Spike in foreclosure activities seen in most US cities Majority of US cities across the country, with Chicago and Seattle on the lead, are high on foreclosure activities over the last few months. Nineteen out of the top 20 metro areas in the country have the highest foreclosure activity rates for the months of July and September. California, Nevada, Florida and Arizona are still taking the lead in having the most number of foreclosures in...more
The true deal about foreclosures The housing market is made up of a significant bulk of foreclosed properties, which account for at least 19% of the total sales for the entire market. The rate is even higher for states where the housing boom was initially birthed such as Arizona, Florida and California. Statistics also show that 1 in every 371 homes filed a foreclosure in the month of September alone. This large interest in foreclosures...more
Lenders under investigation in all 50 states for foreclosure fraud! There is a 50 statewide investigation going on to see how wide spread the faulty documents to foreclose on homeowners has spanned. Recently some states have filed civil lawsuits against some of the top lenders in the country. Ohio state attorney general has filed a lawsuit against Ally's financial and their GMAC mortgage division. 17 other states will possibly file lawsuits as the investigation goes on and they continue to find fault within the lenders foreclosure practices.The committee for the 50 state investigations is not seeking across the board moratorium on all foreclosures; however, they are seeking to correct any issues with homes that were taken illegal by false documents. The lenders cannot violate state law just to stratify the overwhelming volume of foreclosures and to try to expedite the process.Something the states are looking at is how to improve the loan modification process. Home owner complaints about the loan modification program are the following:- Higher modified mortgage payments- Foreclosed on during the loan modification...more
How to Make the Right Offer on an REO Foreclosure Property Tips on How to Make an Offer on an REO Foreclosure PropertyREO (real estate owned) foreclosures are often sought-after due to their shockingly low prices. The low cost of an REO property can lead to fierce competition between buyers in attempt to the snatch up a good deal. Some REO...more
Negativism of Foreclosure has Made Students Take Positive Stand Towards Farming It is typical of the young that they do not mope for too long. As the foreclosure and unemployment crisis persists they have taken a positive attitude towards sustainable farming.One of the enthusiasts is Devin Lyons. He generally starts off in the morning by...more
Freddie shares fears over foreclosure mess The quarterly report that Freddie Mac submitted with government regulators suggested that the alleged irregularities in foreclosure documents may have significantly increased the risk factors that could potentially hike up the costs and slow down the business. It also stressed the fact that the integrity of the foreclosure process remains crucial in the growth of the housing market and could adversely affect the financial outlook of the entire industry. As the Bank of America (BAC) and Ally and Wells Fargo (WFC) has recently both declared that they are re-filing thousands of foreclosure documents, serious doubts have emerged on the integrity of the entire foreclosure process. But Freddie remains undaunted by the negative publicity that the housing industry has been getting lately from the press. Although there might have been claims of improprieties in processing foreclosure documents in the past, it notes that it is cooperating with loan servicers in identifying loopholes and problem areas in their procedures and standards. Freddie also believes that ongoing investigations could unnecessary delay and forestalls foreclosures...more
The Foreclosure Brew of Signature Factories The foreclosure brew consists of a cocktail of factors – signature factories, debt purchasers and slipshod documentation among others. One of them churning the mill was Michael Gazzarato. His job...more
Unemployment,pay cut,divorce,death in the family,illness and many more can be the reasons for facing immense financial problem and difficulties.In fact in a dire economic situation when nothing seems to work well,when you find no shoulder to fall...more
About Forced Foreclosure Many people are aware that foreclosure is a legal procedure. This is the reason why people cannot do anything but to follow the law. There are cases when lenders want to secure their interest. In this case, they will...more
What You Can Do To Avoid Foreclosure It's good to know that more Americans than ever before are able to realize their dream of owning a home. Unfortunately, the number of people burdened by big debt and home foreclosure is also increasing.What...more
There are several good reasons to invest in foreclosures in Kansas City. Apart from the great discounts and incentives being offered to foreclosure investors, buyers have the opportunity to reside in an economically sound community that has high...more
REO vs. Foreclosure: REO Benefits and Limitations REO vs. Foreclosure: REO Benefits and LimitationsThe abbreviation REO (real estate owned) is commonly used to refer to a property that has been foreclosed and taken back by the mortgage lender....more