Borrower's Outlook
LenderStreet's columnists (that's us over there) join forces with lenders in your area to keep tabs on the mortgage market. Together we offer timely insights toward a positive loan experience.
Nov
09
2010
The New York Times had this story on Monday about low-income families moving into vacant homes, and their landlord, Mark Guerette, does not own the homes. Guerette found the homes and has moved families in based on an 1869 Florida statute that if you take over a property, maintain it and pay property taxes and utilities, it will be yours if the owner does not claim it within seven years. This process is called adverse possession.
Read more about adverse possession
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Nov
03
2010
Tuesday’s election could influence how quickly state attorneys general move on the foreclosure investigation and pushing for more loan modifications, as I blogged about yesterday.
Half of the attorney generals were not re-elected or did not run in Tuesday’s election. The 12-member executive committee that is leading the investigation had six of its members who were not re-elected, or did not run for re-election. Iowa Attorney General Tom Miller, who is leading the charge, was reelected, so the push for change will not go away.
Read what the election results mean for foreclosure probe
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Nov
03
2010
If someone falls, the humane reaction is to lend a hand and help him up. If a family cannot pay their mortgage, in a perfect world, the bank would work with the borrowers and help them figure out a mortgage they can pay.
That’s the theory behind loan modifications – lending a helping hand to the borrower. But instead, banks have lent one hand and then pushed down with the other. Loan modifications rarely work. Lenders lose documents and delay the process, or they modify the loan to terms that really are not much better than they were before.
Find out why a loan mod could become more realistic
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