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SMP is designed to reduce distressed borrowers' monthly mortgage payments to an amount equal to 38 percent of their monthly gross income. To do so, servicers may, in the following order: Capitalize accrued interest, escrow advances and costs, if allowed by state law; Extend the term of the mortgage loan by up to 480 months;
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
When mortgage borrowers are unable to meet their repayment terms, lenders may opt to foreclose. To avoid foreclosure, the lender and the borrower can make an agreement called "forbearance." According to this agreement, the lender delays its right to exercise foreclosure if the borrower can catch up to its payment schedule by a certain time ...
The state is again expanding its federally funded mortgage relief program to help more Californians. People who missed mortgage payments up to Aug. 1 are now eligible for help.
The state is again expanding its federally funded mortgage relief program to help more Californians. People who missed mortgage payments as late as Feb. 1 are now eligible for help.
Initial mortgage approval, often known as preapproval, is an early stage where the lender provides an estimate of what you may qualify for, based on a preliminary review of your income and credit ...
California Unions for Reliable Energy (CURE) is a coalition of labor unions, mainly affiliated with the State Building & Construction Trades Council of California, that uses California Environmental Quality Act lawsuits (or threats thereof) to force developers of power plants, including new solar and other clean energy projects, to sign "project labor agreements", which require construction be ...
Most "mortgages" in California are actually deeds of trust. [25] The effective difference is that the foreclosure process can be much faster for a deed of trust than for a mortgage, on the order of 3 months rather than a year. Because this foreclosure does not require actions by the court, the transaction costs can be quite a bit less.