At Northwest loss Mitigation Services, we work with you to avoid foreclosure and mitigate its associated negative credit impact.

If for whatever reason you are currently behind on your mortgage payments – or foresee that you will soon be unable to continue making your payments – take heart: you do have options and more importantly, we can help. Now serving the greater Seattle area, learn how we can help you today.

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The three-year program was supposed to help 400,000 borrowers avoid foreclosure. But it has attracted only 312 applications since its October launch because it is too expensive and onerous for lenders and borrowers alike, Preston said in an interview. 

MSNBC.com

Last year, when Courtney Scott went looking for a house in the Atlanta area, she signed up for a home buying class with a local community group. That’s where Scott, a retired nurse living on a disability payment, learned about a state-sponsored homeownership program for low-income households.

 Major Hurdles Remain to Foreclosure Relief Complete Story 

   MSNBC.com

The Mortgage Modification Mess

President-elect Obama, congressional leaders and various regulators, lenders and community groups are proposing more aggressive measures to try to stop the rising pace of home foreclosures.

No matter what measures are enacted, these programs will likely encounter the same financial and legal hurdles that have slowed public and private foreclosure preventions for the past year.

The Mortgage Modification Mess Complete Story

MSNBC.com

Some time after Sharren McGarry went to work as a mortgage consultant at Wachovia’s Stuart, Fla., branch in July 2007, she and her colleagues were directed to market a mortgage called the “Pick A Pay” loan.  Sales commissions on the product were double the rates for conventional mortgages, and she was required to make sure nearly half the loans she sold were "Pick A Pay," she said.

These “pay option” adjustable-rate mortgages gave borrowers a choice of payments each month. They also carried a feature that came as a nasty surprise to some borrowers, called "negative amortization." If the homeowner opted to pay less than the full monthly amount, the difference was tacked onto the principal. When the loan automatically “recasted” in five or 10 years, the owner would be locked into a new, much higher, set monthly payment.

Pay Option Loans Complete Story

MSNBC.com

WASHINGTON - More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday.

The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision office at a housing industry forum sponsored by his agency 

Defaults rising on even modified mortgages Complete Story

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