Housing Rescue Program Expands to Cover More Borrowers

Frustrated borrowers who have yet to benefit from the Obama administration housing rescue plan may be able to benefit from a new expansion to the program. The number of borrowers eligible for refinancing is being increased by the changes to the program.

Borrowers with mortgages worth 125% of their home’s value or less will now be eligible for refinancing under these new qualifications. Previously, mortgages worth 105% or less were only eligible. Read the rest of this entry »

Benefits of Mortgage Mediation

In at least one instance, mortgage mediation programs have helped half of participants or more remain in their homes.

According to the Center for American Progress, these kinds of programs help homeowners by making them meet with banks–as well as holding the banks accountable for meeting with them. Through this interaction, participants become more human rather than just a case within the pile, and both parties can look over all available options and discuss which ones will work best for both parties. Read the rest of this entry »

Red Roof Inn Defaults on Mortgages

Economy lodging company Red Roof Inns, Inc. has decided to restructure their finances after defaulting on $367 million in mortgage debt. The strangest thing about the situation is that of the 130 properties that the debt is connected with, none of them seem to be actual Red Roof Inns.

Perhaps these company-owned properties are sites of future ins–or maybe they’re completely private for corporate use. Seeing that they’re legally separated from the Red Roof Inn franchise, the latter is more likely. Read the rest of this entry »

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