By Mike Colpitts Home values have dropped so much that the majority of U.S. homeowners are overpaying on property taxes, according to a leading consumer protection group. “We’re telling people to get an appraisal, an independent appraisal to find out what their property is really worth to see if they’re overpaying,” said Tom Martin, president… Continue reading Homeowners Overpaying Property Taxes
Category: Foreclosure
Foreclosures Decline with Robo-Signing Troubles
By Mike Colpitts Foreclosures rose by only a slim margin in January, but declined 17% over year ago figures as banks and mortgage servicing companies temporarily halted foreclosures in 26 states in the robo-signing scandal, according to RealtyTrac. Foreclosure filings were posted against 261,333 residential properties during the month, a slim 1% increase over December.… Continue reading Foreclosures Decline with Robo-Signing Troubles
Americans Move at Lowest Rate since World War II
By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home… Continue reading Americans Move at Lowest Rate since World War II
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