Homeowners are scrambling for home loan modification programs at a faster rate than ever before. Bad loans and regrettable decisions have ultimately led to countless consumers having to find a way out of their current mortgage without losing their home.

New organizations are springing up all over the country to help these troubled borrowers. Some are more legitimate than others, certainly. But there are a healthy number of bright spots in the home loan modification industry.

One such bright spot is the Neighborhood Assistance Corporation of America. NACA is currently making a 5-day stop in West Palm Beach, Florida to help homeowners modify their mortgages.

Read more: http://www.newsquench.com/home-loan-modification-companies-give-hope-to-homeowners/291535/

The Treasury Department said Friday that the nation's housing market "remains fragile" and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June.

The Treasury Department said Friday that the nation's housing market "remains fragile" and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June.

In July, almost 37,000 borrowers received new permanent modifications, according to the Treasury's monthly scorecard on the housing market. That compares with more than 50,000 new permanent modifications made in June through the government's Home Affordable Modification Program.

Read more: http://articles.chicagotribune.com/2010-08-21/business/ct-biz-0821-housing--20100821_1_home-affordable-modification-program-trial-modifications-loan-modifications

The Neighborhood Assistance Corp. of America is finishing up its five-day mortgage modification event tonight with about 31 percent of homeowners walking out with a new lower monthly loan payment.

NACA spokesman Darren Duarte said at 5 p.m. - three hours before the non-profit group closed its doors - that about 17,000 people, representing 11,149 households had attended the program at the Palm Beach County Convention Center.

Of those households, 3,544 received loan modifications, which typically include an interest rate reduction, a cut to the principal balance, or a combination of them both. NACA said it will continue to work with homeowners who did not get a modification during the event.

Although turnout was lower than expected, NACA CEO Bruce Marks said the event was a success and announced plans to open a permanent office in Miami. This was the third time the non-profit group visited South Florida, holding previous programs at the convention center in February and in Miami Beach in April.

Read more:  http://www.palmbeachpost.com/money/17-000-people-attend-loan-modification-marathon-in-889890.html

WASHINGTON — Housing led the United States out of seven of the last eight recessions. This time, it may kill the recovery.  Click image to enlargeThis house in Springfield, Ill., is up for sale in a difficult market, as lower prices cause headaches for sellers, but many buyers are leery of committing in a down economy.
 
Home sales collapsed after a federal tax credit for buyers expired in April. Since then, the manufacturing-led expansion, which began in the second half of 2009, has been waning, with jobless claims rising and factory orders falling.

"If foreclosures continue to mount and depress home prices, that could send the economy back into a recession," said economist Celia Chen, who tracks the industry for West Chester, Pa.-based Moody's Analytics. "The housing market and the broader economy are closely intertwined."

Read more: http://www.pressherald.com/business/housings-location_-doldrums_2010-08-24.html