Citigroup's mortgage chief recently announced that many companies need to take part in principal forgiveness on their mortgages. The announcement came as Citigroup has stated that it helped nearly 130,000 homeowners with nearly $20 billion in mortgages outstanding in order to avoid potential foreclosure for the last quarter of the year.

The numbers of those who are being helped by Citigroup has increased by nearly 20% from the second quarter of the year.  Citigroup is the only large bank that is currently issuing quarterly reports in regards to its efforts in mortgage modification and helping to prevent homeowners from losing their homes.  Citi has stated that it has mitigated or modified nearly 82% more mortgages in the third quarter of the year when compared to the second quarter.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.   

The number of U.S. mortgage applications had a recent drop, even as mortgage rates began to fall.  The demand for loans that would go towards the purchase of a home have fallen for the sixth straight week in a row.  This is a not a positive sign, as the housing market had recently been showing signs of stabilization. 

The housing market has been very vulnerable lately.   The Obama administration recently acted to improve the housing market by extending the $8,000 credit for first time home-buyers. This credit has been an important incentive to get many recent home buyers to purchase their first home.  It may take several more months before real stabliziation can be seen.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.      

The Attorney General of Florida has brought a suit against two companies which are being accused of taking part in mortgage modification scams.  The companies are being accused of scamming home owners who were attempting to prevent their homes from going into foreclosure.

The Attorney General has stated that the companies would charge homeowners over $2,000 dollars before starting any actual work to modify a loan.  Authorities in March obtained an injunction on the company from charging upfront fees for their services.  The case is currently pending in a court.  More details in the case should be released at a later time.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.     

Mortgage modification scams across the United States continue to be busted by local, state, and federal officials.  Many of these programs have sprung up lately in an attempt to cash-in on individuals who are already in a financially difficult situation.  These types of programs will offer or claim the ability to help individuals in re-modifying their home loans,  however they will attempt to extract as much money out of the individual without actually assisting in mortgage modification.

With the threat of scams very high,  it is important that if an individual is considering mortgage modification that they work with a professional, established, and legitimate organization that is known to be trustworthy.

If you are facing foreclosure and need help with a mortgage, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.