Oldest Americans Weathered the Recession Better Than Others

Many Americans are still reeling from the last recession, although the oldest among us weathered the economic decline better than other age groups. That’s according to a recent report by the Census Bureau that looked at how Americans ages 65 and up fared during and after the 2007-2009 recession. These older consumers were somewhat buffered by more conservative investment strategies as well as high homeownership and a resistance to squeezing all equity out of their property by refinancing. It wasn’t …

Rate Reset for Some Homeowners May Trigger Defaults

The home foreclosure crisis that swept through the nation during the Great Recession may not be over for thousands of troubled borrowers. Some homeowners who sought help from the government’s Home Affordable Modification Program (HAMP) are about to see their mortgage payments rise this year. In some cases, those payments could eventually go up by more than $1,000 a month, according to the Washington Post. The loan modification program lowered monthly mortgage interest rates for some 1.3 million at-risk homeowners …

AARP Sues to Protect Widowed Homeowners With Reverse Mortgages

At the time AARP took up their cause, Robert Bennett of Annapolis, Md., and Leila Joseph of Brooklyn, N.Y., had several things in common. They were older Americans. They were widowed. They were homeowners. And they both faced foreclosure and eviction on reverse mortgage loans. So when AARP won a big lawsuit on their behalf against the U.S. Department of Housing and Urban Development (HUD) several months ago, it was great news. Now, AARP Foundation Litigation has filed a class-action …

Good News for Couples with Reverse Mortgages

You probably know that AARP represents the interests of older Americans. But did you know that it’s actually out there in court, making sure that the rights of people 50+ are not violated? This week, two plaintiffs represented by the AARP Foundation Litigation won their case against the Department of Housing and Urban Development. A federal trial court in Washington, D.C., ruled that HUD violated federal law when it did not protect surviving spouses of holders of reverse mortgages. Let’s …

Deal Reached in Foreclosure Mess

Another deal’s been reached related to the foreclosure mess. It seems that homeowners who were rushed to foreclosure improperly will get the biggest payout, up to $125,000, depending on the errors they encountered. The $8.5 billion deal, reached between 10 mortgage servicers and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, effectively ends a government-mandated program that examined banks’ foreclosure documents for abuses at the height of the housing crisis. You may remember it as the …

Thanks to Federal Reserve, Free Foreclosure Reviews Available to Some

If your home was at any time in 2009 or 2010 involved in the foreclosure process, you may be eligible for compensation if mistakes were made by your lender or loan servicer.  A free Independent Foreclosure Review can determine whether you are eligible for compensation, but you must request it before Dec. 31, 2012. Home-loan borrowers whose primary residence was involved in the foreclosure process between January 1, 2009 and December 31, 2010 may request a free review.  A third …