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One of the largest mortgage providers in the United States, Chase Bank is planning to hire nearly 200 employees to deal with the increasing number of loan modification requests from troubled homeowners who want to prevent distressed properties.

As the number of foreclosure homes in the country continues to increase, distressed homeowners are finding more ways to stall the foreclosure process to give them time to save their properties from the clutches of foreclosures.

The main reason for foreclosure is delinquent payments for mortgage loans or taxes. The Income Tax Lien allows the Internal Revenue Service (IRS) to sell a foreclosed property ahead of lenders without following the rules set on the issuance of special notice to lien holders. This is because the IRS has its own rules when it comes to the issuance and timing of foreclosure notice.

Roy Oppenheim, a residential foreclosure attorney and a partner at Oppenheim Pilelsky, is exposing a defect in Florida foreclosures proceeding by demanding that banks and lenders show proof of true mortgage ownership.

With the continuing rise of foreclosures sweeping across the country, the federal government has decided to use billions of taxpayer’s money in prevention programs against foreclosures. This includes the FHASecure and Hope for Homeowners programs, which guarantees the refinancing of expensive mortgages that brought these homeowners into trouble and convert them into more affordable loans.

For the first time since his election, President-elect Obama criticized the current administration for its lack of effective actions and countermeasures in stopping the flood of foreclosures that is hitting the nation.

More and more Chinese are joining tour groups especially organized for house-hunting and home-buying in the U.S. to take advantage of the bargain prices of foreclosed properties. The Chinese government has relaxed its U.S. visa and foreign investment regulations to enable its people to buy real properties abroad.

Bank officials in the country announced their stand on the funds of the bailout program by the US government.

California Governor Arnold Schwarzenegger has released a package of proposals to revise mortgage laws to help Californians stay away from foreclosure and to revitalize the state’s economy.

Almost every local government in the country has been busy with finding ways to help distressed homeowners stay in their homes and avoid foreclosure. Lately, it is not only this matter that the Washington’s Attorney General Office is worried about, considering the rising number of homes entering some stage of foreclosure. In addition, they are also getting concerned about foreclosure scams.