Category: Foreclosure

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

Home Buyers Avoid Foreclosure Properties

By Mike Colpitts A large number of home buyers are refusing to even look at considering distressed properties for sale, according to a monthly survey of real estate market conditions by Campbell Mortgage Finance as prices on foreclosures that are selling continue to fall. Four major national lenders have frozen foreclosure sales as a result… Continue reading Home Buyers Avoid Foreclosure Properties

Shadow Inventory Slashed to 2.1 Million Homes

An estimated 2.1-million distressed homes make up the shadow inventory, representing a huge decline of properties that make up the inventory of homes that have not yet been formally foreclosed and listed for sale, according to Core Logic, a real estate research firm. The inventory makes up part of the more than 18-million vacant homes… Continue reading Shadow Inventory Slashed to 2.1 Million Homes

Home Sales Decline in October

Home sales declined in October after climbing for two straight months, according to the National Association of Realtors. Existing home sales are also nearly 26% below the pace a year ago when the federal tax credit was in effect. Sales on residential properties declined to a seasonally adjusted rate of 4.43-million for the month, a… Continue reading Home Sales Decline in October

Reality Behind Foreclosures, Mortgage Lenders and Attorneys

By Barbara Ann Jackson Opinion Understandably, it seems that defaulted property owners seek to ‘beat the system’ –a small amount of them do. Not even I am willing to assist in such a thing when those types contact me for help. People in my crowd are not seeking to get a free home, and they… Continue reading Reality Behind Foreclosures, Mortgage Lenders and Attorneys

Sunshine States Carry Foreclosure Slide

By Mike Colpitts Major sunshine state metropolitan areas accounted for the top 19 of 20 foreclosure rates in the U.S. during the third quarter of the year, according to the quarterly report compiled by RealtyTrac. California, Florida, Nevada and Arizona cities had the highest number of repossessed residential properties. Among all the metro areas tracked… Continue reading Sunshine States Carry Foreclosure Slide

Home Auctions Boom despite Sales Moratorium

By Kevin Chiu In Las Vegas, gamblers are refraining from putting down payments on homes in neighborhoods to find some of the best real estate deals at auctions. In Los Angeles want-a-be homeowners are checking home listings online to check prices, and then turning out to bid on auctions in search of bargains. And in… Continue reading Home Auctions Boom despite Sales Moratorium

Whistleblowers Explode Foreclosure Crisis

By Kevin Chiu Working at a feverish pace to keep up with a record volume of foreclosures, bankers, attorneys and bank servicing companies have allegedly broken laws to foreclose on at least tens of thousands of homeowners. But only over the last six months have the sorted details of the four people that have made… Continue reading Whistleblowers Explode Foreclosure Crisis