Foreclosures Archives

When money is tight, a homeowner looks for expenses to trim, but may skip some bills altogether. But beware: falling behind on homeowners association dues can trigger a foreclosure, even if the debt is only a few hundred dollars. Read more»
Gov't, Nonprofits Get First Dibs on Foreclosures
By: Brian O'Connell
It used to be that mortgage lenders gave first crack on foreclosed home purchases to private investors. Not so much anymore. Big banks like Bank of America (Stock Quote: BAC) and Wells Fargo (Stock Quote: WFC) now offer a 48-hour window for local nonprofit groups to buy foreclosed properties before private investors get a sniff. Read more»
Q: I’m in a situation that hasn’t led to foreclosure yet, but it could. My husband is out of work and we’re just falling further and further behind on our mortgage payments. We just contacted our bank about a loan modification but that hasn’t happened yet (we borrowed the money on an option-ARM loan, and our loan terms have reset to a higher monthly payment). But now I’m seeing all of these reports on banks screwing many foreclosures. Read more»
Welcome to the latest mortgage mess: Big lenders have to throw out or restart foreclosure proceedings because of their own processing errors. It makes you think: If lenders are this sloppy when their own interests are at stake, how well are they protecting their borrowers’ interests? Read more»
Bank of America (Stock Quote: BAC) has joined Ally Bank and JP Morgan Chase (Stock Quote: JPM) in suspending mortgage foreclosures while it reviews the questionable actions of “robo-signers” – mortgage analysts at big lenders who had credit analysts sign off on foreclosures they neve Read more»
October is the month of ghosts and goblins, but banks have awakened a monster of a different sort - a delay, or possible cancellation, of the homebuyer tax credit on the purchase of certain foreclosed homes. Read more»
With U.S. foreclosure rates at an all-time high, more financial institutions are growing more cautious about closing the books on foreclosures. The latest lender to suspend foreclosures is GMAC (the mortgage unit for Ally Financial) — and it’s doing so in 23 states across the country. But like any big bank deal that initially seems attractive to customers, there are some strings attached. Read more»
Gov't Plans Twin Programs To Help Homeowners
By: Brian O'Connell
Frustrated by the housing market’s inability to rebound post-Great Recession, the Obama administration plans to roll out two new programs this autumn that may help Americans keep their homes. One is all about refinancing, while the other will provide “emergency” help for unemployed homeowners. Read more»
The rumor mill is bubbling with reports that Uncle Sam is ready to take another whack at the housing market piñata, this time with a fresh version of last year’s homebuyer tax credit. The media scuttlebutt may be premature, if not incorrect. According to U.S. Housing and Urban Development Secretary Shaun Donovan – the federal government’s chief housing executive – it’s all news to him. Read more»
Two new reports estimate bank “shadow inventories,” or foreclosed homes that haven’t been put on the market, will peak soon and disappear entirely from the market by 2013. Some might accuse those analysts of wearing rose-colored glasses, but the housing market won’t recover until those “shadows” go away. Read more»
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