Will Homeowners Get A Break in 2013?

The government may have bailed out the nation's biggest banks, but now the courts will sort out who gets stuck with mortgage losses. Banks could lose more than $100 billion.

JUST WHEN AMERICA'S MAJOR BANKS seem to be back on their feet, having paid back federal bailout money and cranked up their employee bonus programs, a new threat has emerged that could seriously affect their earnings power over the next few years.

The potential liability facing bankers arises from ...

NEW ORLEANS (MarketWatch) — Nationwide, homeowners can expect little, if any, increase in home values in 2011, the National Association of Realtors said in a forecast released Friday at the group’s annual conference in New Orleans.

And it will take another two years to clear the foreclosures and short sales on the market, said Lawrence Yun, the group’s chief economist, at a news conference.

Read More

PHOENIX — Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause.
But hard-pressed homeowners like Lydia Sweetland are asking why lenders often balk at a less disruptive solution: short sales,...  Read more

Dear Dr. Don,
I am considering a short sale on my house. I am upside down about $2,000 a month on a $3,500 a month mortgage. Working with the bank for a workout package has been fruitless.

My income has gone from about $200,000 to $85,000 and is deemed "deficient" by the mortgage company. If I go through with a short sale, do I have any chance of buying a home again in the near future?
-- Ben Buyer

Answer Dear Ben,... Read more