January 07, 2011 (Press-News.org) Many homeowners have been facing the very real threat of losing their homes during this recession. Those who purchased homes now find themselves in mortgages for more than their home is worth. As the economy struggles to rebound, home values remain low across the country. Jobs which used to be plentiful now offer a fraction of past wages. Finding money to pay a costly mortgage every month has become a challenge for many families.
With so many struggling to make ends meet, the federal government has implemented a mortgage modification program. Borrowers who have lost their jobs or seen a reduction in income will be eligible for reduced or suspended mortgage payments if they meet the program's requirements.
Over $75 billion has been set aside for homeowners in financial trouble. Even with the available funds, the Treasury Department notes the program has assisted about 650,000 homeowners since taking effect in March of 2010.
Mortgage companies have been under scrutiny recently for foreclosure practices that may not have complied with the law. Now the administration is encouraging lenders to make this process more efficient for those who qualify. Despite this aggressive campaign, many borrowers are having difficulty navigating through the process. Applications filed after the program was announced still have not been approved. Lending companies seem to be dragging their feet in making modifications to those who qualify for the program.
Much of the focus is on homeowners who are underwater. According to CoreLogic, an organization that compiles and tracks housing trends, 22.5 percent of homeowners are in underwater mortgages. These homeowners are thought to be the most likely to simply walk away from situations that they feel will take too long to correct.
If you are having difficulty making your mortgage payment, speak with an experienced attorney in your area to understand what steps you need to take to remain in your home. If you are unable to receive a modification on your mortgage, you may be eligible to file for Chapter 13 bankruptcy. Every situation will be different, so be sure to address this issue as soon as possible.
Article provided by Illini Legal Services
Visit us at www.wardbankruptcy.com
Mortgage Lenders Encouraged to Modify Burdensome Loans
With so many struggling to make ends meet, the federal government has implemented a mortgage modification program.
2011-01-07
ELSE PRESS RELEASES FROM THIS DATE:
Legal Remedies in Construction Accidents
2011-01-07
Twenty-six year-old Joseph Delaney was carrying a load of steel rods at the site of a new baseball stadium in Ramapo, New York when his forklift tipped over and ejected him from the vehicle. Apparently a tire sunk several inches into muddy ground, causing the load, and Delaney's vehicle, to become unstable. He suffered a number of injuries, including bruises to his shoulder, hip and legs.
The Occupational Safety and Health Administration (OSHA) launched an investigation into the accident. Delaney's employer, Nikko Construction, has actively participated in the inquiry. ...
More Insider Trading Cases Expected
2011-01-07
In October of 2009, the founder of Galleon Group, billionaire Raj Rajaratnam and five associates were arrested on charges of insider trading. The subsequent investigation has led to 23 arrests and 14 people pleading guilty to various charges. While Rajaratnam faces decades in prison if convicted, he has denied any wrongdoing. His trial is set to begin in January 2011.
Prosecutors Using Unconventional Methods to Investigate Insider Trading
According to the Associated Press, the Galleon case was the first time that wiretaps were used on an insider trading case. Prosecutors ...
Holding Officers Accountable
2011-01-07
A recent federal lawsuit by a 40-year-old financial worker from Wall Street against the New York Police Department (NYPD) alleges that police officers sodomized a man at his home when they responded to a domestic disturbance. Officers called to his residence after he locked out his girlfriend, burst into his apartment, assaulted him and then attempted to cover up their abuse, he says. The man testified that officers kicked and punched him; his offered as evidence a pair of his jeans with a hole in the seat and retractable baton on which is own DNA was found.
A spokesman ...
The Costly Impact of Truck Crashes
2011-01-07
When a truck crash happens, rarely is the accident merely a fender-bender. Most of these collisions result in major damage to smaller vehicles, as well as serious injuries to drivers of those vehicles. Furthermore, a large number of these crashes are completely preventable and are the result of risks that are well known to the trucking industry. State and federal government officials who are charged with regulating truck safety have not been as proactive as they should have been over the past two decades with regard to addressing these known risks.
The result is a lot ...
Kevin Buckley Builders and Steven Foster Designs Announce the Completion of Their Latest Mid-Century Modern Home Renovation in Atlanta
2011-01-07
Two Atlanta based companies; Kevin Buckley Builders and architectural designers Steven Foster Designs announce the completion of a home renovation in Atlanta's Briarcliff community. The two groups worked in partnership to complete the total transformation of a traditional 1960's brick ranch home into a unique Mid-Century Modern inspired masterpiece. The team used cutting edge building and design techniques to create the homes new contemporary look.
"Mid-Century Modern homes incorporate simpler elements than a traditional home and maintain a less formal feel," explains ...
Piccadilly Backpackers Wins Best Accommodation of the Year 2010
2011-01-07
Piccadilly Backpackers has just been named the Best Accommodation of the Year 2010 by the British Youth Travel Awards.
Piccadilly Backpackers beat the other finalists Generator Hostels and Hatters Hotel to be named the Best Accommodation winner, with the winner being decided by a panel of judges.
The British Youth Travel Awards are organised by the British Educational Travel Association (BETA) and are designed to honour the best in the student, youth and educational travel market.
Jonathan Allum, Group CEO, said: "I am delighted on behalf of Piccadilly Backpackers ...
Stena Line Announces Holland Ferries to New Canal House Hotel
2011-01-07
Stena Line has announced that its newly launched ferry crossing to Holland will allow travellers to visit the newly opened Canal House hotel in central Amsterdam.
Since the completion of Stena Line's North Sea fleet renewal in October 2010 the ferry company has offered travel to the Hook of Holland from southeast England on two plush new supersized Superferries, replete with Swedish beds, free WiFi, wine bar, sun terrace and a la carte restaurant. This month Holland will also see the opening of a chic 23-room hotel along the Keizersgracht canal in Amsterdam's trendy ...
British Airways Launches the Very, Very Big Sale
2011-01-07
British Airways have launched its very, very big sale, with discounts off First class and all other cabins as well as more than 120 holiday destinations.
Customers can celebrate Chinese New Year in Hong Kong and save 15% in economy or 19% in Shanghai. Other destinations Cairo, Dubai, flights to Barbados and Sydney, all of which offer a saving during the sale.
Reduced prices also available in business class and the newly daily non-stop flights to Buenos Aires which will be launched in March will also be in the sale.
Destinations on offer closer to home include ...
Nationally Recognized Journalists Join Motorsports Unplugged
2011-01-07
Motorsportsunplugged.com, a website providing articles and videos of interest to NASCAR fans, is pleased to announce that Steve Waid, Senior Editor, has added Tom Higgins and Ben White to his professional staff as associate editors.
Under this arrangement, Motorsportsunplugged.com will be provided with regular articles and blogs from writers whose collective credits include authorship of over 30 motorsports related books and thousands of articles for news publications and magazines nationwide.
"We think that with our experiences and relationships built over decades, ...
Eminent Domain Website Containing Property Rights Information in All 50 States was Recently Launched by Biersdorf & Associates
2011-01-07
Nationwide eminent domain law firm Biersdorf & Associates announces the launch of its new website, expanded to include even more information, additional resources and interactive functions. Located at http://www.condemnation-law.com, the site was developed as a tool for property owners who are facing the seizure of their property by a government authority through the eminent domain process.
"The goal for our new website is simple: provide property owners with as much information on the eminent domain laws in their state as possible," said Dan Biersdorf, lead attorney ...
LAST 30 PRESS RELEASES:
Sensitive ceramics for soft robotics
Trends in hospitalizations and liver transplants associated with alcohol-induced liver disease
Spinal cord stimulation vs medical management for chronic back and leg pain
Engineered receptors help the immune system home in on cancer
How conflicting memories of sex and starvation compete to drive behavior
Scientists discover ‘entirely unanticipated’ role of protein netrin1 in spinal cord development
Novel SOURCE study examining development of early COPD in ages 30 to 55
NRL completes development of robotics capable of servicing satellites, enabling resilience for the U.S. space infrastructure
Clinical trial shows positive results for potential treatment to combat a challenging rare disease
New research shows relationship between heart shape and risk of cardiovascular disease
Increase in crisis coverage, but not the number of crisis news events
New study provides first evidence of African children with severe malaria experiencing partial resistance to world’s most powerful malaria drug
Texting abbreviations makes senders seem insincere, study finds
Living microbes discovered in Earth’s driest desert
Artemisinin partial resistance in Ugandan children with complicated malaria
When is a hole not a hole? Researchers investigate the mystery of 'latent pores'
ETRI, demonstration of 8-photon qubit chip for quantum computation
Remote telemedicine tool found highly accurate in diagnosing melanoma
New roles in infectious process for molecule that inhibits flu
Transforming anion exchange membranes in water electrolysis for green hydrogen production
AI method can spot potential disease faster, better than humans
A development by Graz University of Technology makes concreting more reliable, safer and more economical
Pinpointing hydrogen isotopes in titanium hydride nanofilms
Political abuse on X is a global, widespread, and cross-partisan phenomenon, suggests new study
Reintroduction of resistant frogs facilitates landscape-scale recovery in the presence of a lethal fungal disease
Scientists compile library for evaluating exoplanet water
Updated first aid guidelines enhance care for opioid overdose, bleeding, other emergencies
Revolutionizing biology education: Scientists film ‘giant’ mimivirus in action
Genetic variation enhances cancer drug sensitivity
Protective genetic mutation offers new hope for understanding autism and brain development
[Press-News.org] Mortgage Lenders Encouraged to Modify Burdensome LoansWith so many struggling to make ends meet, the federal government has implemented a mortgage modification program.