Neighborhood Housing Services of Chicago, Inc. (NHS), the City of Chicago and Attorneys’ Title Guaranty Fund, Inc. (ATG) are co-sponsoring six free “Fix Your Mortgage” foreclosure prevention events in Chicago in 2010 to help homeowners at risk of foreclosure modify their loans and lower their payments. “ATG and our volunteer real estate attorneys know this continued alliance with the City and Neighborhood Housing Services of Chicago will help thousands of homeowners in 2010”

The first event will take place on Saturday, March 27 at Morgan Park High School, 1744 West Pryor Ave. (111th & Vincennes Ave.), from 9:30 a.m. to 2 p.m. The fourth quarter of 2009 had the highest level of foreclosure filing activity in the six-county Chicago region for any quarter since the foreclosure problem began in 2006, according to the Woodstock Institute.

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The California Housing Finance Agency yesterday announced that they will be allocating up to $700 Million in a new Federal Program to help California’s neediest homeowners struggling with mortgages payments remain in their homes. This funding alone will not solve the significant problems in the housing market that California families face, but combined with other initiatives by state, local and federal governments as well as the private sector, this will contribute to stabilizing California’s housing market.

This follows an announcement by the Obama Administration that CalHFA is one of five state housing finance agencies slated to receive a total of $1.5 billion from the federal government’s Emergency Economic Stabilization Act of 2008. In addition to California, the funds will support efforts in Arizona, Florida, Michigan and Nevada. All five states have seen average home prices decline by 20 percent or more. Under the Obama administration’s plan, the funding can be used for innovative programs to assist unemployed homeowners, homeowners who owe significantly more than their homes are now worth and for those facing challenges associated with second mortgages. The programs will be available to homeowners, regardless of whether their mortgage was initially financed by CalHFA.

The popular warm weather destination of Scottsdale, Arizona has had its second announcement of a major resort facing foreclosure in just a few weeks.

The InterContinental Montelucia Resort & Spa which has 293 rooms has been announced that it is heading towards foreclosure and scheduled for disposition on April 28 after its opening last fall. There is also the W Scottsdale which hit foreclosure a few weeks ago.

According to releases from press and media is that the owners of the Montelucia is having a troubles with a $185 million mortgage held by Eurohypo AG of Germany.

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One solution the administration of President Barack Obama is seeking is a change to federal bankruptcy laws that would allow federal judges to restructure mortgages of struggling borrowers.

Senate Democrats are advancing legislation that would allow judges to reduce the principal or “cram down” the amount owed for the primary residences of borrowers who have sought Chapter 13 bankruptcy protection. Chapter 13 is a bankruptcy status that allows debtors to retain assets and pay back their debts over three to five years.

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There are many persons right now who can’t even stand to hear the word Forclosure because of what that word means to them. It means that they lost there house to that simple word. But do you know what is foreclosure? It is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan.

Here is the fun part you can gain from previous homeowner’s lost. Did you know? Because these houses where owned and repossessed they are being sold for basically what was owed on the mortgage. So whenever you hear of a Foreclose Auction go out and see you may just end up with a house for less than you think.

The Federal Deposit Insurance Corp. along with the Treasury Department are working on a major program to prevent widespread foreclosures and would have guarantees of government home mortgages.

They will use $50 billion of the recent $700 billion bailout package, This will provide approximately $500 billion to $600 billion in government guarantees on at-risk mortgages. With this in effect it will require banks,savings and loans to offer loans with lower interest rates for a five-year period.

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