By Mike Colpitts State Housing Finance Agencies in five of the states hit hardest by the foreclosure crisis have been approved to start using $1.5 billion in emergency housing foreclosure prevention aid under plans approved by the Obama administration. The “Hardest Hit Fund” targets California, Florida, Arizona, Michigan and Nevada. The funding supports measures to… Continue reading Emergency Housing Foreclosure Aid Gains Approval
Category: Foreclosure
Tenants Major Rights in Foreclosure Cases
The current foreclosure crisis has had a far-reaching impact on individuals and businesses in the U. S. not just on those home and business owners who fell dangerously behind on their mortgage payments taking their property to foreclosure. Tenants who faithfully paid their rent each month have been evicted from their homes because their landlords… Continue reading Tenants Major Rights in Foreclosure Cases
Flooded Counties Outsource Foreclosure Sales
By Kevin Chiu As the foreclosure crisis hits its peak, counties across the country are flooded with default filings. Many can’t keep up with the record volume as county recorder offices drown in the massive onslaught. Especially hard hit counties are taking foreclosure sales off the courthouse steps, outsourcing them to auction services online. Some… Continue reading Flooded Counties Outsource Foreclosure Sales
Foreclosures Eclipse Record in 2009
A record 2.8–million U.S. properties had foreclosure filings filed against them in 2009, representing a 21% increase in the number over the previous year and 120% above 2007, according to RealtyTrac’s annual year-end report. The history breaking numbers closely match the Housing Predictor foreclosure forecast, which calls for a total of 17-million foreclosures in the… Continue reading Foreclosures Eclipse Record in 2009
Buying a Home after Foreclosure
By Lindsey Hadwin Of the millions of Americans who have lost their homes in the foreclosure crisis, many dream of buying a home again. As a result of more than 19.2-million vacant homes nationally, securing a mortgage in the future is possible in less time than ever before. Re-establishing creditworthiness can provide a key to… Continue reading Buying a Home after Foreclosure
BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected
By Kevin Chiu and Mike Colpitts Destin, Florida – The devastation that the BP oil spill is producing to the Gulf of Mexico is at least the size of all five Great Lakes as America’s greatest environmental disaster. It is likely to force hundreds of thousands of residents to relocate their homes to other areas… Continue reading BP Oil Spill Devastation Grows in Gulf of Mexico, Relocations Expected
Future Foreclosure Notices Drop, While Final Foreclosures Rise
By Kevin Chiu An increase in home refinancing, mortgage modifications and bank work-outs led to a possible drop in future foreclosures with a decline in formal notices of default in May. The decrease marked a seven percent decline for the month and accounts for a 22% drop from year ago levels. But bank repossessions for… Continue reading Future Foreclosure Notices Drop, While Final Foreclosures Rise
Countrywide Settlement in Homeowners Overcharging Scam
By Cheryl Reams Failed mortgage lender Countrywide Mortgage, once the nation’s largest home lender, has agreed to pay $108-million in fines to the Federal Trade Commission for scamming homeowners in foreclosure out of excessive fees. The Countrywide settlement comes more than two years after the FTC charged the failed lender with collecting excessive fees from… Continue reading Countrywide Settlement in Homeowners Overcharging Scam
Credit Unions Gain Mortgage Business
By Kevin Chiu Credit unions are attracting more business from conventional banks and mortgage lenders in the wake of the financial crisis, as bankers lose customers as a result of loose lending practices and distrust with the foreclosure of millions of homes. Risky mortgage lending practices, in which many banks turned a blind eye to… Continue reading Credit Unions Gain Mortgage Business
BP Oil Spill May Miss Florida Panhandle
Destin, Florida — While thick oil piles up in the marshes along the Louisiana coastline from the BP oil spill, beaches along the Florida panhandle remain clear of the sledge with the exception of a few tar balls floating ashore in spotty areas. Growing indications show that the massive oil slick may miss the Florida… Continue reading BP Oil Spill May Miss Florida Panhandle