Foreclosures Archives

NEW YORK (sbup) — Patsy Campbell, a 71-year-old retired insurance professional in Okeechobee, Florida, has managed to keep living in her two-story home even though she hasn’t made a mortgage payment since 1985 (she bought the property in 1978). Despite repeated attempts by her mortgage lender to foreclose on the property, currently appraised at $203,000, Campbell claims she isn’t going anywhere. Read more»
NEW YORK (sbup) — On Friday the state of Oregon began offering homeowners full access to a first-of-its-kind statewide program designed to offer mortgage payment assistance to struggling homeowners. Eligible homeowners can get their mortgages paid for one year and hopefully save their homes in the process. Read more»
New YORK (sbup) — Big mortgage companies are sure to make friends this holiday season by putting the freeze on foreclosures Fannie Mae (Stock Quote: FNM) and Freddie Mac (Stock Quote: FRE) are leading the charge, sayi Read more»
We all know what inventory means, but what’s “shadow” inventory? Well, it’s one of the latest things to worry about. Thanks to the recession, high unemployment and collapse in the housing market, the shadow housing inventory is soaring. Read more»
Shelby, North Carolina is an unlikely place for the last stand of the foreclosure resistance movement, but that just might be where it happens. Hundreds of lawyers have descended on the small town to learn the most effective ways of taking on big banks on behalf of small homeowners. And they’re winning more and more cases. Who’s behind the movement? A new American folk hero, judging by how his supporters tell the story. Read more»
3 Ways Foreclosures Will Stunt Growth
By: Brian O'Connell
The foreclosure scandal rolls on, and now it’s become only too apparent that the robo-signing issue is going to hurt the U.S. housing market. But how, specifically? Here, we look at three ways the foreclosure crisis could put the real estate market back in the red. Too many foreclosed homes Read more»
Call it the “drip-drip-drip” before the flood, as Wells Fargo (Stock Quote: WFC) is the first major bank to offer compensation to homeowners who bought those quirky “pick-a-payment” mortgages that, more often than not, wound up costing borrowers a bundle. Read more»
Economists and banking industry analysts are increasingly crawling out of the woodwork with ideas on how America can get out of the ongoing mortgage mess. But one financial firm stands out from the crowd with an idea to offer up-to-date homeowners reduced rates on their home loans, with no credit report, and/or consideration of the current value of their homes. Read more»
It looks like Wall Street is making another public relations blunder.This time, it’s not phantom foreclosure documents, fat bonuses to executives at bailed-out banks or 30% surcharges on things like late credit card payments or checking account overdraws.Now they are blaming anxious and struggling homeowners for the recent foreclosure mess. Read more»
Big banks are reeling under the pressure of the burgeoning foreclosure mess. Toxic foreclosures resulting from faulty oversight practices have already caused a public relations disaster for banks, but now the scandal could hit big banks in the wallet, too – about $42 billion by one estimate. Read more»
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