Consumerist
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mortage meltdown
Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn't Magically Disappear
We've been talking about the next wave of the mortgage crisis for quite some time now, and it seems that, as predicted, it's cresting and about to hit. We are, of course, speaking of Option-ARM loans — considered the riskiest of all mortgages due to their ability to grow rather than shrink. Yes, there actually exists a mortgage that allows the borrower to pay less than the interest that is accruing on the loan. More » -
bankers gone wild
Banker Uses Foreclosed Beach House For Totally Awesome Parties
It's Saturday night! Let's party! ...But where? Oh, I know. I heard that there's this foreclosed Malibu beach house where a Wells Fargo manager is having some killer parties. Well, at least until ACORN had to go and ruin everyone's fun. More » -
options
New York Times: Walking Away From Your Mortgage, Not So Bad After All
Great news, distressed homeowners! If you aren't eligible for the President's homeowner assistance package and can't negotiate a better deal on your mortgage, the New York Times says that turning in the keys and leaving your home may not be the end of your financial world. The Times mapped out a guide for dealing with the various players controlling your mortgage... More » -
mortgage fraud
Top 3 Emerging Mortgage Scams To Watch Out For
In its recent annual report to the Mortgage Banker's Association, the Mortgage Asset Research Institute described three emerging mortgage fraud schemes that are either new or increasing in popularity. More » -
homeowners association
Homeowners Association Will Foreclose On Your House If You Don't Pay $267.58
Be careful what you sign when you buy that new home — because you might be agreeing to allow the home owners association foreclose on and auction off your house if you don't pay your dues. More » -
odd
Federal Reserve Chairman Ben Bernanke's Childhood Home Sold After Foreclosure
Federal Reserve Chairman Ben Bernanke is from a small town in South Carolina called Dillon — a town where the impact of the economic meltdown is being felt keenly. More » -
foreclosure
Octuplets Family $23,225 Behind On Mortgage Payments
CNN is reporting that the house that the octuplets mom is living in is currently in default, and the mortgage owner, the grandmother of the octuplets, is $23,225 behind on her mortgage payments. More » -
foreclosure
What's In This New Obama Foreclosure Plan?
With the economic stimulus (or "e-stim," as we've been calling it) signed into law, President Obama turns his attention to the foreclosure crisis. At an event in Arizona today, he announced the following proposals to help homeowners. More » -
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foreclosure
Make The Bank Prove It Really Owns Your Mortgage Before You Let Them Toss You Out
We've written about this before, but as more and more people face foreclosure (last year's foreclosures totaled 2.3 million, according to the AP) its a good time to remind people of this strategy. More » -
foreclosure
California Man Barricades Himself Inside Foreclosed Home
Carson, California has over 1,100 homes in foreclosure according to its mayor, and barricaded inside one of them was Frank Torres, an oil-refinery worker who lost his home to foreclosure after work was scarce last year. Now he's working full-time and he wants to buy his house back — but he says the bank won't listen. That's why he painted a message on the roof of his former home and held the building hostage for 5 hours. More » -
housing
Housing Statistics Are Being Buoyed By So-Called "Vultures"
Sales of existing homes are up, which sounds like good news — except that if you really look at what is going on — it's really sort of bleak. About half of all home sales in December were foreclosures, says Marketplace, where the house is sold for less than what is owed on the mortgage. More » -
renting
Fannie Mae To Stop Evicting Renters From Foreclosed Properties
As a rule, banks generally consider renters to be a liability and want nothing to do with them. When a property goes into foreclosure, these renters are usually unceremoniously tossed out and the building resold. Now Fannie Mae has announced a new program whereby renters in good standing will be allowed to stay in their apartments — if the property is owned by the government-controlled home funding company. More » -
ripoffs
Not Even Money Saves You From Foreclosure
Eric lost his home to foreclosure, but unlike other homeowners, he had actually been trying for the past month-and-a-half to buy it back from the mortgage company for more than the mortgage. The law firm that was handling it, however, wanted an extra $20k in fees to make that happen. He told the realtor that he would buy it for more than it was going to be listed for. The realtor told him that he couldn't make a bid until it was "active," which would happen on 11-29. On Sunday he tells the broker he;ll give an offer on Monday. Monday rolls around and they've already sold the house to someone else, for less than Eric was willing to pay. They said they "forgot" that he was going to make a bid. Eric is livid. His story, inside...
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housing crisis
Top 3 Foreclosure Scams To Avoid
With so many people facing foreclosure these days, it's a good idea to educate yourself about the types of scams that take advantage of folks who are having trouble paying their bills. Even if you are doing ok, perhaps you can help someone else by recognizing a scam. More » -
ask the consumerists
Where Do I Turn For Help With My Mortgage?
Reader Mike is in a "challenging mortgage situation" and wants to know where he should turn for help. More » -
poll
Ask The Consumerists: Should I Rent A House That Is In Foreclosure?
Reader Kelly wants to know if she should risk renting a vacation house that is in foreclosure. More » -
foreclosure
The Bailout Bill Helps Renters Keep Their Homes
Great news for renters facing eviction due to foreclosure: any mortgage owner seeking assistance under Congress' mammoth bailout bill is required to let paying renters stay in their homes. More » -
bailout
What Does The Bailout Mean For You?
So, Congress finally passed the bailout bill. You know about the Treasury's newfound $700 billion, and you've heard about the snipped golden parachutes, but what does the 451-page week-old shotgun savior of a bill actually mean for you? More »
9:30 PM on Sun Oct 5 2008
By Carey Alexander
20,734 views, 93 comments
foreclosure
New York, 5:49 PM
Mon Nov 9
15 posts in the last 24 hours
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