Category: Foreclosure

Revolt Grows as More Homeowners Stop Paying Mortgages

By Mike Colpitts Millions of homeowners are living in their homes without paying mortgages as more mortgage holders revolt against banks and mortgage servicing companies in America’s growing foreclosure crisis. Some mortgage borrowers are trying to work with banks and mortgage companies. Others have tired over the hassles it takes to work with lenders to… Continue reading Revolt Grows as More Homeowners Stop Paying Mortgages

Americans Divided Over Halting Foreclosures

By Kevin Chiu Despite the enormous financial damage it would do to the U.S. economy, Americans are divided over whether the record flood of foreclosures should be halted. That’s the stunning conclusion derived from the latest Housing Predictor poll. With foreclosures at all-time record levels, a divide has grown over the foreclosure crisis like perhaps… Continue reading Americans Divided Over Halting Foreclosures

Settlement Likely in Robo-Signing Foreclosure Probe

By Kevin Chiu Iowa Attorney General Tom Miller, who is spearheading the 50 state probe into the robo-signing foreclosure scandal is seeking a settlement agreement with the major banks involved in the mess. Statements made by bank employees admitting to signing foreclosure documents in sworn affidavits without checking their accuracy led to the foreclosure scandal… Continue reading Settlement Likely in Robo-Signing Foreclosure Probe

California Woman May Receive Damages in Foreclosure Suit

By Kevin Chiu A California woman whose home was foreclosed may be able to obtain financial damages as a result of wrongly being dealt with by U.S. Bank in the foreclosure of her home, a federal court has ruled. The lender reneged on its promise to negotiate with the woman and her husband over their… Continue reading California Woman May Receive Damages in Foreclosure Suit

Underwater Homeowners Receive Little Aid

By Mike Colpitts Underwater homeowners struggling to pay mortgages are getting little aid from an Obama administration program aimed at helping upside down mortgage holders at risk of losing their homes nearly a half a year after the program went into effect. There have been just 40 U.S. homeowners helped by the FHA short refinancing… Continue reading Underwater Homeowners Receive Little Aid

Four States Cities Lead Foreclosure Crisis in 2010

By Mike Colpitts Four states cities accounted for 19 of the top 20 metropolitan U.S. foreclosure centers in 2010 as the foreclosure crisis gained momentum in the majority of the nation, despite moratoriums put in place by five major national lenders, according to RealtyTrac. California, Florida, Nevada and Arizona cities accounted for the most foreclosures.… Continue reading Four States Cities Lead Foreclosure Crisis in 2010

Efforts Grow Against Bad Bank Behavior

By Kevin Chiu Billions of dollars in damages are being sought against bank executives through lawsuits as foreclosure fraud class actions pile up against major banks. The lawsuits are besieging an industry that racked up record profits as a result of bad bank behavior in what amounts to the U.S. largest series of alleged fraud… Continue reading Efforts Grow Against Bad Bank Behavior

Foreclosures Set New Record in 2010 as Repossessions Ease

By Kevin Chiu Nearly 2.9 million U.S. residential properties received foreclosure filings in 2010 setting a new record in the nation’s foreclosure crisis even as homeowner foreclosures eased as a result of the robo-signing scandal, according to RealtyTrac. All combined default notices, scheduled auctions and formal bank repossession notices totaled 3,825,637 filings for the year.… Continue reading Foreclosures Set New Record in 2010 as Repossessions Ease

Foreclosure Victim Turns Consumer Advocate

By Mike Colpitts Overcome by banking fraud and lies by bank and mortgage company employees, Michael Bang became a specialist on foreclosures before authoring a book on how to overcome the fraud of bankers and strategically walk away from a mortgage. As millions of American homeowners face the nightmare of foreclosure and tough economic times… Continue reading Foreclosure Victim Turns Consumer Advocate