Keyword: foreclosure
Mortgage delinquencies fell 40% in 2011
Foreclosure activity According to a new report by Lender Processing Services (LPS), mortgage delinquencies dropped 3.7 percent in December, down 40 percent from December 2010 levels, with the total U.S. loan delinquency rate now resting at 8.15 percent, the same as the month prior. The total foreclosure pre-sale inventory rate was 4.11 percent, down 1.3 percent from November. LPS reports ...
Man charged with child neglect, leaves son behind in foreclosure home
Father abandons son A 60 year old Minneapolis single father and struggling architect, Steven Cross has been convicted with child neglect for leaving his 11 year old son behind in the home he was losing to foreclosure last summer. It is not uncommon for evicted homeowners to leave pets behind that they cannot afford, but this is the first we ...
Atlanta Sheriffs refuse to enforce bank’s order to evict 103 year old woman
No eviction today Elvinia Lee heard a knock on her door yesterday, just a few weeks shy of her 104th birthday. It was the Sheriff’s department and moving company with a crew prepared to clear out her house, with an order from Deutsche Bank through loan servicer Chase Bank ordering the eviction of the Atlanta native and her 83 year ...
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Troubled homeowners in Arizona may now get free legal representation
Student attorneys helping troubled homeowners At Arizona State University’s Sandra Day O’Connor College of Law, distressed homeowners may now seek help from student attorneys enrolled in the new program set up to help those facing wrongful or illegal foreclosure and mortgage fraud. The program is called the Homeowner Advocacy Unit in the Civil Justice Clinic at the law school, supported ...
Is YouWalkAway.com’s strategic default plan legitimate?
Strategic default YouWalkAway.com has been around for a few years and Realtors should be aware of their “strategic default” process in the event a consumer approaches them in an effort to short sale or buy another home. Although as we mentioned, the service has been around for a while, it is gaining a new wave of attention as Fox News ...
Homeowner forecloses on Wells Fargo office, becomes folk hero
Right now in Philadelphia, there are black and white Sheriff’s Sale posters all around town after a two year battle between Wells Fargo and a single long haired goth homeowner comes to a head. Patrick, a single homeowner with a century old 6 bedroom 3 bath Tudor home bought for $180,000 in 2002 has paid his mortgage on time for ...
Lenders, Liars and Losers – Observations of a Humorist
I don’t know about you, but I am on the verge of a breakdown. Why? Because I am so frustrated with the lending institutions that I have developed a drool, a twitch, and a wicked rash. I truly think the lending institutions are hindering our economic recovery. The bailout money is not translating into increased sales as far as I ...
Bank of America at it again- foreclosure on wrong address
When we hear news of banks foreclosing on improper addresses, losing paperwork or removing belongings from homes that have been paid off for decades, it seems to be Bank of America behind it. This Christmas Eve, it happened to a West Hartford family who had never made a late mortgage payment. According to the CTWatchdog.com, “In one of the more ...
It’s Too Easy To Make Banks The Punching Bag
The latest scandal to hit the real estate industry (foreclosure robo-signing) has really gotten me fed up. Is it wrong? Yes. Is it being investigated? Yes. We know they’re wrong, and they SHOULD be taken to task over it, but this problem is not a matter of whether banks should or shouldn’t be foreclosing on these homes, it’s a problem ...
JP Morgan Chase Loan Modification? FAIL!
If you haven’t already heard, David Lowman, Chief Executive Officer of the Global Mortgage business at JP Morgan Chase was on Capitol Hill Tuesday to answer questions before lawmakers. Barney Frank asked him directly who homeowners could turn to if they felt that bank employees were not helping them to try and save their homes. Anyone wanna guess what he ...
Dear Mr. President, I Can Rescue the Economy!
I have an answer the foreclosure crisis and a way to turn around the economy at the same time. First, an outline of the problem: The old way of doing things with foreclosures have not changed. That’s the problem. After a property is foreclosed, the bank lists it with (mostly) the same agents they have been working with for years. ...
Slumlord or Savvy Investor? You Tell Me
Slum or savvy? Does buying a cheap house in a run down neighborhood make you a slumlord, or is it just good business sense? While working on a Broker Price Opinion last week I had to do some research in a pretty rough neighborhood in a city I service. Now, I used to own investment property and I have managed ...
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