Foreclosures Archives

Michigan Launches Foreclosure Fund
By: Brian O'Connell

Michigan is home to some of the biggest home default rates in the U.S. — and now the state wants to do something about that. The state is the first to roll out its own home foreclosure avoidance program — and other states will no doubt keep a close eye on how Michigan performs. Read more»

Lone Homeowner Stalls 1,000 Foreclosures
By: Brian O'Connell

Bringing back the image of the lone Chinese student facing off against government tanks at Tiananmen Square, one Utah homeowner was single-handedly holding up almost 1,000 foreclosures until recently. Read more»

Q&A: Lenders Fight Back on Strategic Defaults
By: Brian O'Connell

Q: I know you’ve written about people who walk away from their mortgages before. But what I’m not clear about is how that impacts your ability to get a new home loan? Couldn’t you just get financing for a new home before you walk away, and then walk away with a new mortgage and a new home? — N. Cochran, Sarasota, Fla. Read more»

Citi Delays Foreclosures for Gulf Coast Owners
By: Brian O'Connell

With drips and drabs of the BP oil spill washing up on their shores, Gulf Coast residents have a lot on their plate. Now one big private lender is cutting Gulf residents a break by slapping a moratorium on foreclosure activity. Here’s the lender — and here’s the deal. Read more»

Foreclosures Reach Country Club Set
By: Brian O'Connell

The whispers around Palm Beach drawing rooms these days aren’t just about Biff’s latest DUI or Buffy’s new tummy tuck — it’s much worse than that. According to a new pair of studies, the rate of foreclosures impacting affluent families is on the rise. Read more»

A Second Mortgage May Snag Your Foreclosure
By: Brian O'Connell

As if debt-ridden homeowners in foreclosure didn't already have enough to worry about, they can add second mortgages to the list. While banks are more amenable to working with homeowners on their first mortgages in foreclosure proceedings, that second mortgage — often owned by a different lender — is another story entirely. Read more»

Strategic Defaults Hurt Other Homeowners
By: Jeff Brown

Everyone knows that falling home prices and high unemployment are bad news for the housing market and economy. Economists worry that people who can’t afford their mortgage payments will default, leading to foreclosures, a glut of homes from sale, driving prices down further. You get the picture — a vicious cycle. Read more»

Report: Foreclosure Risk Tied to Car Costs
By: Brian O'Connell

The National Resources Defense Counsel has come up with a novel formula for figuring out your neighborhood’s home value — and whether or not you’re at risk of foreclosure. It starts with counting the number of cars in your neighborhood’s garages and driveways, and ends with a number that could have a huge impact on your financial life. Read more»

Underwater Homeowners to Get Gov't Help
By: The Associated Press

By Alan Zibel, AP Real Estate Writer WASHINGTON (AP) — The government launched a new effort on Monday to speed up the time-consuming, often-frustrating process of selling your home if you owe more than it's worth. Read more»

Could Mortgage Defaults Snowball?
By: Brian O'Connell

A new study is out showing that homeowners hopelessly behind on their mortgage payments will walk away from their mortgages if they see a neighbor doing the same thing. What other “profile tendencies” do strategic defaulters show? Three college professors offer a unique look. Read more»

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