Two large banks decided to go against the Obama administration by refusing to lower mortgage balances. The administration has emphasized the idea of reducing loan principals for the millions of families facing foreclosure in the past month, but an official from JPMorgan Chase said the plan would not work. He said the reductions could ruin the chances for future homeowners to get loans. He also said it would reward irresponsible homeowners for consuming more than they could afford.

A Wells Fargo representative also said the solution was not realistic for everyone. The Treasury Department countered that by saying the number of permanent modifications in March increased 35 percent from February to 230,000 households. The Department also said it was still creating programs designed to reduce mortgage principal and rebalance the economy.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

The looming tax deadline led many first-time homebuyers in Baltimore to sign a contract by the end of the month and close by the end of June to qualify for tax credits up to $8,000. That added pressure raised March home sales 17 percent from March 2009. Deals that will soon become settled sales went up nearly 40 percent as well.

The $6,500 credit for repeat buyers hasn't been as motivating as the first-time incentive, experts say. Prices have dropped so low that sales are picking up. Twice as many homes were sold in March 2005 as in March 2010, but 250 more homes were sold this past month than in March of last year. The original November deadline was extended to give more people a chance to purchase homes, but experts are confident that the deadline is solid now.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

The number of U.S. churches dealing with foreclosure proceeedings has nearly tripled since the recession began in 2007, reports say. Churches took out loans and invested in real estate, but the economic downturn has plunged many churches into a debt crisis. Donations have gone down, and investment returns have dropped.

The church property boom led to many megachurches began building stadium-style worship centers, but many got stuck partway through construction. Ebenezer AME Church in Maryland, with a congregation of 10,000, saw its cash reserves drop below $750,000. Its lender dropped some demands and the church is finalizing plans to move its business to a new lender, but not every church has seen such good fortune.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.

Maryland became the first state in the nation this week to publicly endorse HOPE LoanPort, a Web-based tool to streamline loan modification applications. Lost paperwork is a common problem, stalling mortgage solutions for many people. The program allows housing counselors to efficiently send applications that have been filled out to mortgage servicers to improve the quality of the application and the decision-making process of servicers.

HOPE LoanPort was developed by HOPE NOW, an alliance of mortgage market participants. More than 100 nonprofit counseling organizations and eight mortgage servicers have committed to the program.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546- 4608.