Category: Foreclosure

Foreclosure Crisis Aided by Company

By Mike Colpitts A New Jersey company has introduced a real estate investment program that’s helping to solve America’s foreclosure crisis, selling low priced older homes to investors that net as much as 16% in profit a month. First Fidelity Homes of Teaneck, New Jersey purchases homes from banks and mortgage companies in bulk, and… Continue reading Foreclosure Crisis Aided by Company

Foreclosures Rise in July

By Mike Colpitts Foreclosure auctions rose in July, but were down from their peak 14% for the month on residential properties nationally, according to the Realty Trac. However, all initial foreclosure notices issued against properties for the month showed a sharp increase. It was the seventeenth consecutive month total foreclosure activity topped 300,000 units. All… Continue reading Foreclosures Rise in July

Mortgages Applications Decline as Refinances Slow

Despite record low interest rates, mortgage applications declined for the first time in weeks last week, including an unexpected slow down in applications for home refinances, the Mortgage Bankers Association said. Applications declined 4.4% on a seasonally adjusted basis from a week ago, and a whopping 5.9% on refinancing alone. The decline marks a slowdown… Continue reading Mortgages Applications Decline as Refinances Slow

Mortgage Loan Fraud Declines

By Kevin Chiu Mortgage loan fraud has declined 25% since its peak in 2007, according to a survey conducted by Core Logic, a real estate research firm that monitors more than 3,000 local U.S. housing markets. The study was released on the heels of the largest Justice Department crackdown in history on perpetrators of mortgage… Continue reading Mortgage Loan Fraud Declines

Over Whelming Majority Feel U.S. in Economic Depression

An over whelming majority of Americans feel the U.S. economy is in an economic depression, despite government and mass media reports to the contrary. A huge 87% of all those surveyed in the latest Housing Predictor opinion poll say the economy is in a depression. The down beat poll found that only 13% surveyed in… Continue reading Over Whelming Majority Feel U.S. in Economic Depression

$100 Home Deal Not Dead

The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead

Emergency Housing Foreclosure Aid Gains Approval

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

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