2009

Foreclosure Rate Up 30% From Last February

Despite halts on new foreclosures by several major lenders, the number of households threatened with losing their homes rose 30 percent in February from last year's levels, RealtyTrac reported Thursday.
Nationwide, nearly 291,000 homes received at least one foreclosure-related notice last month...
» Read more - Mar 12, 2009

Some owners may intentionally fall behind on mortgage

Are homeowners purposely falling behind on their mortgage payments to qualify for cheaper home loans?
Economists, lenders and other housing experts are concerned that programs to bail out troubled homeowners might have an unintended consequence: encouraging people to miss mortgage payments so they can qualify for a handful of programs that ease loan terms...
» Read more - Dec 12, 2008