Follow the amazing journey of how this man came to where he is today using Google Maps. This should be every school child’s assignment to day when they go to history class. Then for bonus points they should look up their home in Google Maps Street View, since they added Seattle as of yesterday!
Google Maps – Barak Obama’s Journey
Barack Obama's Journey
I recently contacted Jillayne to see if she would be open to an “interview” geared to Loan Originators who plan to sticking around beyond the end of this year…of course, she agreed! 😉 Jillayne offers training and clock hour approved courses to LOs and I thought this would be good timing to touch base with her. This will be a two part series with the next post addressing the SAFE Act (national licensing). My questions to Jillayne are in italic text.
What should Loan Originators be doing right now to prepare for 2009?
Jillayne: Well, let’s first define LO’s. In my mind, we’re talking about LO’s who work for non-depository lenders such as mortgage broker LOs and CLA [correspondent lenders, credit union and consumer loan] LOs. Loan originators who need to work for an FHA lender have all ready made that move. Those who have not, will. LOs who work for a lender or broker that is not FHA approved are all ready finding other sources of money. Some LOs have already positioned themselves nicely but are experiencing a dramatic drop in income.
Many LOs made six figures income during 2006 and 2007 and subsequently have a six figure lifestyle that they are already trying to pare down to match 2008 income levels. Income levels will remain volatile in 2009. Existing client bases will not return the same income level as prior years. LOs must prepare for the recession and start to research what kinds of industries survive and thrive in a down market and begin to reach out to people in those industries today.
Loan modifications have popped up out of nowhere to become the current “get rich quick” scheme marketed to hungry LOs. Stories are circulating about LOs wo are closing 60 loan mods a month. This is a possible untapped revenue source for LOs, however, there are some big liability pitfalls to navigate in the form of state laws, federal laws and contract laws. Loan mod salesmen have been pitching lots of different programs, charging LOs thousands to buy into a “system”, without knowledge of state and federal laws. LOs must be cautious and do their homework before jumping in head first. Massive government intervention in foreclosures may make that “system” investment worthless. There are ways to do loan modifications without putting your license in danger.
What trends are you seeing in the mortgage industry?
Jillayne: Mortgage lenders, no matter where they work; banker, broker, consumer lender, credit union, ought to be prepared for more regulations at the state and federal level. The winds of change are blowing in favor of the consumers. The industry went through this in the 1970s when we saw a wave of consumer protection legislation such as the Real Estate Settlement and Procedures Act (RESPA), Truth-in-Lending, the Equal Credit Opportunity Act, and the Fair Credit Reporting Act.
We have only seen the beginning of what will likely be more consumer protection. The consumer must be told in a clear way what fees will be charged and how much the loan originator is making on the deal. The mortgage broker industry mis-used Yield Spread Premium. Because of this, the government will now tell mortgage brokers exactly how to explain that fee, and the brokerage industry won’t like it. Watch for RESPA reform to pass and a new Good Faith Estimate.
I expect that underwriting guidelines will continue to go up as banks and conforming paper sold to Fannie and Freddie will raise minimum credit score requirements to 800 and require 20% down. Everyone else will be pushed to FHA.
On the broker side, we’ll likely see more of the smaller, non-FHA approved brokers joining larger, branch office brokers with FHA-approval already in place. Brokers who do not want to join the FHA party could take a look at the hard/private money side of the industry, which will likely grow as more people who always will be subprime return to their broker. Brokers always have been a source of non-traditional money. Now more than ever, subprime borrowers need that broker. FHA is not the world’s subprime lender. It was never intended for that purpose.
If we continue to push subprime towards FHA, then we will soon be looking at an FHA bailout. Let’s not act surprised when it happens.
We are likely to see government intervention in the foreclosure crisis on a massive scale. FHA Secure and Hope 4 Homeowners will be deemed colossal failures because the underlying lenders simply cannot write down the principal balance on those non-performing loans without sending their own banks teetering into receivership. I believe we are inching closer each day toward eventual nationalization of banks.
What are your most popular classes that you’re teaching right now?
Jillayne: The short sale class, which I’ve taught for over ten years now, is very hot. Other best sellers: Foreclosure; Losing the American Dream, Current Issues in Lending, FHA Loans, Fiduciary Duties for Mortgage Brokers, and for Real Estate Agents: How to Survive in a Down Market and How to Become an REO Agent. I’m starting to teach the fundamentals of a loan modification inside the Short Sales/Short Refis class and my class last week loved it so watch for one on loan mods.
On that note, I really recommend that Washington State LO’s make sure they’re signed up for their 2008 clock hour classes, if they have not all ready met their education requirements for licensing this year. Be sure to check out Jillayne’s new Professional Education page here at RCG and watch for Part 2 of my interview with Jillayne where we discuss national licensing: The SAFE Act.
I’ve been a fan of the Blackberry for years. I LOVE their “push” email technology, and it’s one-hand scroll-wheel functionality. But I had to drop-kick my crackberry for a Palm Treo when Supra came out with the eKey technology in order to access homes for sale with lockboxes. I actually kept both for a while but after I got an iPhone three phones was just too much, even for a geek like me.
Supra only supports a handful of smartphones and most of them are Palm Treos, either Palm OS or Windows Mobile. The reason for this is not because they are lazy or unresponsive to customer requests, even if they are. The real reason is that most devices do not support IRDA technology. That’s the infrared port that communicates with the Supra iBox to unlock or program it. So Blackberrys, iPhones, and a bunch of other popular and cool smartphones were effectively blocked from being used as an eKey. Until now….
Supra has decided to sell an “infrared-to-bluetooth converter” and offer their Supra eKey services from several Blackberry devices by the end of the year. It’s like a car key fob that you carry on your keychain. According to their press release, Supra will support the Pearl, the Curve, and the 8800 series devices. There will be a couple of different plans offered. The new eData Mobile application will give the listing agent instant notification of showings, even while they are in progress. I’m not sure how this will play out. I’m not excited about getting calls from agents for feedback while I’m still in the house and showing my client. We may end up needing some NWMLS guidelines to keep Realtors from being too aggressive with other agents. (not that there are any pushy agents out there).
So the real question is … (drum roll please) Will Supra support the new Blackberry Storm? This is the closest thing I’ve seen to a true iPhone competitor coming to the market. All the other vendors have been scrambling to come up with a product that can compete with Apple’s evolutionary and wildly popular device. So far, none of them have really even come close, IMO. They may have some of the look and feel down, but the vastly superior software options still puts the iPhone WAY ahead of anyone else. But the one thing almost all iPhone owners agree on is that typing sucks on the iPhone. I can thumb a text message 10 times faster on a Blackberry.
Well, Blackberry may have found a way to solve this dilemma. The new Storm offers an on-screen touch-and-feel keyboard that you have to actually PUSH in a way that gives you a true “keyboard feel”. People tell me you quickly and intuitively learn how this works and your back to speed-thumb-typing in no time.The Engadget Mobile website has a page-by-page copy of the Verizon Sales brochure of the Storm if you want to look it over. I spoke with someone at GE Supra and they would not commit to saying the Supra eKey product would be compatible with the Storm. It uses Verizon’s GSM and Ev-DO networks and not Wi-Fi, which could be a deal killer for some people too.
At least agents will have a viable alternative to the old and limited Treo. Finally, Change you can believe in! Sounds like the Blackberry’s running for office!
From the WaPo:
Officials with the Treasury and the Federal Deposit Insurance Corp. are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners now struggling to avoid foreclosure, according to three sources familiar with the discussions.
Under the program being discussed, the lender would agree to reduce borrowers’ monthly payments, for example by lowering the interest rate or principal of a mortgage loan, based on the homeowner’s ability to pay. These reconfigured loans could help homeowners avert foreclosure.
To attract financial institutions to the program, the government would then guarantee to repay the lender for a portion of its loss if the borrower defaulted on the reconfigured loan.
The mortgage guarantee program would vastly expand the role of the Treasury Department in helping homeowners, while at the same time ensuring some return for lenders.
It would cost between $40 billion and $50 billion, sources said.
The program is being discussed as members of Congress are voicing frustrations that the $700 billion rescue program thusfar has been aimed at helping banks, but not homeowners.
While Treasury and FDIC officials have reached an agreement on the principles of the program, the White House is resisting, according to the sources, who declined to be identified because the negotiations are ongoing..
Wait, what? I thought the FHA Secure program was such a grand success, according to HUD. Yet reports show that the true number of homeowners helped under that program was unfortunately low which I predicted in Aug of 2007. The July bailout bill gave us Hope for Homeowners, which requires voluntary principal balance reductions on the existing loans and gave the homeowner a new FHA-insured loan. Housing Wire reports that so far, H4H has few takers. But not for lack of interested homeowners. Instead, it’s the investors:
The problem, however, may not be lenders, who say they’re more than willing to begin processing the loans. Instead, the problem sits with third-party investors that have thus far proven unwilling to take the minimum 10 percent haircut required to put borrowers into the program, plus an upfront premium payment–losses are actually far greater for investors who participate, given that the 10 percent figure is based on a current appraisal, and not original LTV.
John Sorgenfrei, president of Florida-based Assurance Home Loan, Inc., said he receives calls from eight to 10 borrowers daily about participation in the program. For the time being, he has been forced to make them wait, as no investors so far have bought into the program..
We’re burning through the 700 billion Troubled Asset Relief Program (TARP) money pretty fast. The 40 to 50 billion tossed out for this new plan seems sadly low. Who is feeding the politicians the dollar amounts? This is not nearly enough money. It may keep the banks alive for a few more months but to what end?
Do you think this latest proposal seems more like another bank bailout? It’s hard to say until we see the guidelines. With FHA and H4H, income must be fully documented and homeowners must qualify. Once again, this may shave off a fair number of homeowners who won’t be able to document income needed to qualify.
It might be wiser to just start talking about nationalizing the entire banking system at this point. I mean, how many bailouts will it take before taxpayers own the banks?
Another sample of business ethics out the window
According to this Bloomberg story, Eve Mazzarella, a high school drop-out and former maid from Seattle moved to Las Vegas and started a real estate career in the year 2000. Evidently, she and her husband are now allegedly charged with fraud. The story goes on to say that she was highlighted in the National Association of Realtors “30 under 30” list, which names the best young real estate agents in the country.
The NAR “30 under 30” article reminds me of the story of Puget Sound Business Journal and Washington CEO Magazine’s “40 under 40” story on a local young CEO.
From the Bloomberg article:
“The day before, the U.S. Attorney for Nevada had indicted the couple on 6 counts of bank fraud, later revised to 13. Prosecutors say the pair recruited fake — or “straw” — buyers to apply for loans to purchase 227 properties worth $107 million. They told the straw buyers they would pay the mortgages. Then they skimmed thousands of dollars from each of more than 432 transactions, the indictment says, stashing the cash in 80 bank accounts.”
Will the real estate community, Lending Brokers, Real Estate Brokerages or regulating bodies of each State do a better job of getting rid of the people who had a direct role in bringing down the housing market and impacting those who had nothing to do with it?
Boy, you’re going to think I’m the Scrooge…and this article may not apply to most of you…but I want to reach out to those of us who rely on our credit cards to help finance the holidays. You see, years past it was not uncommon for home owners to get into the spirit and purchase many gifts for our loved ones–going over the top (meaning beyond our budget). Yes, it feels great to see the look of joy and surprise on little Johnny and Susie’s face when the open the gifts they’ve been longing for…but this year, you may not have the “fix” of meeting with your Mortgage Professional in January to “reorganize” your debt. Just in time for the holidays, Fannie Mae is unrolling DU Version 7.1 which really puts a damper on cash out refinances.
This officially takes place over the weekend of December 13, 2008; however lenders will start implementing this soon (so that loans are in compliance for Fannie Mae once they are purchased). A cash out refinance will be limited to 85% of appraised value of your single family residence. By the way, if you’re refinancing a second mortgage/home equity loan that was not used for the purchase of your residence, this is classified as a “cash out” refinance–even if you have never received cash out and you only reduced the rate on your second mortgage on a previous refinance. (A refinance including a “non-purchase” second mortgage is treated as “cash out” with pricing and underwriting–no exceptions). This will force more home owners to FHA mortgages which allow higher cash out refinances at a cost (upfront and monthly mortgage insurance regardless of loan to value).
Factor in home values and you can really see the challenge with doing a cash-out refinance. Lenders count on appraisals to establish a value for your home. This value is based on what other homes like yours have recently sold and closed for in your neighborhood. No sales? A short sale? Ugh. It doesn’t matter what’s listed down the street, what your assessed value is or what you feel the home is worth in the lenders and appraiser’s eyes.
Tis the Season for big sales, no interest or payment for X many months and credit card companies including blank checks in our statements with dreams of sugar plum fairies and hopes that we’ll indebt ourselves further. Please don’t do it.
You may wind up trapped, like Ardell’s Six Pack Joe, once your interest rates kick in and your bills start piling up with no refinance in sight. I’m here to say that YOU do have a choice and you need to be informed and responsible for your debts. Mortgages are getting tougher (especially refinances) and chances are, your home equity is not here to rescue you.
I won’t go into how credit cards and home equity loans are being frozen or the credit lines are being reduced without notice (and how damaging it is to your credit scores when your borrowed amount is above 50% of the credit card limit).
You have less than two months to plan for Christmas. Don’t be stuck with extra debt and tanking credit scores…your home equity may not be there to save you (even if you have it, you may not have affordable access to it).
I just wrote this long comment on Jillayne’s post, and decided it needed to be a post of its own. This loan mod returns the risk premium that was not effective at controlling risk. It didn’t work…give it back. It also makes the lender partly responsible for approving short term income on a long term basis. It does not involve ANY loss to the lender below the face amount of the notes, and gives them some interest, and saves the homestead. I think it includes all aspects of consideration for a loan mod, but finding staff competent to come up with loan mods in a short period of time, is not realistic.
What we do know is that the higher risk premium rates, did not cover the risk.
Let’s take an example and see how it plays out, and propose a loan mod.
Family qualified for their current home based on $80,000 a year. $60,000 was salary and $20,000 was two years of consistent bonus or overtime. That was considered conservative lending guidelines “two years of proven history on bonus or overtime
This is Part Two of a series of articles on the foreclosure process.
This article does not constitute legal advice.
Foreclosure laws vary from state to state.
Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral. Reduced or free legal aid may be available in some states. Ask for a referral from the state bar association or through a LOCAL HUD-Approved Housing Counseling Agency.
For homeowners who are facing financial hardship, denial is a warm, safe comfortable place to stay, where tough decisions can’t hurt and the decision-making process is put off one day at a time. There is FREE help available from your local state non-profit agencies.
Local, HUD-Approved Housing Counseling Agecies received 1.5 million dollars from Washington State when Gov. Gregoire signed SB 6272. State agencies are already whining that they are “overwhelmed”. Hmmm. How much of that 1.5 million dollars was spent hiring and training competent counselors and how much went into executive salaries, high paid consultants and task force meetings? There are plenty of out-of-work mortgage production people who are (at this point) probably willing to work at non-profit agencies. Put them to work. Perhaps I am in denial as to the extent of the problem at our state agencies. If so, agencies: please enlighten me and RCG readers. If the problems are with the banks and their ability to handle the calls, that doesn’t mean we throw more money at the state agencies. In part five of this series, I will ponder about massive government intervention. For now, we’re left dealing with the problems at hand.
If you are a homeowner reading this article, that means you’re starting to come out of denial. Maybe a friend or relative forwarded this to you. Welcome to raincityguide.com How are you? Don’t say “fine” through tears or clenched teeth. Not so good, right? Okay then. Is your financial distress temporary or long term? THIS is perhaps the most important question you’ll need to answer. This is going to require that you get real with where you are in life. Long term, permanent financial distress situations are going open up options that might be different for a homeowner who has a short term financial distress problem. Let’s try to break things down even more. Long Term: You’ve been laid off and have been unable to find work at your former pay level for along time and you have third party confirmation that the chances of being able to reach that pay level again are very low. Short Term: You’ve been laid off and have been unable to find work at your former pay level but your prospects are good or you’ve recently been re-hired at a similar pay level.
Reinstatement
If you are payment or two behind, which may happen with temporary financial distress, your lender will be thrilled beyond your wildest expectations to accept the total amount owed in a lump sum. Reinstatement often happens simultaneously with a forbearance agreement.
Forbearance Agreement
Your lender agrees to reduce or suspend your payments for a short period of time. These two options are good for people whose financial distress situations are temporary.
Repayment Plan
Your lender helps you get “caught up” by allowing you to take missed payments and tack them on to your existing payment each month until you are caught up.
If your financial distress is long term and will permanently affect your ability to continue making your payments:
Consider Selling
With home values going down, if you do have some equity remaining in your home, you may be better off selling NOW rather than waiting until next year when scads of REOs (already foreclosed-upon homes that the lenders must dispose of) will continue to hit the market, driving inventory up and home values down. If you owe more on your home than what the home can be sold for in today’s market, you have probably already heard of the term Short Sales. In this case, the lender is asked to reduce the pricipal balance and allow the loan to be paid off in order to facilitate a sale. Most lenders are not radically motivated to approve short sales unless foreclosure is imminent. This author does not recommend that you stop making your mortgage payment in order to force the bank to approve your short sale. All homeowners in financial distress should have an attorney holding their hand the entire time. If you have assets, you do not qualify for a short sale. Short sales are reserved for homeowners with NO MONEY and you will be asked to provide proof that you have no money. If you have money, this is a different kind of transaction. It’s called “Making Your Downpayment in Arrears” and you’ll be asked to bring that money at closing. Don’t ask anyone to help you hide your assets. Doing so may constitute mortgage fraud which is now a class B felony in Washington State. I could go on and on about short sales. If you need more education in this area, we’ve covered the topic in these RCG articles:
Short Sales
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Question From Today’s Short Sale Class
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Should You Buy a Short Sale Property?
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Is a Short Sale a Bargain?
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Why Do Banks Take So Long to Approve a Short Sale?
Maybe you would prefer not to sell. Consider taking on a tenant or moving out into more affordable living quarters and renting out your home.
Refinancing is a tough road for homeowners in financial distress. On the one hand, they have been hit by some kind of financial hardship and this typically affects their credit score, which means lender’s rates and fees will be higher. In addition, tightening underwriting guidelines is something banks do in order to help stop the rising tide of foreclosures. People who hold mortgage loans today might not be able to re-qualify for that same loan if they had to requalify under today’s guidelines. Income and assets must be fully documented. Find a licensed, local mortgage lender with FHA-approval to see if you might qualify for an FHA loan. For people who made the conscious decision to state their income higher than reality are out of luck, unless they can prove that they were coached to do so by their lender. Consult a local attorney for further guidance. Since refinancing might only be yesterday’s dream for some, Loan Modifications are all the rage in my spam bin. We’ll cover Loan Mods in Part Three.
While doing research for this blog post, I stumbled upon even more money that went from our state government’s rainy day fund, into a state fund to help low to moderate income Washington State homeowners in foreclosure refinance into new loans through the Wash State Housing Finance Commission. Read more here. I sent an inquiry asking the WSHFC how many WA State Homeowners have been helped this far by this new law and they said, emphasis mine:
Dear Ms. Schlicke:
Thank you for your interest in the Smart Homeownership Choices Program. To date, we have not made a loan to a prospective applicant. The good news is that when we have talked to the delinquent homebuyers, it seems they have not been able to make contact with their lenders to discuss foreclosure options. So, we have been able to facilitate getting them to the right person for loan modifications, etc. There have also been homeowners who have not been pleased with the fact that the assistance is in the form of a loan and not a grant. They believe the government should be giving them the money to save their home. While we cannot respond positively to these folks, we do send them to one of our homeownership counseling partners to help them with other options that might be available.
If you know someone who might benefit from the program, please feel free to give them my contact information.
Sincerely,
Dee Taylor
Director, Homeownership Division
Washington State Housing Finance Commission
1000 Second Avenue, Suite 2700
Seattle, WA 98104-1046
(206) 287-4414
Part one: Foreclosure; Losing the American Dream
Part two: Options for Homeowners Facing Foreclosure
Part three: Loan Modifications
Part four: Government Intervention in Foreclosure
Part five: Foreclosure; Letting Go and Rebuilding
This is Part One of a series of articles on the foreclosure process.
This article does not constitute legal advice.
Foreclosure laws vary from state to state.
Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral. Reduced or free legal aid may be available in some states. Ask for a referral from the state bar association or through a LOCAL HUD-Approved Housing Counseling Agency.
Most mortgage loans are not mortgages. Instead, lenders shifted to using a deed of trust type of document in many states. With a mortgage document, a lender would have to use the judicial system for foreclosure which was time consuming and expensive. With a deed of trust, the lender can take back the asset in a much shorter period of time although that’s arguable in today’s rising foreclosure climate. Each state will have their own Deed of Trust Act. Within each state’s Act, there will be a specific timeline that must be followed by the lender. Moe at LoanSafe provides a basic timeline here. First the homeowner misses a payment. Late charges are assessed and the lender may begin an effort to contact the homeowner to determine what’s going on. A “notice of default” letter is mailed informing the homeowners that if they do not catch up, the trustee sale will be scheduled. At this point, the lender hires an attorney to file the public records documents, publish the required notices in local newspapers, and prepares for the auction. Depending on state law, the homeowner will have a specific number of days before the sale date to bring the loan current and pay all late payments, including interest and penalties, attorneys fees, and trustee fees. After the date of the trustee sale, the homeowner will have a state-specified number of days to vacate the property. A sheriff is usually asked to help with eviction, if needed.
Washington State enacted the Distressed Property Law in June of 2008 which means, among other things, that the homebuyer of a home in foreclosure as well as the Realtors owe the the homeowner the highest duty of good faith and loyalty; fiduciary duties to the homeowner (one-to-four family residence, owner occupied.) Read more about the DPL here.
Securitized lending helped fuel the real estate and mortgage bubble because banks and lenders could package up loans and sell them as pools of Residential Mortgage Backed Securities (RMBS) thereby freeing up more mortgage money to loan. Before securitized lending, banks would hold the mortgage loans on their books as part of their assets. A mortgage payment arriving in the mail each month at a bank is considered an asset. A delinquent loan is considered a non-performing asset. A foreclosed home is considered owned-real estate or Real Estate Owned (REO.)
At trustee sales during the bubble run-up, there were many get-rich-quick believers with notebooks and cashiers checks bidding on homes that looked like a possible quick flip-for-profit on paper. The lender was able to score the principal amount of the remaining loan balance plus all the other expenses, the high bidder went away happy, and the homeowner re-entered the housing market as a renter. Today’s trustee sales are remarkably different. In most cases, there are no bidders and the home is deeded back to the bank. REO portfolios at banks are starting to hit the market. An institutional owner is far less emotional about the sales price and far more goal oriented about reducing the price in order to dispose of the asset. BEFORE the trustee sale, there are options that homeowners weigh. Repayment plans, forebearance, loan modifications, and short sales are some of the options we’ll discuss in part two.
Many homeowners have reported frustration in working with their loan servicing department towards a workable solution that will allow them to stay in their home. We will discuss options to avoid foreclosure in part two. Before we do that, we must first revisit Federal Accounting Standards Board Rule 140 from this article called “Predators are Still Safe”:
many loan servicing agreements prohibit the Servicer from modifying loan agreements entirely, or limit such modifications to no more than 5-10% of a total pool. Further, loan modification may run afoul of FASB rule #140, (2), which says that if a bank alters the terms of a loan it has pooled, it cannot keep the loan off its books. It must repurchase the loan, return it to the books, set aside a reserve for losses, and actively manage it.
The industry asked for and got it. FASB Rule 140 will be delayed until after Nov 15, 2009, and the murky, opaque waters that make up credit crisis continue to pool around the banks that don’t want to tell us just how many bad loans they’re holding. Will the TARP plan help banks? Will the involuntary capital injections help banks and anyone seeking credit? Will homeowners get help? It’s hard to say because the only way we can see what banks are holding is when the regulators take over. What we do know is that homeowners are reporting that it’s becoming excruciatingly difficult to work with their loan servicing department.
When the industry jumped into subprime lending, we underpriced risk. We also underpriced the true cost of “servicing” a loan. I’m surprised we’re not reading about meltdowns in the servicing sector. I’m sure those folks are working 80-hour weeks and get yelled at all day long by Realtors. In the future, we should expect tougher state or federal laws governing mortgage loan servicing (Kary Krismer’s short sale requests must be responded to within 24 hours, phone messages must be returned, and so forth) which will translate into higher bank fees and higher interest rates in the future. Or perhaps now.
Author’s note: Part one of this series was designed to be incredibly basic. So basic as to prompt a reader looking for more detailed help to seek legal counsel. An attorney licensed in your state is the best person to help you understand the deed of trust act in your state, and all your possible options.
Part one: Foreclosure; Losing the American Dream
Part two: Options for Homeowners Facing Foreclosure
Part three: Loan Modifications
Part four: Government Intervention in Foreclosure
Part five: Foreclosure; Letting Go and Rebuilding
