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Mortgage & Foreclosure News

Foreclosure: Is a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender begins a process so they can can seize and sell the property as stipulated in the terms of the mortgage contract.

Foreclosure was once something that many Americans never worried about. A persons house was there castle and also their largest source of equity. Now homeowners are walking away because they ar 10% - 20% "upside down" on their home and can't afford to pay their mortgage. Tough times indeed! Obama's administration has started several programs, TARP for one, that provide Government assistance to famlies that are having trouble making the payments. There are also changes in how mortgage modification works that can be an alternative to foreclosure. Here are the most up to date news articles about those changes.